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Appraiser’s Perspective: Is appraising an art or a science?

National Mortgage Professional
Aug 25, 2005

A complete loan officer is more than their job descriptionJeff Barrtype keywords here..SEPERATE BY COMAS ONLY(,) Loan officers have many key responsibilities in addition to providing a mortgage with the best rate and term. The keen loan officer will work together to establish strong relationships with reliable service partners, offering savings and services by delivering top quality professionals in any of the following areas: Appraisers Finding a good appraiser who is timely and fair in their property assessment can make or break a deal. E-mail capabilities and color reproduction can help all parties to quickly and clearly underwrite the appraisal. Movers Dependable movers can lessen the burden on new homeowners, whether they are moving across the street or cross-country. Fragile items, as well as memorable belongings, must be handled carefully. It is important to obtain quotes in writing for packing or moving breakables and large items. Review insurance coverage in case of mishaps during the move. This includes deductibles, as well. Real estate agents Find an agent with whom you feel comfortable. A mutual relationship will be profitable for all parties concerned. It takes time and energy to establish a fulfilling partnership, so be patient and understanding. Remember, real estate agents can help guide borrowers to the closing table. Processing The more complete the application, the more quickly the loan will be closed. Providing proper documentation such as W-2s, pay stubs and tax returns at the time of application will help ensure that the loan goes smoothly. Being prepared at application will enable the loan officer to work succinctly. Desktop Underwriter and Loan Prospector are important programs that will enable the processor to present the package along with necessary documents to speed the approval or denial by the underwriter. Closing agents The proper closing agent can make or break your deal. The closer is the last person to interact with your client. If and when legal advice is necessary, only an attorney can render it. Developing a strong relationship will allow a closing agent to get the job completed in the most effective way. The closing team will get to know you and your style, and develop a fast and effective approach to closing that is suitable to the borrower and loan officer. Home inspections Home inspections are a necessary step in the purchase of many homes. Upon purchase of my condo, I hired a home inspector to check crawl spaces, the foundation and key living areas. It is important to find a competent inspector who is certified. Working with the same inspector can develop and build relationships that can help in sealing the deals. Pest and termite inspections Builders or agents can recommend these inspections. Check with your lender about specific requirements, since inspection may not always be required. Insurance agents Insurance agents can provide reasonable rates for homeowners' policies. Lenders will not allow a loan to be closed without proof of homeowners insurance. Providing a borrower with choices will enable the applicant to obtain the best possible coverage and rates. The loan officer's main focus is to provide the most cost-effective rate and term for the client, in addition to the best possible customer service. Their goal is to bring the borrower to the closing table in the most expedient fashion. However, providing other professional relationships will add value to you as a mortgage executive. For instance, recently, I was able to assist a customer in the sale of her home in a for sale by owner transaction. I was also instrumental in providing her with a mover, a home inspector and a top-notch closing agent. The borrower saved thousands of dollars and obtained the best and most cost-effective services. This will open additional opportunities for referrals in the future. Relationships take time and effort, and will help secure long-term career success for the mortgage professional. Be more than a typical loan officer; be all you can be for your client. Jeff Barr is a competent toastmaster and speaker in Louisville, Ky., an adjunct professor of communications at the University of Louisville and a mortgage loan officer. He may be reached at (502) 777-9555 or e-mail jeffbarr@juno.com.
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