Best Practice week wraps up with an ARTICLE on best practices summarizing the week. This week my intent was to give out best practices for every stage of originating a mortgage loan. Today I summarize and leave the week with the call to action on what to do all the way to the end. #Closing
On Monday, I did a video on prospecting, and if anything remember SW3. SW to the 3rd power as I know it. Some Will, Some Won’t, So What, NEXT! Always be prospecting and always know it’s a numbers game.
On Tuesday, I did a video on best practices taking a 1003. Now I encourage you to go deep. Find out the “Why”! What’s funny is LO’s don’t know the why when I ask them. I wonder how they sold the loan. Or it is actually sold. DIG DEEP, on every 1003 question, there should be another question you ask to dig deep, get to know the prospect and find out more about them. (or why they doing the transaction)
On Wednesday, I did a video about submitting the loans to underwriting. Half the battle with mortgage loans begins with the information that is on the 1003 that is being sent in to verify it. And in the beginning, I suggest that you follow your AUS findings and only submit what it is calling for. One of the biggest mistakes rookie’s make is turning in too much info in the beginning.
On Thursday, I did a video about obtaining conditions and reading them prior to sending in conditions to the underwriter. Most loans do in fact change along the way, this is common. The best practice is as an originator to know how any changes you do will affect the loan. My suggestion is to always have access to “another file” to run AUS with any changes along the way.
Here we are on Friday, and besides asking for information from the clients you have, you need to do “follow up” through-out the process of the loan. Even if you do not need something. And FRIDAY’S are a great day to call everyone in your pipeline. Say, HI! Touch base, let the client know where their file is or foreshadow the processes next. One of the biggest things LO’s miss out on is the ask for referrals through the process. If you’re doing a good job, regardless of closing the loan or not, you have a right to ask for referrals during the process of a loan. (this works well around the 2nd Friday you follow up with them in the process) I suggest that open communication is the key to a successful transaction, and that applies to all contacts in the transaction. Lender, Realtor, AE, LO, Client for example. If you feel lost on where your files are in a process something is not right.
In just about all relationships communication is key. Why not set that standard on your business transactions. Just my two cents.
TGIF – The Grind Includes Friday
#WeekendCalltoAction – Call your clients, ask for referrals