How do you go about dealing with a borrower?

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

I am a processor but I would like to know how is it that loan officers deal with borrowers. I want to know what goes on the first time you meet with a them, I assume you would ask them enough questions to obtain the type of loan they want, term, their monthly income, expenses, etc.... when is it that you pull a credit report and do you have them sign any document stating that they allow you to pull credit? also when is it that you ask them for documents like w2's bank statements, etc... do you prequal them first and then ask them for docs.To me this is how it would go:

-You meet them and ask them what is it that they are lookign for
-you get their income and expenses information, are they are doing refi or purchase, downpaymnet?, etc....
-you have them sign a document stating they allow u to pull credit
-you do a prequal based on the info they gave you and the credit you pulled
- then you contact them with the offers you have, if they like any of them. you have them sign 1003 and all disclosures and obtain all the docs, paystubs, w2's etc....

Is that how it goes? or can anyone tell me how it is they go about it?

chow · Posted: Mon Mar 20, 2006 9:24 pm Post subject:

Maraba,

If your LO's are not gathering every stitch of information they can on the first interview-in person or with a fax, how can they know.....

okay let me start this again.....

Maraba-

The 1003 needs to be filled out and signed- with information that can be verified if need be. (unless it's a streamline, of NINA/SISA) All of the disclosures need to be filled out that relate to the tyoe of loan the borrower needs. If the borrower can't produce the doc's to comply with the loan .....

Let me start this again...

Wait a minute, you're a processor-why the heck are you worried about it? since when did the Loan Officer not know what they were getting paid to do?

Maraba- I'm kind of picky myself. I even order my appraisal and title. I gather all the doc's the loan requires, I find the investor, and I ride the processor like white on rice to get the vo's in and let me know what the UW has for stips. The processor then goes over the fee sheet with me, and we close the loan. Yes, I'm demanding, but as my processor-all you have to do is pick up a little slack, take a call if I'm out of town-and tell me what hoop I need to hit next from the UW.

I usually pay $500 a file just to verify information if you're a contract processor, and pick up my slack. I choose the lenders/programs, I choose the appraisers and I choose the title/closing agent. If my processor get's a loan, I do my normal work, and they make a good chunk of change.

I don't do residential. I am commercial.

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

Well the reason I would like to know this even though i am a processor is because as you may know from previous conversations I am in this with just my father. So i dont only do processing, I do a bit more, like take care of the office, recruite or talk to our new loan officers which most are inexperienced. I just want to know how everything works, not just processing.

chow · Posted: Tue Mar 21, 2006 11:14 am Post subject:

Call your MI companies and see if they have any of those handy processing manuals. Get enough for all the LO's and some spares. Make those part of your training material.

Call your lenders and see when they are having a training class-HUD has them on occassion too.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

just food for thought..does your father know anyone else in the industry that you could maybe "shadow" for a few days and really get the hands on training approach and see what point things will eventually get to...i belive in hands on training...

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

Yea since we are a branch, our corporate office let me stay for a few days closing files and opening them, i submited my first loan couple weeks ago. so i got a hang of how everything is done. i just need more practice now. unfortunatly it was turned down because the borrower loan is being considered an investment lot loan, but the lender does not accept lot loans for investment even though his doing it for primary. He is an investor so thats wat gave them the red flag.

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