Thoughts To Steer By On Your Way To Success As A Loan Officer
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 why do some loan officers fail, while others succeed? Here are some points to remember which will help ensure your success
Take control. Stay on top of things and be sure monitor your loans as they progress on their way to the closing table. Always be aware of what stage a file is in during process. Dont trust anyone else with your commission check. Stay aware of any problems that arise, and work with your processor to fix them. If you can help speed things up, please dobut not at the expense of making new sales!
In my office, Nancy and I have a communications system in place (namely, my mortgage closing system). I religiously write down every detail of a file and go far beyond just the 1003. Questions I ask include:
When are your taxes due? (Useful for estimating accurate escrows).
Will you both be available to sign closing documents in the next 30 days? (Useful for scheduling purposes, I want to know ahead of time if any vacations or expected trips are planned).
Do you need a set amount of money as cash-out at the closing table or will you take whatever is left over? (Customers dont understand that escrows can change, and they might be expecting a higher amount as cash-out than they actually receive).
And of course, the catchall question: Is there anything else, financially, legally or otherwise, that I should know about that may affect your loan? (Use this to disarm any landmines that may pop-up).
Remember to always put the customers needs first, ahead of yours. Empathize with the customer and let them know how hard you will work for them. Gain their trust early on, and the amount of referrals you will receive will be immeasurable.
Never let a detail slip by. Remember to ask all the important questions upfront. And, always, always, always, fill out the 1003 loan application completely and fully! There are no shortcuts to success.
Learn everything you can from the other, more experienced loan officers in your company and dont be afraid to ask questions. I always ask my wholesale reps, attorneys, and appraisers questions. I want to know as much as I can about every facet of this business. And I know, that with each day as my knowledge increases, my job becomes easier, and the more sales I will make. You will too!
Never repeat the same mistake twice. When something goes wrong on a loan, ask yourself Why?, then try to brainstorm ways to tackle this hurdle so it doesnt happen again. No loan closes as quickly as you think it will. By ironing out as many bumps as you can, it makes your next loan that much more streamlined and straightforward.
At the end of every loan we close, Nancy and I make a list of what went right, what went wrong, and why. We write down how we can improve the process and make things better. Taking 5 minutes after the closing to do this will pay many dividends to you in the future.
Stay focused on why you are in this business. Is it to help people? Do you enjoy the daily challenge of earning your own income? What is it that drives you to be successful? What goals do you have? What is your long-term plan?
For me, when I first started out, I was only earning about 10% commission on every loan I closed. Thats right, a measly, 10% on each one! Peanuts, you say??!!! But, I had a planand I knew that once I learned the mortgage business from the inside, I could move on to bigger and better things. (Not to mention, fatter commission checks!).
I sacrificed two years of my life to learn the ropes, with the prospect of earning, much, much, more in the future. Isnt that what people do when they go to college? (I did that too, by the way!).
Remember this, no matter what your current firm is paying you now, there is always another mortgage company out there that will PAY YOU MORE! Do an online search for mortgage net branch, and you will find dozens of companies that will double or even triple your current commission check. Good sales people are hard-to-find and are always in demand. If you leave one job, dont worry. You can easily find another. But, make sure you leave on your own terms--and more importantly--at a time of your choosing.
These are just a few of the things that I have helped me become successful. I know that when I hand a borrowers file over to Nancy, she will take excellent care of the loan. And because I do my job as a loan officer as thoroughly as I can (by filling out everything on my worksheets), it makes her job that much easier.
As you can see, there are many different ways to become successful in this industry. Believe in yourself and what you are doing; put the customers needs first and ask the important questions upfront; and stay focused on what you want to get out of your business. If you only did these three things alone, youd go far as a loan officer! Now go get em!
by: Loan SystemAbout the Author:The Sink or Swim Loan Closing System is a set of mortgage loan pricing and processing worksheets I developed over many years in the mortgage industry. These sheets cover both types of loans: purchases and refinances; and will work for conforming second mortgages, home equity lines of credit (HELOC), FHA loans, VA loans, and commercial properties.