Mortgage Loan Officer Training 10 Helpful Tips That Can Instantly Boost
Your Income By 5 000 Per Month

Mortgage Loan Officer Training 10 Helpful Tips That Can Instantly Boost Your Income By 5 000 Per Month

Well here they are… 10 mortgage loan officer training tips to​ improve efficiency and increase revenue. These tips have made me hundreds of​ thousands of​ dollars over the​ years and I’m confident they will do the​ same for you:

Mortgage Loan Officer Training Tip #1:
Only use a​ few lenders
Depending on​ your niche,​ all you​ really need is​ a​ few good lenders. With a​ portfolio of​ about five lenders,​ you​ can handle all credit grades and even special programs like stated,​ no doc and 100% financing.

Mortgage Loan Officer Training Tip #2:
Read your lender’s guidelines to​ build an​ intimate knowledge 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 reps 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 underwriters to​ gain favor. This is​ a​ great way to​ build relationships with the​ people you​ rely on​ to​ do business. Look for 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.

Mortgage Loan Officer Training Tip #4:
Define your market
What loans will you​ do and what loans will you​ not touch? you​ can and will cause yourself undue heartache if​ you​ agree to​ take a​ loan that is​ outside of​ your market. For instance,​ 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 less than 580,​ I referred them to​ my loan officer partner and split the​ commissions.

Mortgage Loan Officer Training Tip #5:
Find a​ niche. Specialists always make more than generalists. Everyone does purchase loans on​ single family houses. What if​ you​ became the​ expert in​ your area on​ financing investment properties,​ construction loans,​ or​ VA loans? With some work and dedication you​ could become the​ mortgage lending “guru” for your niche and monopolize your marketplace.

Mortgage Loan Officer Training Tip #6:
Location,​ location,​ location
If you​ can: Keep a​ frig in​ your office,​ place a​ copier close to​ your assistant’s desk,​ and have your computer printer right next to​ your desk. This will save loads of​ time walking around the​ office. it​ will also keep your assistants focused. Sometimes it’s hard to​ walk through an​ office without falling into several casual conversations that can lower your team’s production.

Mortgage Loan Officer Training Tip #7:
Get all documentation up front
I believe in​ getting every piece of​ documentation I could possibly need right up front. That way if​ a​ problem arises you​ have a​ greater chance of​ being able to​ fix the​ problem on​ your own without bothering the​ borrowers.

Mortgage Loan Officer Training Tip #8:
Only the​ necessities
Just because you​ collect extra documentation,​ doesn’t mean you​ have to​ use it. Don’t submit extra paperwork to​ your processor or​ to​ underwriting. it​ could open a​ can of​ worms you​ don’t want opened. Only turn in​ exactly what’s need to​ fund the​ loan - nothing more or​ less.

Mortgage Loan Officer Training Tip #9:
Sandwich technique
At some point you’ll need to​ contact a​ borrower during the​ loan process and ask for more information. When this situation arises,​ try using the​ sandwich technique:

Re-establish rapport
Make your request: “Oh by the​ way I need___. When can you​ fax it​ to​ me?”
Continue rapport building dialog.
Say goodbye and politely get off the​ phone.

If you​ have a​ difficult borrower,​ this works like a​ charm to​ diminish their anxiety level.

Mortgage Loan Officer Training Tip #10:
Get testimonials from everyone. They are great marketing tools for your business. Use them to​ target your client’s CPA,​ HR manager at​ work,​ real estate agent and financial planner to​ establish a​ referral relationship.

There you​ have it. Incorporate these ideas into your mortgage business and see how they impact your bottom line.

By the​ way,​ if​ you​ would like to​ get another 13 mortgage loan officer training tips that can instantly boost your income by $5,​000 per month,​ visit:

Please feel free to​ reprint this article as​ long as​ the​ resource box is​ left intact and all links are hyperlinked.

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