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Suggest You - Mortgage Loan Officer Training: 10 Helpful Tips That Can Instantly Boost Your Income
Almost every entrepreneur has a start-up financing horror story, how the banker giggled while reviewing the business plan. Because of experiences like these, entrepreneurs often assume that lenders and investors lack either money or good business sense to know a good deal when they see one. But the real reason that most entrepreneurs cannot get financing for their new business is they are just not ready for the money. In other words, if they received the money today, most entrepreneurs would spend it without any long term positive results. Being ready for start-up financing
Specialize
Find a niche. Specialists always make more than generalists. Everyone does purchase loans on single family houses. What if you became the expert in your area on financing investment properties, construction loans, or VA loans? With some work and dedication you could become the mortgage lending “guru” for your niche and monopolize your marketplace.
Mortgage Loan Officer Training Tip #6: <
Perhaps you need to update your resume or, perhaps, you've never had one before and need to create your first--whatever the scenario, you have to know what you're doing. Yes, that sounds a bit obvious but it's common for people to make mistakes that are just as obvious when writing their resume. Whether the format is incorrect or it turns from brief outline of accomplishments to overly-long biography, things happen. Of course, the most common of these mishaps is choosing the wrong style of resume to display your skills.There are two (most recognized) formats, the Chro
Mortgage Loan Officer Training Tip #1:
Only use a few lenders
Depending on your niche, all you really need is a few good lenders. With a portfolio of about five lenders, you can handle all credit grades and even special programs like stated, no doc and 100% financing.
Mortgage Loan Officer Training Tip #2:
Read your lender’s guidelines to build an intimate knowledge of their products and procedures - THIS IS A MUST!!! (And easy to do if you only use a few lenders.) Don’t rely on lender reps to tell you about their guidelines. They are human and can make mistakes just like the rest of us.
Mortgage Loan Officer Training Tip #3:
Send gifts to your appraiser, title agents, and underwriters to gain favor. This is a great way to build relationships with the people you rely on to do business. Look for a reason to send these people a thank you card along with a gift. This is another good reason to use only a few good lenders.
Mortgage Loan Officer Training Tip #4:
Define your market
What loans will you do and what loans will you not touch? You can and will cause yourself undue heartache if you agree to take a loan that is outside of your market. For instance, I refused to even look at a loan unless the borrowers had a credit score of 580 or higher. If an applicant has a credit score less than 580, I referred them to my loan officer partner and split the commissions.
Mortgage Loan Officer Training Tip #5:
Specialize
Find a niche. Specialists always make more than generalists. Everyone does purchase loans on single family houses. What if you became the expert in your area on financing investment properties, construction loans, or VA loans? With some work and dedication you could become the mortgage lending “guru” for your niche and monopolize your marketplace.
Mortgage Loan Officer Training Tip #6:
Promotional products are given away primarily to create and sustain interest in a company’s products and services. They can be the products itself or, and this happens more frequently than usual, specially made products that are imprinted with the company’s name and manufactured exclusively to serve as giveaways.Since promotional products are usually purchased wholesale, even the smallest mistake can land you with thousands of useless giveaways. Thus, before pushing through with the production of your promotional products, make sure first that you’ve considered all th
Mortgage Loan Officer Training Tip #2:
Read your lender’s guidelines to build an intimate knowledge of their products and procedures - THIS IS A MUST!!! (And easy to do if you only use a few lenders.) Don’t rely on lender reps to tell you about their guidelines. They are human and can make mistakes just like the rest of us.
Mortgage Loan Officer Training Tip #3:
Send gifts to your appraiser, title agents, and underwriters to gain favor. This is a great way to build relationships with the people you rely on to do business. Look for a reason to send these people a thank you card along with a gift. This is another good reason to use only a few good lenders.
Mortgage Loan Officer Training Tip #4:
Define your market
What loans will you do and what loans will you not touch? You can and will cause yourself undue heartache if you agree to take a loan that is outside of your market. For instance, I refused to even look at a loan unless the borrowers had a credit score of 580 or higher. If an applicant has a credit score less than 580, I referred them to my loan officer partner and split the commissions.
Mortgage Loan Officer Training Tip #5:
Specialize
Find a niche. Specialists always make more than generalists. Everyone does purchase loans on single family houses. What if you became the expert in your area on financing investment properties, construction loans, or VA loans? With some work and dedication you could become the mortgage lending “guru” for your niche and monopolize your marketplace.
