Written By: Daniel Garcia
With our ever-changing industry, as processors we need to stay ahead of the curve. So over the next couple weeks, we will bring you a total of 10 tips that will help you become a better processor, resulting in faster and more efficient closings.
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As the saying goes, communication is the key to a healthy relationship. The same goes for our relationships with loan officers, realtors, underwriters OR most importantly, borrowers. In Part 1 of this series we will offer some tips in regards to communicating that will help you achieve the ultimate goal: a smooth closing.
1. Give regular loan status updates to the LO, realtor, or borrower BEFORE you are asked. This is just good customer service. In my shop, we have Tuesday Status Updates. That means every borrower and their realtor in our pipeline will receive a call, giving everyone a status update of the file. Get the loan officers involved too. Again this is good customer service and I’m sure they will appreciate your assertiveness.
2. Have one-on-one meetings with loan officers every week to make sure that everyone is on the same page. This is always a good idea. Why? Because loan officers can be your biggest support in expediting the loan process. For instance, we all have dealt with from time-to-time that one person who takes their time in getting you information that you need. Remember, most loan officers work off of commission. The longer it takes to close the loan, the longer they have to wait to get paid. Use them to your advantage, they are motivated.
3. Make phone calls early in the day to allow time for a same-day call back. Make return calls at specific times during the day. This is all about efficiency. So on your calendar set specific times for this. Understandably, you will have those deal saving calls that must be made. But for the most part, when you can focus on the tasks at hand and not be interrupted with phone calls all day, fewer mistakes will be made and you can get the job done in a timely manner.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
4. Follow up on all requests within 24-48 hours to confirm they were received and are being processed. Ask for the anticipated turnaround time too. This will show the importance of what you are requesting and that you WILL be calling back if you do not receive what you requested in a timely manner.
Next week we will offer Part 2 of this series. The remaining tips will help you manage your time better and make processing more efficient. Stay tuned…
About The Author
Daniel Garcia - As an NAMP® staff writer, Daniel Garcia is a loan processing instructor for Loan Processor University (www.LoanProcessorTraining.org). Daniel also currently works for a non-profit housing and community development corporation where he serves as a senior loan officer and heads up the organization’s homebuyer education program. Daniel provides consultation services to other non-profit housing organizations nationwide, training in the areas of mortgage qualification and processing, state and federal laws, adult education training methods, and credit/foreclosure intervention counseling and program setup. He has gained a variety of experience, from mortgage processing and loan originating to loan servicing and loss mitigation. If you're interested in becoming a writer for NAMP®, please email us at: contact@mortgageprocessor.org.
