Mortgage and Loan Education

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Loan Originator Training

Written by Dana Hinders
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A loan originator is responsible for originating residential mortgage loans according to a series of specific guidelines and overseeing the process of the loan until the transaction is complete. Successful loan originators earn a comfortable income from commissions on completed loans. College level coursework, training seminars, and correspondence courses can help provide a loan originator with the skills necessary to succeed in this profession.

Types of Loan Originator Training

Loan originators spend a large portion of their time completing the documentation necessary to process a loan. Mistakes in a loan application can result in the financial institution making a bad loan or being accused of discriminatory lending. Fortunately, loan originator training helps job seekers understand how to complete paperwork accurately and comply with applicable federal mortgage regulations.

Loan originators are responsible for pre-qualifying borrowers based on their financial backgrounds. Loan originators must also evaluate an applicant's employment history, credit scores, and debt to income ratios before approving a loan. Training courses for loan originators can discuss the criteria used to analyze a client's financial data and explain how various factors interact with each other in determining whether or not an applicant is approved for a loan.

Loan originators need to provide applicants with information regarding the loan process; they must be able to explain complex financial concepts in language a layperson can understand. Establishing positive relationships with clients is crucial to the success of a loan originator; satisfied clients will bring in referrals and repeat business. Loan originator training can help a job seeker build the interpersonal skills necessary to communicate effectively with prospective borrowers.

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