Q:

How do you get free loan processor training?

A:

Quick Answer

Traditionally loan processors are trained on the job by a bank, credit union or mortgage lender. Other free loan processor training is available on the Internet, in the business and law section of a library, or in the U.S. legal code.

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Full Answer

As of 2015, in recent years, the task of loan processing has become increasingly automated. As a result a number of related resources are available online for free. Fannie Mae offers a diverse set of tutorials for its Desktop Underwriter/Originator software. The commercial company Calyx software offers a series of free tutorials for its loan processing software.

A library is also a valuable free resource for loan processing information. A local library is certain to have books covering the broad economic topics of lending money, the history of banking, and related fields such as real estate. In addition, large libraries or law libraries may have books specifically related to loan processing.

Finally, a good source of information for loan processing is the U.S. legal code. Reading summaries of Federal Laws such as the Truth in Lending Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act while focusing on sections related to mortgage origination or loan processing are valuable. In addition, searching for relevant statewide and federal statues that refer to loan processing provide a sense of the complex rules that must be followed in loan processing.

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