On every loan, there are a number of hurdles that must be overcome before the loan is "cleared to close" by the underwriter. One of the most important hurdles is the appraised value on the property. A deal can be dead on arrival, if the property comes in too low. A value can never be high enough (given the local market conditions), provided that there is comparable value to support it.I've seen too many loan officers work so hard on a loan,...more
Every day I hear from loan officers across the country who are fed-up with low commissions and dwindling paychecks as the reality of the new mortgage economy sets in. They've had it and many can't hold on much longer. Others take a more balanced view and decide to hanker down and weather the rough seas ahead by changing their approach.Here are some things to keep in mind when you feel defeated and are ready to give up.* With all things being...more
Keeping up-to-date on everything going on in the mortgage industry can be a daunting task. With all of the coming changes from HUD and RESPSA, staying aware of rules and regulations is not only a necessity—it's an absolute must! You do not want to risk a career you have worked so hard for!Here are some of the best mortgage publications every insider reads. You should too! Not only is there plenty of information regarding RESPA's new rules, but there are some great sales and marketing ideas. If you want to grow your business to the next level, make an investment and become a subscriber to each of them. Your bank account will thank you! ;-)PUBLICATIONS:Broker MagazineA great magazine with an emphasis on sales and marketing tactics. The articles are detailed and well written. One magazine, I look forward to reading every month and my office is never without!http://www.brokermagazine.comMortgage Banking MagazineThe official trade magazine of the Mortgage Bankers Association of America. Although geared more towards actual lenders than brokers, each issue contains a wealth of information. Especially if you are a mortgage broker who wants to someday transition to becoming a...more
With the rise of interest rates and the drying-up of the refinance market, it makes sense to transition your business to the purchase money market. After all, home purchase loans will become the bulk of your broker transactions and it is only prudent to be prepared to capture these leads.Of course, you will always have the occasional debt...more
One of the most frequent questions I get asked from loan officers is, "How can I go out on my own and start my own mortgage company?" Often times, the person is sick and tired of low-commissions, office politics, too restrictive a time-schedule, etc. There are hundreds of reasons why they want to get out.They see the money other loan officers are...more
When I was a branch manager, there were always certain traits and skills I looked for before deciding to hire someone. After years of experience, and learning things the hard way, I know what it takes to be successful. Not everyone is cut out to be a loan officer. The mortgage business is like no other, and it takes a certain type of person to be successful in this industry. Here are some of the top traits and skills I believe every loan officer must have in order to be successful. If you want to become a top producerÂ… 1. You need to like the mortgage lifestyle. It needs to be more than just a "job" for you in order to put up with the demands on your time, life and family. 2. You need to be a motivated self-starter. You will either succeed or fail almost entirely based on your own individual efforts and no one else's. If you are afraid to take the initiative, maybe this isn't the right career for you. 3. You need to be a hard-worker and be willing to go the extra mile. Selling and closing a mortgage loan is NOT easy work or fast money. 4. You need to be smart worker. You are paid for results, not the amount of hours you put in. Organization, efficiency and productivity...more
What sets one loan officer apart from another? And how do some people become "top producers" in their office, while others slowly squeak by? Surely, we all have the same amount of time, resources, and intelligence (debatable?!) available to us. So...more
Converting accounts receivable into cash is a critical process in the development of a healthy cash flow. While booking a receivable is accomplished by a simple accounting transaction, the process of maintaining and collecting payments from your...more
To survive - to hang in there - to keep your head while all around you others are losing theirs - to stay in play - is a critical skill of leaders. Let's face it - even the most astute, successful person will suffer setbacks, and surviving and...more
Many supervisors, managers and team leaders bemoan the fact that their team is not totally engaged with what he or she is trying to achieve. Is it poor communication on the boss's part? Lack of direction? Lack or little motivation from the team...more
Author: Esa Jemis Are you in the market to purchase satellite TV for your PC? Whether you have just heard about this great service that many people are becoming attached to and leaving there present cable service I have listed some valuable tips on...more
I hate to say it but simply paying your bills on time is not good enough anymore. It used to be that all you had to do to have good credit was make sure you paid all your bills on time. Today, this is so far from the truth it isn't funny.Now days,...more