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Power Mortgage Processing To Close Deals Fast
This department covers mortgage processing techniques designed to help you close more loans in less time and make more money. Processing is where the majority of good loans go bad, so don't let your next commission slip through your fingers because of a stupid mistake! Use these mortgage training resources to help speed-up your loan closings and tidy up any loose ends.
RESOURCES IN THIS DEPARTMENT:
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DOWNLOAD = Emergency Loan Change Checklist
Hold your horses! Everything's changed on this loan and we need to act fast in order to save the deal. Not sure what to do? Whip out my handy Emergency Loan Change Checklist and watch your processors head spin faster than the girl from The Exorcist. Change the loan amount...change the rate...change the term...change the lender...cancel the loan...these are ALL things that will affect every other aspect of the paperwork on the mortgage. Use my emergency checklist next time you need to stop on a dime and chart a new course. Full steam ahead warriors! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Scarecrow Brain Processing Notes
"If I Only Had A Brain..." Sometimes I wish I did, but with too many things to remember and not enough space in the old noggin' I had to come up with another solution. My chemistry teacher once said that you should always think with your brain and remember with your pencil. He's right. For scarecrow brains like me, I had the perfect solution...to write every little processing nugget down in a daily working document. Here are my mortgage notes (in their entirety, about 11 pages long full of bullet points and facts. I've left them as is, so you can see how my thinking works. Likely, you already know many of these things but I'm sure there are some you don't (keep in mind that some items may have changed with the times like LTV thresholds etc.). Even today, I still learn something new with every loan. Feel free to add or modify the list and pass it along to the fellow scarecrows in your office. Tweet. Tweet. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Keep On Track Appraisal Order Form
Appraisers aren't always the easiest bunch to deal with. During the refi boom of the past few years, these guys were rude, obnoxious and arrogant. Not all, but some. They would sit on deals and gladly took their time as if rate locks didn't matter. They got a ton of "free" business and referrals from me over the years and it took me a long time before I found a good group to deal with. My...my...how times have changed. . . . >>> READ MORE
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DOWNLOAD = CYA, Equal Credit Opportunity Act Mortgage Loan Disclosure
On every mortgage loan, there are state and federal disclosures that must be given to the client. Here is an equal credit opportunity act loan disclosure you must have the client sign and return to you. With all of the new rules and legislation regarding racism and discrimination in housing, it is imperative that you include this document in all of your loan disclosures. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your mortgage loan arsenal. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = CYA, Notification For All Mortgage Loan Applicants, Ensures Transparency And That Everything Is Clearly Stated
On every mortgage loan, there are state and federal disclosures that must be given to the client. Here is a notification to all mortgage loan applicants disclosure you must have the client sign and return to you. With all of the new rules and legislation regarding fairness and transparency in the housing market, it is imperative that you include this document in all of your loan disclosures. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your mortgage loan arsenal. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Foolproof Title Order Sheet
Only fools and horses leave things to chance, and in the mortgage business this couldn't be more true. After years of modifications and writing small details down and taking notes, I've come-up with a foolproof title order sheet than even an attorney could use! Lol! Everything is spelled-out and nothing is left to chance. The order sheet has explicit instructions and ensures that you--as the loan officer--always remain in control. Stupid are the people who rely entirely on outside third-parties to close their loans for them. Because the lawyers and title companies get paid regardless, they don't have the same commission incentive to get the deals done--only you do! Which is why from now on you're going to give yourself the upper hand and not let an incompetant outsider foul up your next loan. And I say that to them with the utmost of respect. ;-) This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Set The Stage Welcome Letter
First impressions can make or break a mortgage deal. How you set the stage with your borrowers will have a direct and immediate impact on your bottom line. Don't forget that you'll be "working" with your new client over the next 4 to 6 weeks, so start things off on the right foot with this customizable welcome letter and you'll close your loans a lot more quickly. Now that's a first impression any top producer would be proud of! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = CYA, Customer Privacy Notice Loan Disclosure
On every mortgage loan, there are state and federal disclosures that must be given to the client. Here is a customer privacy notice that outlines how we collect and use the information a customer gives us. With all of the new rules and legislation regarding identity theft and privacy, it is imperative that you include this document in all of your loan disclosures. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your mortgage loan arsenal. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = An Example Of A Rapid Processing Checklist That Many Lenders Now Have To Get Your Deals To The Closing Table Faster
