Well, here they are… 10 Mortgage Loan Officer Training Tips to Improve Efficiency and Increase Revenue. These tips have made me millions upon millions of dollars over the years and I am sure they will do the same for you:
Mortgage Loan Officer Training Tip #1:
Only use some lenders
Depending on your niche, all you really need are a few good lenders. With a portfolio of approximately five lenders, it can handle all credit grades and even special programs such as those indicated, without documents and 100% financing.
Mortgage Loan Officer Training Tip #2:
Read your lender’s guidelines to develop an intimate understanding of their products and procedures. THIS IS A MUST! (And easy to do if you only use a few lenders.) Don’t rely on lender representatives to tell you about their guidelines. They are human and can make mistakes just like the rest of us.
Mortgage Loan Officer Training Tip #3:
Send gifts to your appraiser, title agents and insurers to win favors. This is a great way to build relationships with people you trust to do business with. Find a reason to send these people a thank you card along with a gift. This is another good reason to only use a few good lenders.
Mortgage Loan Officer Training Tip #4:
Define your market
What loans will you make and what loans will you not touch? You can and will cause yourself undue distress if you agree to take a loan that is out of your market. For example, I refused to even look at a loan unless the borrowers had a credit score of 580 or higher. If an applicant has a credit score below 580, I refer them to my loan officer partner and split the commissions.
Mortgage Loan Officer Training Tip #5:
Specialize
Find a niche. Specialists always earn more than generalists. Everyone buys loans for single-family homes. What if you became the expert in your field in financing investment properties, construction loans, or VA loans? With some work and dedication, you could become the home loan “guru” for your niche and monopolize your market.
Mortgage Loan Officer Training Tip #6:
Rent, rent, rent
If you can: Keep a fridge in your office, put a copier near your assistant’s desk, and have your computer’s printer right next to your desk. This will save a lot of time walking around the office. It will also keep your attendees focused. Sometimes it’s hard to walk through an office without falling into various casual conversations that can slow down your team’s production.
Mortgage Loan Officer Training Tip #7:
Get all the documentation in advance
I believe in getting all the documentation you may need from the start. That way, if a problem arises, you have a better chance of being able to fix the problem on your own without inconveniencing borrowers.
Mortgage Loan Officer Training Tip #8:
only necessities
Just because you collect additional documentation doesn’t mean you have to use it. Please do not send additional documentation to your processor or subscription. It could open a can of worms that you don’t want to open. Only deliver exactly what you need to finance the loan, no more and no less.
Mortgage Loan Officer Training Tip #9:
technical sandwich
At some point you will need to contact a borrower during the loan process and ask for more information. When this situation arises, try using the sandwich technique:
reset report
Make your request: “Oh, by the way, I need ___. When can you fax it to me?
Continue the report creation dialog.
Say goodbye and politely hang up the phone.
If you have a difficult borrower, this works wonders to lower your anxiety level.
Mortgage Loan Officer Training Tip #10:
Testimonials
Get testimonials from everyone. They are great marketing tools for your business. Use them to guide your client’s CPA, HR manager at work, real estate agent, and financial planner to establish a referral relationship.
There you go. Incorporate these ideas into your mortgage business and see how they impact your bottom line.
By the way, if you’d like to learn another 13 Mortgage Loan Officer Training Tips That Can Instantly Increase Your Income By $5,000 Per Month, please visit:
www.Mortgage-Leads-Generator.com/a/13tips.htm [http://www.Mortgage-Leads-Generator.com/a/13tips.htm]
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