Mortgage Loan Officer Training Tip #6: <
Just promoted to manager?Here’s something you need to know.Whether you are now a business, non-profit or association manager, your road to success really means achieving your new managerial objectives by altering perceptions. And I refer to perceptions leading to changed behaviors among those key outside audiences of yours that most affect your new group, department, division or subsidiary. And, incidentally, key external folks whose behaviors will affect whether you will be a success in your new role as a manager.Along the way, hopefully,
Send gifts to your appraiser, title agents, and underwriters to gain favor. This is a great way to build relationships with the people you rely on to do business. Look for a reason to send these people a thank you card along with a gift. This is another good reason to use only a few good lenders.
Mortgage Loan Officer Training Tip #4:
Define your market
What loans will you do and what loans will you not touch? You can and will cause yourself undue heartache if you agree to take a loan that is outside of your market. For instance, I refused to even look at a loan unless the borrowers had a credit score of 580 or higher. If an applicant has a credit score less than 580, I referred them to my loan officer partner and split the commissions.
Mortgage Loan Officer Training Tip #5:
Specialize
Find a niche. Specialists always make more than generalists. Everyone does purchase loans on single family houses. What if you became the expert in your area on financing investment properties, construction loans, or VA loans? With some work and dedication you could become the mortgage lending “guru” for your niche and monopolize your marketplace.
Mortgage Loan Officer Training Tip #6: <
At any corporate party, games are great for two reasons – they allow workmates to bond and have fun together, and they are an ice-breaker for people who may not know each other. Here are 2 corporate party games to play at your next corporate party:"The Gift Game" Corporate Party GameThis is one of the simplest corporate party games, but is still loads of fun. Prior to the event, purchase and wrap 10 cheap gift items for the game. Before guests arrive, hide 10 coins in and around where the party is being held. Guests have to search for the coins, and the
Mortgage Loan Officer Training Tip #5:
Specialize
Find a niche. Specialists always make more than generalists. Everyone does purchase loans on single family houses. What if you became the expert in your area on financing investment properties, construction loans, or VA loans? With some work and dedication you could become the mortgage lending “guru” for your niche and monopolize your marketplace.
Mortgage Loan Officer Training Tip #6: <
Contract management procedures can be implemented using a software system or with the help of a contract management consultant. Many corporate organizations automate the process associated with establishing contracts with suppliers using such programs. The system manages the termination, conclusion and renewal of contracts. Well-established contract management procedures help to synchronize service delivery and rapport with suppliers and contributors. They also help in the management of risks related to contract performance.An important factor for contract management
Specialize
Find a niche. Specialists always make more than generalists. Everyone does purchase loans on single family houses. What if you became the expert in your area on financing investment properties, construction loans, or VA loans? With some work and dedication you could become the mortgage lending “guru” for your niche and monopolize your marketplace.
Mortgage Loan Officer Training Tip #6:
Location, location, location
If you can: Keep a frig in your office, place a copier close to your assistant’s desk, and have your computer printer right next to your desk. This will save loads of time walking around the office. It will also keep your assistants focused. Sometimes it’s hard to walk through an office without falling into several casual conversations that can lower your team’s production.
Mortgage Loan Officer Training Tip #7:
Get all documentation up front
I believe in getting every piece of documentation I could possibly need right up front. That way if a problem arises you have a greater chance of being able to fix the problem on your own without bothering the borrowers.
Mortgage Loan Officer Training Tip #8:
Only the necessities
Just because you collect extra documentation, doesn’t mean you have to use it. Don’t submit extra paperwork to your processor or to underwriting. It could open a can of worms you don’t want opened. Only turn in exactly what’s need to fund the loan - nothing more or less.
Mortgage Loan Officer Training Tip #9:
Sandwich technique
At some point you’ll need to contact a borrower during the loan process and ask for more information. When this situation arises, try using the sandwich technique:
Re-establish rapport
Make your request: “Oh by the way I need___. When can you fax it to me?”
Continue rapport building dialog.
Say goodbye and politely get off the phone.
If you have a difficult borrower, this works like a charm to diminish their anxiety level.
Mortgage Loan Officer Training Tip #10:
Testimonials
Get testimonials from everyone. Th
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