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SAMPLE NEWSLETTER: Is It a Processing Problem?
IS IT REALLY A PROCESSING PROBLEM?
THE ULTIMATE BROKER RESOURCE NEWSLETTER
May 2006
In This Issue…
1. Is It Really a Processing Problem?
2. Industry News
3. Question of the Month
4. Ask the Mortgage Trainer
5. Tell Us What You Think
==================== FEATURE ARTICLE=====================
IS IT REALLY A PROCESSING PROBLEM?
Analyzing Your Office Dilemma
From time to time, we get a request to revamp a processing
division that seems to be plagued with problems. However,
upon closer inspection, we discover that while there may be
a few processing deficiencies, the problem is far bigger
than processing. We’re then forced to relay the harsh
reality that a processing patch will have little or no
effect on the chaos and financial hemorrhaging that’s going
on.
If your office doesn’t have a clear-cut loan flow and a
system of accountability, it’s quite easy for an issue to
mask itself as a processing problem. How can you determine
where the problem lies? Let’s take a look at a few issues
that often reveal a processing problem. If you really do
have a processing problem, you’ll experience a few of these
issues:
CATEGORY 1:
• Delays due to appraisal and title orders that are
incomplete or wrong
• Closing delays due to payoffs, verifications, and
histories that were not requested promptly
• Approvals that come back with more conditions rather than
a sign-off
• Packages that have to be re-routed to another
underwriting center
• Problems finding employer and mortgage company contact
info
• Lender complaints regarding adherence to loan flow
guidelines
• Title issues that are not recognized until pointed out by
an underwriter
• Repeated requests from the Title co for standard closing
requirements
• Loan officer status reports not made until requested
Now let’s look at a few other situations that are sometimes
called processing problems but really go beyond the scope
of processing. If the problem lies elsewhere, you’ll see an
abundance of these issues:
CATEGORY 2:
• 1003’s missing critical and/or accurate data
• Full documentation files submitted with no documentation
• Loans submitted for a program that the credit/income
profile doesn’t qualify for
• Contact with borrower reveals unrealistic expectations
for turnaround time
• Contact with borrower reveals that the borrower has no
idea what the loan program and terms are
• Serious problems are identified during processing
(excessive debt, undisclosed liabilities, insufficient
income, etc.)
• Loans are submitted with issues that cannot be resolved
or removed within 30 days.
• Customer complaints regarding customer service, lack of
contact, or inaccurate information
• Lenders and vendors are unresponsive or uncooperative
• File documents are often co-mingled with another
• Experiencing problems using the lender’s automated
preliminary approval system
• Commission lost due to incorrect pricing
• Fee sheets incorrect
Curious about why some situations that the processor
handles are not considered processing problems? Well,
here’s a tip to make it clear. Pick any one of the items in
Category 2. Now, think about the earliest point at which
this issue could be addressed or avoided. Get the picture?
Whether you need to revamp your processing division or the
entire office all together, the Loan Processor In-A-Box
workbook series gives reliable solutions. You’ll find more
information at
www.completemortgageprocessing.com/workbooks.html.
INDUSTRY NEWS AND EVENTS
May 2, 2006 MAMB 2006 Tradeshow Hilton Jackson
Jackson, MS
May 3, 2006 WNYAMB 2nd Annual Regional Mortgage
Conference
May 3, 2006 KAMB Annual Convention and Trade Show
Overland Park Convention Center
May 4, 2006 SCMBA Annual Convention and Trade Show
Embassy Suites North Charleston, SC
- AAMB 2006 Annual Convention
Phoenix Civic Plaza
- 2006 NMAMB Conference and Vendor
Marketplace
- Albuquerque Marriott Albuquerque, NM
CAMB SVC 7th Annual Trade Expo
Wyndham Hotel San Jose, CA
May 8, 2006 Texas Mortgage Broker Spring Break
Networking J.W. Marriott Hotel Houston, TX
May 12, 2006 FAMB Northwest Chapter 10th Annual Trade
Show Pensacola Civic Center Pensacola, FL
May 14, 2006 PAMB 6th Annual MAC Conference - Pittsburgh
Sheraton Station Square
May 16, 2006 CAMB IEC 2006 Spring Break Networking Party
Doubltree Hotel Ontario Airport Ontario, CA
May 18, 2006 FAMB Broward Chapter Annual Trade Show
Broward County Convention Center
Annual HAMB State Conference
Hilton Hawaiian Village Resort & Spa
CAMB SOLAC Third Annual Loan Originators
Expo
Long Beach Convention Center, Long Beach, CA
May 22, 2006 GAMB 2006 Annual Spring Break Networking
Renaissance Waverly Hotel Atlanta, GA
May 23, 2006 Massachusetts Mortgage Association
2006 New England Mortgage Showcase
====================================================
HAPPY MOTHERS DAY TO ALL OF OUR HARDWORKING, DEDICATED
MOMS!
====================================================
QUESTION OF THE MONTH
A. Everyday we seem to receive flyers via e-mail, regular
mail, or fax from a lender who claims to have the latest
and greatest. What type of things do I need to consider
when trying deciding where to send my loans?
Q. It’s great that you’re asking this question now rather
than finding out the hard way that things aren’t always
what they seem. There are a few things you’ll want to find
out directly from lenders or peers:
1. What type of deal does this lender do well and quickly?
Often times the same lender that does your single-family
purchase with ease will drag out your jumbo high-rise condo
for an eternity because they rarely underwrite them.
2. What is the average turn-around time?
3. Does this loan program have asset or ownership seasoning
requirements?
4. What are the program guidelines (credit score, max LTV,
mortgage history)?
5. How committed are they to providing excellent customer
service? Can you get assistance when you need it? Are your
calls returned promptly? Are they fairly consistent?
6. Is the program flyer for a new program where they’re
still working out the kinks or their signature product? If
so, don’t use it for a file with a tight deadline. Stick to
what you know for that deal.
These are just a few points to consider. The more questions
you ask up front, the fewer headaches you’ll experience
down the road.
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GOT A MORTGAGE QUESTION?
Why not Ask the Mortgage Trainer for the answer? We’re
taking your questions and answering them on a series of
live teleseminars. Get your questions in today by visiting
this link:
www.completemortgageprocessing.com/askus.html
Then stay tuned for an e-mail announcing the event.
___________________________________________________________
Check out The Complete Mortgage Network's Top 40 Downloads
of Articles, Tip Sheets, and Mortgage Forms.
www.completemortgageprocessing.com/new.html
___________________________________________________________
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.
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