In This Issue… 1. Begin With the End In Mind 2. Underwriting Express 3. Join our Product Review Board 4. March Mortgage Industry Events 5. Ask the Mortgage Trainer 5. Tell Us What You Think
Have you ever observed someone who looks busy all the time but never really seems to accomplish much? Look around. They’re easy to spot—walking fast…talking fast…putting people “in their place”... going “over someone’s head” to make it happen. Now take a closer look. Here’s what you’re likely to discover:
• Despite going non-stop, their deals are still taking forever to close. • Their pipeline seems to be full of problematic files that are on life support • The constant beef they have with other people and things is closing more doors than are being opened
If you want to avoid this kind of career, you’ll need to focus on being productive and not busy. Often times, busy work is merely a mask for procrastination…an excuse for not handling a project that is overwhelming, time consuming, or difficult.
There are a few steps that you can follow to produce great results on a consistent basis:
1. Get a clear picture of what you want to accomplish for your borrower. Before a file reaches the processing and underwriting stage, it’s essential to have your entire plan mapped out. You should know well in advance what it is you need to accomplish for your customer –a lower rate, cash out, etc, and by when. The only way to achieve that goal without suffering lots of bumps and bruises is to decide early on where you want to go.
2. Next, you’ll need to determine how you intend to get there. There are always many ways to approach your deal. Do you want to go with lender A or lender B? Why one vs. the other? What is the best documentation choice – full, limited, or stated? Do you intend to process the loan yourself or outsource the job? What are the pros and cons of each? Learn to think outside of the box. Just because you typically process your own deals doesn’t mean you can’t outsource a deal or two to a “power processor” who is known for getting the job done. CMP processed “overflow” for a lender who had their own fully-functioning in-house processing center. Keeping their clients satisfied was more important than who did the job.
3. Acquire the resources you need to pull it off. No one wants to eat a cake made with all the wrong ingredients. Likewise, no one wants to bother with a file that doesn’t have the right pieces. Don’t wait until after you originate a self-employed borrower deal to figure out how to do one. You’re bound to miss the beat with that method. If you’re processing, don’t wait until you’re overwhelmed to find out the best way to navigate your lender’s website. Don’t wait until your file gets to underwriting to figure out your documentation strategy.
Sound like too much planning? Just look at it as if you were planning to take a trip. You’d never get anywhere on time if you didn’t mentally mapped out a way to reach your destination. Here’s a quick example for any trip:
A. You need to know where you’re going. Across town, next door, LA, Chicago? B. You need to know how you intend to get there? Take a bus, plane, train, car, walk? C. You need to know what else it takes to complete the trip. Stamina, plane fare, gas money, a buddy with a car, etc.
It’s no different with originating or processing a file. The more you know about your destination, the easier it is to figure out all the different ways to get there. Visit our sister site, www.completemortgagenetwork.com for more great tips and tools.
Looking to put underwriting problems behind you? Join us for a power-packed teleseminar training session that will teach you “How to Package Your Loans to Zip Through Underwriting With Little to No Conditions”. Click on the link below for registration info.
We’re expanding our Product Review Board to include our clients. When you’re on the PRB for Complete Mortgage Processing you’ll have the opportunity to critique our new mortgage training products before they are released to the public. You also receive a copy of the new product absolutely free. Interested? Click on the link below to submit your PRB application:
www.mortgagetools4U.com
*************************************************************************************************************** March Mortgage Industry Events
03/01/07 2007 MAMB Conf & Expo Baltimore, MD 03/01/07 26th Annual FAMB SWC Trade Show Fort Myers, FL 03/04/07 NCAMP 2007 Annual Conf Pinehurst, NC 03/06/07 FAMB Palm Beaches Chap. Annual Trade Show W. Palm Beach, FL 03/08/07 CAMB GNC 2007 Annual Trade Show 03/11/07 24th Annual Regional Conference of MBAs Atlantic City, NJ 03/14/07 IAMB 2007 Mortgage Professionals Conv Boise, ID 03/15/07 15th Annual CSMB Lenders Showcase Ledyard, CT 03/17/07 NAMB 2007 Legislative & Regulatory Conf. Washington, D.C. 03/21/07 FAMB Broward Chapter 2007 Annual Trade Show Fort Lauderdale, FL
========================================================= ASK THE MORTGAGE TRAINER
This month’s question was submitted by a borrower trying to gather some insight into the loan process.
Q. What determines the interest rate I will qualify for?
A. The interest rate you will qualify for depends on a number of factors such as:
1. Your credit score and credit profile 2. The type of documentation submitted for the loan (full doc, limited doc, or stated doc) 3. The type of property being financed (primary residence, second home, rental unit)
There may be other considerations that affect will affect your pricing as well. Your loan officer will review your profile and discuss the best financing options available to meet your needs.
=================================================== Looking for previous issues of our newsletter?
Just visit us at www.processinghelp.biz to review the archives for great topics like:
- How to Develop a System to Get the Job Done - Protecting Your Processing Center Against Fraud - Handling the Task of Loan Placement - Is It Really a Processing Problem - And More... ==========================================================
TELL US WHAT YOU THINK
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. Leave a message at our Feedback line at 1 (800) 609-9006 x2128 or just click here to submit your comments online. You can also send us an e-mail to processinghelp@aol.com or fax us at (702) 543-5397.
