Tag Archives: Mortgage Loan Officer

Weekend Call to Action – All the way to the end.

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

#SellWell

#WeekendCalltoAction – Call your clients, ask for referrals

Thrive on Thursday – Best Practice Tips

#ThriveonThursday – Best Practice Tips, to help you actually close these loans.  The biggest pains I see can sometimes be avoided.  100% of the time these pains of mortgages are related to structure and approval.  Which is based on information provided or missing 🙂  lol

Here’s the best practice, my best advice, if you have a loan in process and your changing something, make sure you validate that change PRIOR to sending in the request.  Now this also pertains to information.  Especially if you see (by reading the info the client gave you) that the income is different than what you initially placed on the application.  Or less assets for example.

Have a way to re-run the file on DU first.  LP/DO something.  Make sure you input the information along the way into your LOS.  The reality is, you should be inputting in the information into the 1003 just like the underwriter does.  #Inadvance #SellWell

 

Work Wednesday – Putting together the file

#WorkWednesday – This weeks series has been about best practices in all stages of getting a mortgage done.  Monday we talked about prospecting, yesterday we did two best practices for taking a 1003.  Today we are all about the act of submitting.  Every file is put together and submitted to an underwriter, whom in turn conditions out according to the information given.

It all starts with the 1003, the info on it needs to be verified.  So if correctly input, the DU/DO/LP/GUS findings will tell you how to “underwrite” the file yourself.  How to put the file together to submit information to the underwriter.  All the basic needs are itemized on AUS findings on any system.  All you have to do is #Readthem.

Only submit what the DU is asking for upfront.  Then of course read the information the client gives you to make sure it matches the 1003 information PRIOR to turning it in.  “Good Idea”.  ☻♥  #SellWell