#ThursdaysThoughts – Back to basics for LO’s and a great reminder of how to actually “get loans done”! Seems to me every month that I see LO’s struggle with getting loans done or have issues with conditions it’s correlated to these three things I mention today. If you go #BacktoBasics and focus on these three things, what comes out on the other end will be docs. (on more loans) 🙂
Accurate and complete 1003 is the start. As you fill it in and gain supporting documents remember to go back and plug in the “real” numbers into the 1003. Like start dates of employment from a VOE into the 1003 for example. Details of transaction is the heart of the actual money exchange and is often the last piece of info that’s 100% complete. Why? – Well after you lock a loan you need to go back and plug in the credit or cost associated and it will change your file’s structure. It’s amazing that sometimes people don’t have sellers contributions or other credits plugged in from the start, but as you get towards the end of your loan #BestPractice LO’s should be balancing the loans structure. And throughout the loan the biggest mistakes on loans can be avoided by not submitting unnecessary information to the underwriters. And what I mean by that is to actually READ your DU/LP (AUS) findings!
If more LO’s go back to basics they will be more successful. It’s the truth, and real Thursdays thoughts you can take to the bank. Complete a 1003 accurately and 100%, run DU and submit only what DU asks for upfront and throughout the loan, and verify your structure on the loan in the beginning, at lock, and prior to CD going out! If you do this, you’ll have less issues, less stress, less fall out, and less last minute changes. Mark my word!
As always I want to offer coaching and help to anyone that wants it. Doing loans doesn’t have to be rocket science, or complicated if you stick with basics to make healthy loans. Hard loans, easy loans and all the loans in between I help LO’s complete with an awesome ops staff. Why not make an impact together in 2019 – CLICK HERE!
As always –