Someone please tell me the general obligations of a mortgage loan officer.?

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I’m just curious what other loan officers are there, because I do not do something to treat. I will do everything, what is normal?
Looking for marketing ideas that have proven effective in generating more laene.Mul have the ability to grant mortgages in all 50 osariiki.Täname help

  1. Reply
    the dealer
    February 17, 2011 at 4:07 pm

    A loan officer is an individual who originates mortgage loans directly for a mortgage loan company. This entails the taking of loan applications and educating potential borrowers in the home buying and financing process. Sales and marketing is needed to be successful.

    Yes this is normal. As a FORMER loan officer, most LO are lazy.

  2. Reply
    Luke W
    February 17, 2011 at 4:28 pm

    1. Develops referral contacts (realtors, builders, professional and personal contacts).
    2. Builds rapport with contact, potential customer and existing customer base to ensure an application for a loan product. Serves as an advisor to customer base concerning rates, loan products, and the overall process of obtaining a loan.
    3. Meets established requirements for minimum loan sales, customer satisfaction and loan quality.
    4. Maintain knowledge of available loan products, processing procedures, and underwriting and general department guidelines to include changes and updates.
    5. Follow defined protocol for escalation exceptions.
    6. Take applications by completing all information in the appropriate software package.
    7. Collect appropriate documentation from each applicant and deliver this documentation in the time frames set by management.
    8. Monitor loan application process from origination through closing. As needed, provides assistance to loan coordinator or guidance to mortgage applicants.
    9. Provides timely updates and/or progress reports to all interested parties, such as customers, realtors, sellers, etc. Works with highly confidential information such as customer financial records.
    10. Attend and actively participate in all corporate meetings and training sessions that are held in order to facilitate achieving volume objectives.
    11. Performs other duties as assigned.

  3. Reply
    February 17, 2011 at 5:16 pm

    They’re suppose to originate the full application 1003 (complete), and gather all documentation you will need for processing from borrower.. Anything you need from borrower, should be handle by officer. Any experienced officer should not miss any paperwork. You shouldn’t have to be asking officer for stuff all the time. They should know, what you need to process efficiently.

    The only reason you should be talking to your officer is, if any conditions come back on approval after submitting app.

  4. Reply
    February 17, 2011 at 5:54 pm

    In my opinion, it is the loan officer’s responsibility to determine which loan program best matches the buyer’s needs. This requires the LO to have full knowledge of the products available, including assitance programs and their eligibility requirements. The LO is responsible for explaining all terms of the loan and locking the buyer’s interest rate at the appropriate time. They are also required to obtain the buyer’s signature on all loan application documents, such as the Good Faith Estimate which itemizes the loan fees, closing costs, etc. in accordance with RESPA guidelines.

    As is the case with many loans the buyer’s needs may change in midstream, at which point the LO must find another program and update all documentation, obtain signatures, etc.

    A good LO also knows when to advise a buyer to wait to obtain financing, as the terms are not favorable for the buyers current financial standing, i.e. low credit score, high debt to income ratio. The LO should be ready to coach these future borrowers on how to improve their situation and position themselves in a better light with the lender to obtain a more favorable loan.

    Some LO’s accompany the buyer to the closing to assist with any final questions and ensure that all items are what was initially disclosed to the buyer.

  5. Reply
    February 17, 2011 at 6:33 pm

    Having a website with mortgage calculators and lots of info usually helps.

    Also, I have noticed that at a lot of community events and street fairs, the local mortgage offices and real estate management groups usually have a booth set up – they answer questions, give out flyers and promotional items, etc.

  6. Reply
    February 17, 2011 at 6:39 pm

    A free or very low cost website from Yahoo. They can really help with everything ya need.

    Do you have any free newspapers in you’re town? People really read them. They have games, little quotes, and community calendar, and that attracts readers, plus free!

    Ads in local businesses often cost nothing. Laundries, groceries, etc.

    You can print ads right on you’re home computer, or get someone at a local library to help.

  7. Reply
    TM Express™
    February 17, 2011 at 7:33 pm

    Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you’ll inevitably have as well as many you haven’t anticipated yet. See the source box for some relevant links.

    Hope that helps! I wish you much success & happiness in all your ventures!

  8. Reply
    February 17, 2011 at 8:32 pm

    Have you tried direct mail marketing? It can be very cost effective. The company I work for provides everything from start to finish (creative/ design, data, the letter, bringing it to the post office, etc.) It depends on how many calls you are looking to generate per day.

    If you are serious about generating more business, this may be something you’d like to discuss, you can e-mail me through this site. I can tell you the specific pricing, response rates, etc in detail. Our turn around time can be as little as 24 hours.

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