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This article will explain how to become a mortgage loan officer at Gustan Cho Associates. Starting a new career as a loan officer and how to become a successful mortgage loan officer.
How To Become A Successful Mortgage Loan Officer
This mortgage blog article on how to become a successful mortgage loan officer is for people who are planning to start a career as a loan officer.
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This blog is dedicated to educating loan officers to be the best and the best in the mortgage industry.
A career in mortgage lending can be very rewarding. But it takes time to build a business book and sell your business. Unlike other careers, being a mortgage loan officer is like owning a business.
Most mortgage loan officers earn commissions; If they don’t make or close a loan, they don’t get paid.
Loan professionals need to earn the trust of borrowers. Borrowers must trust their lenders. They must provide all their financial and personal information. In this article I will discuss and explain how to become a mortgage loan specialist.
How To Become A Successful Mortgage Loan Officer
Mortgage lenders don’t just submit their financial information to loan officers. However, they must also provide a personal letter explaining their past problems, such as:
Loan officers will need a credit report and review the borrower’s payment history. Mortgage loan officers should carefully examine and analyze the following documents from the borrower:
Financial information is the most confidential information of anyone, but a mortgage loan professional needs access to all aspects of the borrower’s financial and personal information.
Borrowers must trust and respect the loan originator in order to gain their trust and for the borrower to hire him to represent them and be their mortgage loan specialist.
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The essence of being a successful mortgage loan officer is to earn the creditor’s trust and respect.
The key to being a successful mortgage loan officer is to treat your borrowers the way you want to be treated. The career of a mortgage loan specialist is different from that of any other sales professional. This is true because you need to get financial and personal information from your lender.
I manage a licensed mortgage lending team. In my opinion, all mortgage lenders should be available seven days a week for all borrowers.
The trust that mortgage lenders place in their loan officers deserves the respect of borrowers. I am always available to my borrowers. It doesn’t matter if it’s after work, evenings, weekends or holidays.
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The mortgage process is stressful and many lives are at stake. A home buyer expects a mortgage specialist to be able to close the mortgage on time. The need to understand what home buyers are going through is important. Loan officers must understand the process:
As a home seller, the seller may already have a new home under contract and is relying on the buyer’s lender to make sure their home closes smoothly and on time.
Loan officers also need to understand what sellers go through when buying or selling a home. Again, like the home buyer, the seller packs his stuff.
We discussed energy resources. Sellers are registering and transferring their children’s school records to new districts. Sellers are negotiating with shipping companies.
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Moving to the wrong buyer’s mortgage can turn the whole process into a disaster and affect many people’s lives.
Communication is the key to being a successful mortgage loan officer. Make sure that every phone call or email is not just to the borrower, but to the following people:
The loan officer needs to mark their name. Most lenders don’t care about the mortgage company, only the mortgage loan officers.
A mortgage loan officer is the person they depend on and count on. Don’t let them.
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Many loan officers avoid making phone calls to borrowers when things go wrong. This is the worst way to avoid problems in the mortgage process.
Borrowers understand the complexity of the loan application and approval process: if there are any obstacles or problems in the mortgage loan process, now is the time to contact your lender. Tell them what your situation is and if you don’t have the answers
Tell them that you are looking for a solution to the problem and will update them soon. Always tell your lenders. This is especially true before the long weekend. You are available on weekends, evenings and days to take loan phone calls.
Remember that the lender trusts and relies on you, so don’t make yourself available all the time. Lenders will understand and respect you if you are open to them. All problems can be fixed.
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There are too many examples of problems that can arise during the mortgage process to list, but all the problems I encountered during the mortgage process were fixable. Some examples of potential problems during the mortgage loan process include:
All the above problems can be solved. The assessment does not include the price. Appraisal denials are often difficult to reverse unless the home seller offers substantial compensation.
In cases where the appraisal is not included in the price, sellers will often reduce the purchase price to the appraised value. Or the buyer and seller can renegotiate the purchase price and come up with a compromise.
Borrowers change jobs during the mortgage process: There are times when a borrower changes jobs during the mortgage process. In such cases, the foreclosure will be delayed until the borrower provides a payslip 30 days prior to the foreclosure and proof of employment from the new employer. The debt-to-income ratio is higher than expected.
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When a mortgage loan officer is dealing with a borrower with a high debt-to-income ratio. Problems can arise when a borrower’s debt-to-income ratio rises during the mortgage loan process, such as when homeowner’s insurance is higher than expected.
This problem can be solved by reducing the mortgage rate, paying the points, paying off certain debts such as revolving accounts, or adding a non-borrower to the mortgage loan. Again, this can delay the closing of the mortgage.
Most mortgage loan rejections happen at the 11th hour or there is a delay in closing the mortgage loan due to the lender not doing their due diligence in pre-approval.
Mortgage loan officers must be very careful when issuing a pre-approval letter. When a mortgage loan officer takes their time and carefully considers the following:
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The primary reason for last-minute loan rejections or major delays in the mortgage process is that pre-approval is not reliable. Take the extra time to make sure your pre-approval letter is reliable before you take out your loan.
If the loan file is complicated, consult with the underwriter about the situation before issuing the pre-approval letter.
Make sure you have the email messages you had with the underwriter on file to refer back to if the underwriter says something different during the mortgage process.
Whenever you represent a home buyer as a lender, you will be dealing with more than just the home buyer (loan lender).
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However, you will be in contact with the home buyer and your buyer’s real estate attorney. As a mortgage lender, you are often in contact with the seller’s real estate agent and the seller’s attorney.
Although you may not disclose financial information about your loan. Posing as a real estate expert and sharing contact information does not violate the law or ethics.
Make yourself accessible to all interested parties: Reach out to them and they will appreciate and remember your name.
These real estate professionals are excellent sources of referrals after the lender closes. Send everyone a thank you card and email thanking them for their cooperation.
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Tell them to contact you if they have any questions about your area of expertise or the mortgage lending landscape.
Gustan Cho Associates is currently hiring remote mortgage officers nationwide. If you are a licensed mortgage loan officer looking for a new mortgage lender to work with that will provide you with marketing support that top lenders don’t, you’ve come to the right place.
We provide mortgage loan officers who work hard with qualified lenders. No need for cold calling and you don’t have to worry about marketing. We have a full marketing staff and more people need our services than loan officers.
Also, if you are a goal oriented person planning to start a new career as a loan officer,
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