Real Estate

Home Loan Officer Training: 10 Helpful Tips That Can Instantly Increase Your Income

Well, here they are … 10 Home Loan Officer Training Tips to Improve Efficiency and Increase Income. These tips have earned me hundreds of thousands of dollars over the years and I am sure they will do the same for you:

Home Loan Officer Training Tip No. 1:

Use only a few lenders

Depending on your niche, all you really need are a few good lenders. With a portfolio of approximately five lenders, you can handle all credit ratings and even special programs as outlined, no docs and 100% financing.

Home Loan Officer Training Tip No. 2:

Read your lender’s guidelines to develop a thorough understanding of their products and procedures. THIS IS A MUST !!! (And it’s easy to do if you only use a few lenders.) Do not rely on representatives of the lenders to inform you of their guidelines. They are human and can make mistakes like the rest of us.

Home Loan Officer Training Tip No. 3:

Send gifts to your appraiser, title agents, and underwriters to earn the favor. This is a great way to build relationships with people you trust for business. Find a reason to send these people a thank you card along with a gift. This is another good reason to use only a few good lenders.

Home Loan Officer Training Tip No. 4:

Define your market

What loans will you make and what loans will you not touch? It can and will cause undue heartache if you agree to take a loan that is out of your market. For example, I refused to even look at a loan unless borrowers had a credit score of 580 or higher. If an applicant has a credit score less than 580, I referred them to my official loan partner and split the fees.

Home Loan Officer Training Tip No. 5:

Specialize

Find a niche. Specialists always earn more than generalists. Everyone buys single-family home loans. What if you became the expert in your area on investment property financing, construction loans, or VA loans? With some work and dedication, you could become the home loan “guru” for your niche and monopolize your market.

Home Loan Officer Training Tip No. 6:

Rent, rent, rent

If you can: Keep a refrigerator in your office, put a copier near your assistant’s desk, and keep your computer’s printer by your desk. This will save you a lot of time walking around the office. It will also keep your attendees focused. Sometimes it is difficult to walk around an office without falling into several casual conversations that can reduce the production of your team.

Home Loan Officer Training Tip No. 7:

Get all documentation in advance

I believe in getting all the documentation you might need right 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 disturbing borrowers.

Home Loan Officer Training Tip No. 8:

Just the needs

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. You could open a can of worms that you don’t want to open. Only deliver exactly what is needed to finance the loan, no more, no less.

Home Loan Officer Training Tip No. 9:

Technical sandwich

At some point, you will need to contact a borrower during the loan process and request more information. When this situation arises, try using the sandwich technique:

Reset report

Place your order: “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.

Home Loan Officer Training Tip No. 10:

Testimonials

Get testimonials from everyone. They are excellent marketing tools for your business. Use them to address 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 want to get another 13 Home Loan Officer Training Tips That Can Instantly Increase Your Income By $ 5,000 Per Month Visit:

www.Mortgage-Leads-Generator.com/a/13tips.htm [http://www.Mortgage-Leads-Generator.com/a/13tips.htm]

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