Many of you are familar with my famous "Sink Or Swim Loan Closing System" and the processing guideline worksheets it contains. I've heard countless stories from loan officers around the country who have benefited greatly from my system and are now doing many thousands of dollars in new loans. Seems like word is getting around. Many lenders now have their own processing guideline worksheets to help streamline the loan process internally and reduce the amount of time and paperwork it takes to complete a mortgage. Here is one such example from a major lender and you can see where a lot of the grunt work has been chopped out. My advice...always check with your lenders first before submitting a loan using standard stacking order. Chances are that they might do you one better and give you a speedpass into the fastlane of loan processing. Always look for a rapid checklist and get that deal to the closing table faster! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Purchase Deal Mortgage Processing Guideline Worksheets To Make Your Life Easier And Retain Your Sanity
Don't waste hours setting an appointment, filling out a 1003 application, collecting documents, running it through DO/LP automated underwriting, etc. and go nowhere! Here's what I do...I simply take out one of my Pre-Qualification or Processing Guideline worksheets (refinance or purchase), spend some time on the phone with the customer asking specific questions, and within a few minutes I know whether this is a done deal or not. I never even have to meet with the customer if I don't want to! . . . >>> READ MORE
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DOWNLOAD = Good Faith Estimate (GFE) Cheat Sheet For New Loan Officers Written In Simple Terms
Ever get confused by the various sections on the Good Faith Estimate or GFE? If you're a new loan officer trying to make heads or tales over things, let me save you some trouble. Here is a handy, quick good faith estimate cheat sheet that will take the guesswork out of what all those sections and lines mean. This resource is courtesy of Erik Webster, who is also the author of our loan officer survival section here on Battlecall. Thank you Erik for sharing this great resource! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Another APR Cheat Sheet And A Quick And Dirty Way To Calculate The Right APR Figure The First Time Around
For some reason calculating APR always seems to be a problem for people, especially new loan officers. Why is that? APR isn't some magic number, it's actually very logical. Here is another great APR cheat sheet (we've got a few of them here on Battlecall) and I like this one because it comes with a quick and dirty way to run an APR calculation without pulling your hair out. Hey, even I can understand this! Lol. This resource is courtesy of Erik Webster, who is also the author of our loan officer survival section here on Battlecall. Thank you Erik for sharing this great resource! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Fast Closing Fee Sheet
The secret to closing loans is easy. You've got to be organized and you've got to think ahead. Here is a fast closing fee sheet which list all fees and charges associated with the loan. It even includes any points involved or other commissions due you. Every lender requires a full list of all credits and debits on the loan so that they can tally-up the final numbers and disperse the funds at closing. Use this fast and easy closing fee sheet with your title companies and attorneys as well as the lenders you work with. Doing so will ensure that every closing is a quick one. This resource is in Microsoft Excel format. . . . >>> READ MORE
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DOWNLOAD = Closing Attorney Checklist
Did you know that most mortgage deals die at the closing table? It's true! More than 6 out of 10 tens die somewhere in processing, due to a variety of factors (people not doing things on time, lazy co-workers, unruly real estate agents, customer rate shops you, etc.) When you have a hot deal that does make it to the closing table, you sure as heck don't want it to die then! Don't risk your commission because of a stupid attorney mistake. Use this checklist to doublecheck and ensure that your loan closing will be hassle-free. Remember, your commission check depends on it! This resource is in Microsoft Word format. . . . >>> READ MORE
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My Indispensable Mortgage Notebook
There's no doubt about it...the Internet is changing the way we shop, bank, arrange travel, search for information, buy and sell homes, and if you haven't noticed...the way we do mortgages. A few years ago I came to the realization that if you're running a mortgage business that's computer and Internet based, you need to supplement all of that high technology with something decidedly simple and very old fashioned...a notebook. . . . >>> READ MORE
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DOWNLOAD = Another Doc Order Lender Fee Sheet
Every lender has a fee sheet that they use when it comes time to actually close the loan. Some lenders are better than other in terms of the detail and organization of their back office. Here's a handy editable fee sheet you can use when the lender doesn't have one handy. If you are a mortgage banker and lend directly, then you will certainly want to download and begin using this form. We've uploaded several different versions of document order fee sheets here on Battlecall so you'll be able to pick and choose the one you want. Each has it's positives and negatives, but one thing is clear...you can never be too detailed when it comes to having a smooth closing! And that's something you can take straight to the bank. This resource is in Microsoft Word format. . . . >>> READ MORE
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6 Tips To Tame Technology In Your Mortgage Business
It's here to stay and if anything, methodically advancing forward and providing us with so many opportunities we are sometimes overwhelmed to the point of confusion. Technology is what we are talking about. Yet, most people don't even take advantage of the technology they currently have. Technology has changed the way we live. The key is to remember is that technology is a tool, which we can use and control. . . . >>> READ MORE
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What To Look For In A Processor
