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    Loan Officer Secrets
    Loan Officer Secrets
    Loan Officer Secrets
    Ebook68 pages45 minutes

    Loan Officer Secrets

    By Monica Mayon

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    About this ebook

    This is a guide for the new loan officer. This guidebook will save you 60-90 days of learning the business through trial and error. These are the things they don't teach in real estate school. Please view Table of Contents to browse chapter titles.

    LanguageEnglish
    PublisherMonica Mayon
    Release dateAug 19, 2013
    ISBN9781301522415
    Loan Officer Secrets
    Author

    Monica Mayon

    My name is Monica and I was in the mortage industry for over ten years. I am now traveling the world, currently residing in Abu Dhabi, UAE, everyone knows it as Dubai.I'm a writer, life traveler, and lover of humanity. I also have a serious addiction to chips and salsa.

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    • 5/5
      very informative!! just what i was looking for, to ease my nerves in house buying process!

    Book preview

    Loan Officer Secrets - Monica Mayon

    Table of Contents

    Introduction

    Chapter 1: Getting your First Client

    Chapter 2: Getting the Borrower Pre-Qualified

    Chapter 3: Pulling the Credit Report

    Chapter 4: Shopping the Lender

    Loan Origination Software

    Shopping the Lender

    Chapter 5: Selling The Loan

    Calculating Income and DTI

    Chapter 6: Gathering all Required Documents

    Chapter 7: All About Pricing

    Discount Points

    1008/1003

    Credit Report

    Letters of Explanation

    Divorce Decree or Bankruptcy Discharge Papers

    Verification of Rental History

    Verification of Mortgage

    Verification of Employment

    Verification of Deposit

    Fully Executed Earnest Money Contract

    The Appraisal

    Title Commitment

    Property Survey

    Loan Disclosures

    Understanding Rate Sheets and Pricing

    Sell the Loan

    Reading and Understanding the HUD

    Loan Officer Secrets

    Written by: Monica Mayon

    Copyright 2013 by Monica Mayon

    All Rights Reserved

    No part of this book shall be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the publisher. No patent liability is assumed with respect to the use of the information contained herein. Although every precaution has been taken in the preparation of this book, the publisher and author assume no responsibility for errors or omissions. Neither is any liability assumed for damages resulting from the use of information contained herein. This book is published by Monica Mayon at Smashwords.

    Disclaimer

    The author and publisher disclaim all responsibility for any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly through the use and application of any of the contents of this book.

    Introduction

    Records show that there are over 18,000 loan officers in the state of Texas alone. The real estate industry is very lucrative and allows the freedom of working from the comfort of your own home. The average full-time loan officer can make up to $100,000 per year if he or she is knowledgeable about the industry and what it has to offer and develops a systematic approach to developing new business. A lot of people make it look easy. Everyone’s doing it! So what do you do? You get your loan officer’s license. Then what?

    First thing’s first. Learn the ins and outs of the business. How do you do that? Reading this book will give you an edge over other new and upcoming loan officers. Don’t go and rent office space and run all kinds of newspaper ads (not yet anyway). Instead, let me walk you thru the typical loan sale from the beginning to the end. I won’t leave anything out.

    Chapter 1: Getting your First Client

    You just received your loan officer’s license. Now you need a loan. To get started, the first thing you should do is develop your sphere of influence. This includes family members, friends, relatives, in-laws, neighbors, and anyone else that you can think of. Talk to them. Let them know about your new occupation and that you are available to assist them in obtaining a mortgage. Let them know what type of loans you do and give them your contact information.

    Be mentally and financially prepared when entering this business. Your first loan can take anywhere from two to six months to close. Sometimes the broker you choose to work under will show you some marketing techniques. It all depends on who you choose.

    Keep an eye out for new real estate agents that just received their license as well. Form

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