Tag Archives: loan officer school

If you're just starting or just finishing loan officer school or loan officer training, you might be curious as to what some of the secrets of a successful mortgage loan officer might be. This article hopes to share some trade secrets to make you the best mortgage loan officer possible or even negotiate it yourself without a license.

What does a mortgage loan officer do?

Basically, a mortgage loan officer is just the face of the company. Mainly, he or she just accepts the application and passes it on to the underwriting department. More independent loan officers, however, provide additional services like recommending appropriate loan types, gathering documentation, communicating directly with the underwriter and helping the process along.

What happens if you don't use a mortgage loan officer?

Banks are often out for themselves, so they might not provide you with the best advice or rates. Mortgage rates are constantly changing due to the secondary market fluctuations. It's important to speak with an independent mortgage loan officer to help negotiate this constantly changing market.

Why are mortgage loans constantly changing?

As stated above, the vast majority of mortgage loans are sold on the secondary market. What this means is that, once the lender has given you money ("funded" your loan), they'll most likely sell it to an an investor for cash at a profit. Once sold, your loan will be bundled together with thousands of other similar loans and turned into a bond called a Mortgage Backed Security (MBS) bond. This bond will continue to be bought and sold by investors and works like a stock would, fluctuating daily due to market security.

What should I be looking out for?

Depending on the length of your loan, you'll want to pay attention to the terms rates, points, and fees. People with shorter loans will want to focus on finding a slightly higher rate that pays out a larger rebate. Conversely, if you plan on having your loan for a longer amount of time, you may want to pay out points. With fees, pay attention to why they're being charged and speak with a qualified mortgage loan officer to see what your best options are. There are many fees out there - lender fees (charged for document prep, processing, underwriting, etc), and third-party fees (escrow, appraisal, recording, title, notary, etc.). Ask for a written estimate.

What factors will help me get a better loan?

Most lenders will look at debt to income ratio (DTI). Your income obviously plays a huge factor in getting a loan with a good rate. They also evaluate loan to value ratio (LTV).  To improve your changes, speak with a mortgage loan officer with good mortgage loan training to help you get organized and make sure that you're qualified before applying. You may need to work on your credit score first.

In summary, a mortgage loan officer with good mortgage loan training will greatly increase your chances of being approved and getting a good loan rate.

Check out this link for more informations: http://www.moneycrashers.com/getting-approved-mortgage-loan/

Investing in a home is usually the most effective choice you make in your life, but it also can turn in to a nightmare if you are not diligent. You simply cannot anticipate to rush through the process as adequate preparation is crucial to secure a home loan that suits the needs you have. While an agent may refer a local loan officer to you, sometimes it will not be in your favor. Make sure you get a loan officer that is able to have their education on a high standard loan officer school.

So, since we know this massive missed probability of mortgage leads is going on, what am I saying for you, the mortgage marketer? This means that there's a gigantic market out there for mortgage leads, with little or no competition! And how can you access this gold mine of mortgage leads? Well, that's the critical for loan officer marketing.

When you first talk with a realtor or loan officer spend some time telling them about your situation. The more information they've about you the greater they're able to help. You want honesty from their store; be sure you're honest as well. For example, if you can find issues verifying your income, let them know over it. If you are refinancing the house ask a prospective Loan Officer to give you a firm quote.

After asking a few pre-determined questions, he/she should be able to offer you a rate. It has been perhaps the most common practice for loan officers to provide out extremely low rates to get you hooked; rates they are fully aware they're able to deliver. They know that following your process is nearly finished they're able to change the rate and quite a few men and women accept it really to get the loan over and done with. Asking for a rate is an excellent option to finding out what type of person you're working with. This is also a good way to determine if you happen to be working with a skilled person or not. Need more details? go to http://www.nationalmortgagenews.com/news/voices/loan-officers-are-still-necessary-just-ask-a-millennial-1095653-1.html

You can find online courses which can be affordable and if you receive that certificate, you will find there's good possibility that you can get a higher paying job. Not only that, but you also can find online courses that could fit your schedule! Isn't that one of the reasons why you're hesitant to get classes? Do your work and look as well.

Westminster Mortgage

When you go into the open house, don't run up towards the agent, introduce yourself and start profits pitch (most significant mistakes mortgage loan officers make). Instead, introduce yourself and allow the agent know that you're loan officer. Talk while using agent about many of the problems they're currently experiencing inside their business, which allows you to gather information by playing what are the agent is saying.

You can then utilize this information (at a later date) presenting yourself as the solution to their problem. Once you've built a rapport while using agent, schedule a scheduled appointment with them for the future date to debate the important points. Get latest loan officer salary if you want to hire one now.