Good as gold. That's what I call a processor that knows how to get the job done, and quickly. I'm met many loan processors in my career, and I can honestly say that many of them were not very good. It's not that they didn't "work hard". They did. It's just that although they were extremely busy "working hard", it didn't matter. They didn't close the loan--meaning I didn't get paid. . . . >>> READ MORE
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DOWNLOAD = Easy Underwriter Cover Sheet
Underwriters are funny people. They have a million things on their plate, they get stressed-out easily, and if they don't like something in your loan file, it can easily go to the bottom of the pile. Don't let this happen to you. If the underwriter has a question on something, make it easy to contact you. Use this underwriter cover sheet and include your full contact details as well as a brief synopsis of the file. Doing so can mean the difference between a speedy closing or a loan that gets dragged out. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Sample Appraisal Report You Can Use With Your New Loan Officers To Help Them Understand
If your looking for a sample appraisal report you can use for your new loan officers, here's one that's just right to fit the bill! It's very detailed and has everything you need to fully dissect an appraisal report. And, if your in the Nevada area, the appraiser will give you a courtesy discount to boot! Now, that's a bargain if I ever saw one. This resource is courtesy of Erik Webster, who is also the author of our loan officer survival section here on Battlecall. Thank you Erik for sharing this great resource! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Last Minute Final Issues Checklist
It's always important when working with outside third-parties that everyone is on the same page. A closing attorney or title company can make or break a deal depending on how on top of things they are. To streamline the mortgage process, my closing agents and I worked out a simple solution with this handy last minute final issues checklist. That way, when it comes time to close the loan, they can simply fax or email back this checklist to us and the lender so we know what we need. It's saved a lot of wasted time on phone calls and leaving voicemails. This way, anyone can pick-up the document and begin work on finalizing the remaining loan issues. A simple but ingenius tool. Now it's yours. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Keep On Track Appraisal Order Email
How many times have you lost a hot mortgage deal because the customer was monkeying around with the appraiser? I've had bull-headed customers refuse to pay for the appraisal upfront and a few who wouldn't even let the appraiser into the property to do his job! Guess who gets blamed if something goes wrong. You do! On any loan, there are a myriad of people involved in the mortgage process, use this email template to alert the customer what is happening and confirm with them the details of the appraisal. By handling this issue upfront, you will help streamline your business and close loans faster as well as keep your sanity in-check. And keeping one's head on their shoulders is always a good thing. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Must Have Denial Letter
Here is a must have denial letter you should provide all your loan applicants when their application for a loan has been denied or rejected by the lender. Under state and federal law, the lender will send one of these out anyway to the borrower, but you the mortgage broker should send one out as well. That way, you're covered in case the lender forgets to do so and it is always a good policy to be upfront with your borrowers. You never know, even though today the loan is dead, tomorrow things could change. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your loan arsenal. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Lazy Lender Submission Checklist
Not sure what the lender needs in order to close the loan? Don't be caught with your pants down at the closing table. Use my lazy lender submission checklist and you'll never have to worry about forgetting something when you submit your loans. Underwriters love loan officers who are organized and you can be certain that once you develop a reputation for thoroughness, your loans will shoot straight to the top of the pile. If there's one thing I learned that has proven my success, it's that you've got to make an underwriter's life easy if you want your loans to close quickly. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Efficient Escrow Tracking Report
Need an easy way to track escrow payments associated with your loans? Use this simple worksheet to record any client payments made via check or credit card for such things as credit reports, flood certifications, or anything else that is POC (paid outside of closing). It will make things a whole lot easier when it comes time to closing the loan. This way you're always on top of things! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Title Fee Confirmation Checklist
When closing a loan it's important that you keep detailed track of every fee associated with the mortgage. Overlooking even a small fee will mess up your final numbers and force you to redo the entire closing package. This not only delays the loan closing, but also your commission. Not to mention that the customer will become irate, upset and possibly go elsewhere. You can't risk losing your commission over a silly mistake. Use this quick and easy title fee confirmation checklist and firm up your numbers to get things right the first time around. This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Not Your Ordinary TIL Cheat Sheet
We have a number of TIL cheat sheets up here on Battlecall. This one is a little bit different in that it lists everything covered on the GFE and what line items are to be calculated into the TIL. It's extremely important that this final figure is correct, not only for compliance reasons but for accurate comparison shopping between loans and lenders. Use this tool carefully and make sure you follow its instructions. This resource is courtesy of Erik Webster, who is also the author of our loan officer survival section here on Battlecall. Thank you Erik for sharing this great resource! This resource is in Microsoft Excel format. . . . >>> READ MORE
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