hey im a new loan officer.. i was wondering if it was thrue that the most important part of the job when meeting your client for the first time is taking the 1003 smoothly and confidently.. b/c that shows experiance.. is this true? whats part of the process will have the most impact on the client? thanks a lot!
ps- the fisrt section in the 1003 "Type of mrotgage and terms of loan" doesnt get filed out till you have done a credit check and spoke with account exec.'s correct?
2007-01-22 01:54:02 · 7 answers · asked by calhoun11566 1 in Business & Finance ➔ Renting & Real Estate
The most important part of being a good loan oficer is listening to your clients so that you have the information necessary to research all of the loan products that may suit your client's needs and may present them in a manner that will allow the client to choose the one that suits them best.
The best loan officers and the ones who are the most successful are those who see themselves as consultants, not sales people. A loan officer who truly cares about the client's needs is one who instills trust and confidence in the client. A mortgage loan is a huge commitment and can have long reaching effects on your client's lives. This is a big responsibility.
Hopefully, by the time you fill out the 1003 you will have discussed your clients needs, goals and objectives and be able to insert the correct information. This section should be filled out with the information on the loan the client is requesting at the time of application. If subsequent discovery leads to a change in loan product you are required to redisclose the changes by issuing a new Good Faith Esitmate of Settlemet Costs.
As a new loan officer it is your responsibility to be pro-active in seeking the guidence you need to build a solid foundation upon which to build your career. Talk to your Sales Manager, other experienced loan officers in your company, your Branch Manager, whenever you have these types of questions.
The smoothness of your "patter" is irrelevant compared to your professional handling of the transaction. Never be afraid to say" I don't know, but I will find out and call you back as soon as I do know". Never guess, never assume, these are the pathroads to destruction.
2007-01-22 02:40:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The most important part is to sell yourself to the potential client on your ability to close the loan with the terms you and the client agreed on in the quickest and most professional manner.
It is true that taking a 1003 in the initial conversation is a strong point in getting new clients and doing it smoothly and confidently is certainly part of it. But I have always considered the first few minutes you spend with the client to be most important. People are more comfortable with a person they feel they can relate to- not just some guy spewing out information.
As for the type of mortgage on the 1003- it is 99% of the time conventional. You should always have an idea of what the borrower qualifies for in terms of rate and term when you are completing the 1003 with them. I generally pull the credit after gathering the basic loan information I need such as purpose of the loan, estimated value, estimated loan size, property type, and occupancy. From there I have an idea of what I can get for them and we go over that right then.
2007-01-22 03:27:32 · answer #2 · answered by flamingojohn 4 · 0⤊ 0⤋
Taking a 1003 is only a small part of the loan process. You should have a good understanding of the differenly loan programs that your bank uses.
An application gets you the basic demographic information. I like to get enough info to pull a credit report to see what programs are not available.
Faking confidence will bite you in the as*. Especially if you do it with the wrong person. You need to be up front with your applicants regarding your experience and your training. I would not want to be the one leading home buyers down a path without any knowledge of where I was going.
2007-01-22 02:34:32 · answer #3 · answered by Culture Warrior 4 · 0⤊ 0⤋
taking a thorough 1003 will also help eliminate night mare suprises further down the road. You are right, this is where you want to be very thorough with your client. Do not rush through it or you will be doing a dis-service to your borrower.
2007-01-22 03:15:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
via want to practice papers, and so on., cut-off dates are frequently set properly earlier the underwriters have achieved their artwork (various the time this works out ok). sadly, the interior most loan officer is on the mercy of the underwriter (as are you) and to a particular volume, the underwriter is on the mercy of the investors (if the investors settle on on the merely correct minute to tighten lending skills, each and every of the underwriter can do is bypass decrease back and re-evaluate the interior most loan papers and ask for extra information if mandatory). that is all a fall-out from the authentic sources and banking cave in, with investors getting worried and extra conservative.
2016-12-02 21:37:10 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I know you are new at this job, but didn't you get any training?
You should ask your supervisor any questions pertaining to your job.
It is scary that you are able to write loans and not know the basics of the process.
2007-01-22 02:15:44 · answer #6 · answered by ne11 5 · 0⤊ 0⤋
You should already know this.
2007-01-22 02:01:35 · answer #7 · answered by Anonymous · 0⤊ 0⤋