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
[email protected].
