An important part of efficient loan processing is organization. Our observation has shown that an organized processor will outperform a disorganized one every time. What does it take to develop a systematic approach to handling a massive volume of people and paperwork? First, you’ll need to make sure that everything has a place. Secondly, it takes the ability to find creative uses for everyday items. This helps you get the job done faster and better. Here are few basic organization steps.
1) Implement a few procedures to reduce the flow of paper as much as possible. Print only what is necessary. Archive data electronically whenever possible. 2) Develop a system for record keeping and active files. Files and forms should be secure but readily available. 3) Frequently used phone numbers, addresses, and access codes should always be handy.
Now, let’s take a look at how we can maximize the benefit we get from a few everyday items:
CALENDARS – Are you just using your desk calendar to note meetings and appointments? If so, consider a few additional options: 1) Use it for an Address book/Phone directory – Prepare labels for the most frequently used addresses and phone numbers. Each month, place those labels in the unused sections of that month’s calendar page. The information you use often will be right there at your fingertips. 2) Use it for a Follow-up Log – Working on a file with a tight deadline? Use your desk calendar to log critical activity dates such as final approval, fee sheet submission, and closing. You’ll worry a lot less about forgetting important things.
"THINGS TO DO LIST" - Working with part-time or temporary help? Use a “Things to Do For This Loan” list on a few files. This will allow a helper to come in and complete as many basic projects as he/she is competent enough to handle. The work completed can be recorded on a conversation sheet.
ROLODEX - Use it to log PC and website user names, passwords, or access codes.
Looking for more time and money savings tips? Check out our nationally renown processing workbook series, Loan Processor In-A-Box™.
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QUESTION OF THE MONTH ++++++
Q. I’m a new processor and I have a really hard time understanding lender rate sheets. Every time I think I have the hang of it, a new one comes across my desk that’s more difficult to decipher than the last one. Any suggestions?
A. First of all, let me say, “You’re not alone”. Whether you realize it or not, there are a lot of mortgage professionals that feel the same way. Here are a few tips that will help you to decipher a rate sheet no matter where it’s from:
1.Gather a few rate sheets from different lenders. These will become your examples to use for future reference. 2.Identify the items that are common for all of them. Just like a credit report, most rate sheets contain the same basic information. Highlight or label the most import sections (i.e., interest rate, LTV, credit grade, yield spread, lock info, etc.) 3.Call the Account Executive (AE) for an explanation of the items that are still unclear or are unique to this lender. 4.Perform a sample calculation based of your understanding of the rate sheet. Reference an existing file or contact the AE again to confirm your accuracy.
Keep practicing as often as you can. In no time, reading rate sheets will be a breeze.
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If you were a subscriber to our newsletter or e-course as of May 1st, then you’ve already received an offer to participate in our 3-day sale. During that time, Loan Processor In-A-Box™ workbooks were available at 35% off. While there are no plans to repeat that sale soon, we’ll have other great specials for our subscribers to take advantage of. Stay tuned…
If you have already purchased our Loan Processor In-A-Box™ workbook or used our other training resources, we’d love to hear from you. Let us know what has helped and what you’d like to see more of. If you have your own processing tips or tools that you’d like to share with other mortgage professionals, send us an e-mail to processinghelp@aol.com or fax us at (702) 543-5397.
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