How Do You Become A Loan Modification Processor?
Becoming a loan modification processor is similar to becoming a traditional loan processor. The career can be lucrative depending on the volume of deals you can process in a month–something that also depends on the skill and volume of the company you work for. Obtain academic training. Although a bachelor’s degree is often not required for this profession, you may want to obtain an associate’s degree. Academic courses that will be beneficial for a loan modification processing career are financial accounting, algebra and calculus, and communications. Communications courses will help you gain customer service and persuasion skills–essential tools when working in lending. Obtain an apprenticeship or internship at a finance company or bank that handles loan modifications. It’s important to find a lender that handles loan modifications, not just refinances and mortgages. Loan modifications are different from refinances in that only a few terms–usually rate, payment or term (length)–are
