1. Gather /confirm your data, ask good qualifying questions, ( it’s real simple how we work)
2. Run/Load property profile( PP ), check vesting, names on title, taxes, DOT/Loan history etc.
3. Run/Load comps /scrub property questions, upgrades, recent sales, issues w home
4. Check HARP look-up tool if needed (Build rapport, trust etc ) check your PP
5. Run credit after you verify spelling on title!!
6. Tighten up your 1003/dive deep on job history, income, assets, REOs, dec questions, additional income sources etc
7. Structure loan, scrub liabilities, verify amounts and terms of liabilites
8. Run pricing/offer multiple options for pricing, ( 1pt & No-Cost Vs financed cost )
9. Place on hold ( run DU/LP ) flow down your tree for disclosure prep
10. Sell the loan /set the stage for next steps, keep it light but professional. Compare options
11. Request/Input credit card info ( set the stage on your security )
12. Lock rate/set correct expectations for e-signing etc, stips back etc
13. E-discos out ( confirm working email addy )
14. Send needs list, wet signed docs 4506, auth ( make sure they know about 24 hr window to e-sign and last 4 digits needed to get in to elliemae email /disco link)
15. Order appraisal ( open escrow on IRRLS and Streamlines ) ..........(7 day rule??)
16. Schedule follow up call for review, follow through w appointment
17. Have discussion about gathering all stips, explain why if need be. ( assets, bank stmnts, 1099's etc)
18. Review 1040’s, income docs for any garnishments, 401K loans or weird deductions, and all other stips
19. Deep dive pre-pipe scrub down ( income, VA, FHA stuff, Assets, VOE info )
20. PIPE and get another one....!!
OTHER GOOD FEEDBACK
· Expand on three bullets why your firm/ yrs in business, number of states licensed in, number of loans funded last year, low rates, paramount pledge, corporate giving, charity, BBB rating etc, fannie/freddie direct,
· Expand on three bullets about our process/24-48 hr turn times, “Green” paperless systems, free 15 days on our locks, value 360 relationship, e-sign discos, ellie-mae loan center, safe data practices, one person throughout process...They're not just a loan number in the matrix of loan processing mecca.
· Expand on three bullets to expand on why YOU!...
Don’t think that since you only have 90 days as a MS that you have to tuck your tail here!
Be creative and spin it based on your background, education, clubs, associations, memberships, current MLO/NMLS licenses held, family, where you grew up, sports teams, charity/volunteer work, always return calls, emails in 12-24 hrs etc.
Tell a story on the most recent loan that you closed and how you overcame a similar situation to theirs!
The key with the personal piece is that you MUST find a link that THEY can relate to!
Find a unique common denominator so they remember YOU and your company!
These borrowers can be getting quotes and GFE’s from up to four to five lenders.
If you travel down these paths the right way and connect with your client, you will have zero issues with customer loyalty!
NOTE TO SELF!
Unless they bring up Politics or Religion DO/TRY NOT to offer your personal feedback!
Do your best to keep it neutral!!
They express hate for either Romney or Obama, say; “jeez, I have no desire to be The President….cackle, cackle”…change subjects to the World Cup/Weather/dogs or cats and head back to your sale.
They say that they are devout Catholics and you just so happen to have gone to a Private Catholic School when you were younger, say something like, “ Oh wow, I went to St. Simon & Judes Private School from age 4-17! but leave it there. Dont bust out your bible and start diggin in to scripture.
They say they are from Boston, say WOW, is it true that MIT is only 15 min outside the city?
Safe banter is fine though! They say they love Kobe Bryant, you can say that he’s getting old at the ripe young age of 32 ( is he 32 now?)
Just be careful on religion no matter what they say and throw in a “By the way”, head back to your sale !
Remember, time is money and money is time.
Some of these people are “yappers” and will waste your day and never do a loan with you if you let them!!
If you keep it all business and go for the money too early, they can’t separate you from the pack and will always divert back to rate!!
The point is that you are courting these people and small subtle verbal disconnects or moments of silence will lose their interest FAST and vice-versa.
Appeal to their senses and be an ethical good person.
You sense they need leadership, offer it.
You sense they are a control freak, offer it.
RIPPLE EFFECTS ( Below section by Processing Mgr John Harrington )
New income docs (full VOEs, new paystubs, 4506t transcripts, returns)
· Recalculate income
o 2106 expenses? Schedule E? Schedule C?
· DTI work still or do we need to restructure?
· Do we need K1s/business returns?
Insurance comes in with new mortgagee
· Monthly insurance change?
· Impounds change?
· Cash to close/Loan amount change?
· Do we need the renewal policy?
Appraisal comes in
· LTV/CLTV/HCLTV still work for program?
· Need MI now?
· Pricing change?
· Need escrows now?
· Redisclosures/COC/Update the lock?
New title report received
· Any new judgments or liens?
· Taxes reassessed?
o Monthly amount change?
o Impounds change?
o Cash to close/Loan amount change?
· Vesting change?
· New accounts opened?
o On credit refresh already or do we need a statement?
· All inquiries addressed and completed?
New credit reports
· DTI still work with accounts?
· Need a new CLOE?
· Need a new address LOE?
· New supps needed on new report ID?
· FICO still fits program?
· New derogatory credit?
· Pricing hit for FICO?
· Redisclosures/Update the lock, COC, ?
Loan amount changes
· Need new MIP Calculator? (If it’s FHA)
· Need new MI cert? (if it’s conventional)
· DU/LP still approves?
· New Transmittal/1003/92900A/Conditional Commitment?
· Redisclosures/COC/update lock ?
· Borrower made payment or hasn’t made payment?
· Need mtg sup to match last payment made?
· Loan amount needs to be recalculated?
· FHA PAYOFF?? ( remember FHA payoffs calculate the interest on the curreret loan @ 30 day increments)