How long does it take to be a loan processor?

A Certified Mortgage Processor (CMP) program is ideal for loan processors seeking an entry-level position. In some cases, some out of high school with a certificate and some work experience can become loan processors.

Most programs, as well as the exam itself, cover a range of important topics, including:

• Loan Processing 101

• The Loan Cycle

• Appraisal Review Workshop

• Tax Returns Analysis Workshop

• Income Calculation Formulas

• Business Tax Returns Forms and Schedules

• Advanced Loan Processing

• Overtime, Bonuses, and Commissions

• Seasonal and Salaried Income

• Self-Employed Income review

• Calculating Income, DTI, and LTV Workshop

• PITI, PITIA, Housing Ratio, Total Ratio, and Payment Shock Calculations

• FHA/VA Processing

• Overview of FHA and VA Programs

• Maximum Mortgage Limits

• Case Numbers

• AUS Recommendations

• Determining Eligibility

• Determining Creditworthiness

• Property Types

• Required Forms

• Review and Completion Instructions for 1980-21

• Mortgage Underwriting 101 - The Essentials

• Loan Programs

• Underwriting Tools and Guidelines

• Automated vs. Manual Underwriting