Loan Processing

APR stands for Annual Percentage Rate, and it is a charge or interest that the bank imposes on their customers for using their services like loans, credit cards, mortgage loan etc. The interest rate or fees imposed is calculated annually.

Charge off is a declaration by a lender to a borrower for non-payment of the remaining amount, when borrower badly falls into debt. The unpaid amount is settled as a bad debt.

Long gone are the days of shipping a loan to a lender just to find out that it won't fly as submitted. Take advantage of the lender's quick qualification and automated underwriting system to close more loans. Underwriting guidelines, program matrixes, rate sheets, and more may be available on the lender's website.

When repayment of the loan is less than the loans accumulated interest, then negative Amortization occurs. It will increase the loan amount instead of decreasing it. It is also known as ‘deferred interest'.

The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower's rough estimate. If the income consists of more than regular wages or salary, the processor should know how the lender views and calculates that particular source of income rather than assume it will be acceptable.

Because not only I have the experience, but its a life/professional goal I set many years ago and also because I like it and I enjoyed doing this, of course there are times when you nned to take a mental break.

My work history is of 26 years provided me training and education which I apply everyday. I keep myself informed by enrolling into different web sites to keep myself informed of changes that may effect my role as Mortgage Loan Processor.

Adjustment credit is a short-term loan made by the Federal Reserve Bank (U.S) to the commercial bank to maintain reserve requirements and support short term lending, when they are short of cash.

Basically, ‘prime rate' is the rate of interest that is decided by nations (U.S.A) largest banks for their preferred customers, having a good credit score. Much ‘variable' interest depends on the ‘prime rates'. For example, the ‘APR' (Annual Percentage Rate) on a credit card is 10% plus prime rate, and if the prime rate is 3%, the current ‘APR' on that credit card would be 13%.

Knowing the elements that make or break a deal is essential. It is critical that a processor has the ability to take a look at a loan application with its supporting documentation and quickly determine the likelihood of that file closing. If challenges are identified, the processor should have some idea of what has to happen (and in what time frame) for the loan to be approved.

A crossed cheque indicates the amount should be deposited into the payees account and cannot be cashed by the bank over the counter. Two cross-lines on the left side corner of the cheque that indicates crossed cheque.

A pay-day loan is generally, a small amount and a short-term loan available at high interest rate. A borrower normally writes post-dated cheques to the lender in respect to the amount they wish to borrow.

You can operate your bank accounts in different ways like

a) Internet banking

b) Telephone or Mobile banking

c) Branch or Over the counter service

d) ATM ( Automated Teller Machine)

The bank earns profit in various ways

a) Banking value chain

b) Accepting deposit

c) Providing funds to borrowers on interest

d) Interest spread

e) Additional charges on services like checking account maintenance, online bill payment, ATM transaction

A system to reduce the number of credit checks on financial transaction is known as credit-netting. Such agreement occurs normally between large banks and other financial institutions. It places all the future and current transaction into one agreement, removing the need for credit cheques on each transaction.

I am the total package I have experience in frontend / backend processing and Underwriting. I have a clear understanding of processing and reporting.

I am a quick learner and although I have been away from the industry for a short time, I am confident that I will recall much of what I knew and what is new efficiently.

The different types of loans offered by banks are:

a) Unsecured Personal Loan

b) Secured Personal Loan

c) Auto Loans

d) Mortgage Loans

e) Small business Loans

For the day to day tasks I will take care of those first. After that I base it off of deadlines.

ACH stands for Automated Clearing House, which is an electronic transfer of funds between banks or financial institutions.