No matter how successful you are, or how many loans you have closed, you should expect hiccups. No loan every goes as smoothly as you think it will. And with all the third parties involved on any one transaction, you can and WILL have problems.
Here are some of the most common “hiccups”. I thought of about the top 30 I have been hit with. By the way, my Sink or Swim Loan Closing System at http://www.loanclosingsystem.com helps you avoid almost all of them. If you want to get more loans to the table faster and earn more money, I strongly advise you at least have a look at my mortgage system and give it a try.
Hiccups which you may encounter include:
1. The borrower not being clear on what exactly he is “buying”. Or not fully committed.
2. The borrower not being clear on what the loan process entails.
3. Not getting all the proper documentation from the borrower upfront.
4. The borrower’s spouse isn’t fully “sold” on the benefits of the transaction and doesn’t want to go through with it.
5. The borrower is still shopping your “rate”, even though you are well into the process (this is a BIG one!!!!!!).
6. Not getting returned phone calls from the borrower, or even from third parties involved in the transaction (such as appraisers, underwriters, lawyers, etc.)
7. Real estate agents and others who foul-up the process by playing sides, sometimes even making you look like the “bad guy” just to win points!!!!
8. Not being clear about whether or not the customer is escrowing just the taxes, insurance, or both!
9. Not being clear about the amount of money which will be needed to be escrowed per order of the bank.
10. If refinancing, not being clear that the payoff amount will be slightly different than what the borrower’s balance says, (having to deal with pre-paid interest and mortgage payments done in arrears).
11. Finding out about secondary liens on the property or open HELOCS, too late in the process.
12. Borrowers continue to spend, open accounts, and move finances around.
13. Property does not come in appraised high enough.
14. Appraisal comparable properties are too old for the underwriter.
15. Not watching your rate-lock expiration date.
16. Not properly pricing the loan-out in the beginning, and ending-up “eating” most of your profits by trying to “save-face” with the borrower.
17. Repairs or remodeling that are currently being done on the property (underwriters will slam you for this!!!).
18. Finding out about financial skeletons in the borrowers past which weren’t disclosed upfront, such as child support payments, wage garnishments, liens, other open debt (not showing on credit report), etc.
19. Borrower forgets to make mortgage payments or other loan payments during your loan transaction.
20. On purchase transactions, when selling one property and buying another one, first original property is having problems with the sale, thus holding your transaction hostage.
21. Borrowers go on vacation or are not available to sign within the 30-45 day window of the transaction.
22. Not being able to get a booking date with the lender.
23. Underwriter keeps conditioning you for the same things or variations of the same things over and over again.
24. Mortgage payments have accidentally been “double-debted” on the 1003 application, throwing their ratios out of whack.
25. HELOC subordination letter is holding-up the process, secondary lien holder refusing to cooperate.
26. Not submitting proper paperwork to the borrower, bank, or other third party. Not taking a full and complete application at the beginning. Numbers are off, etc. (Small mistakes can have a HUGE impact at the closing table). Always double-check your work before sending it out.
27. Lawyer adds-in extra fees to the HUD at the last minute which the borrower isn’t aware of.
28. Your YSP/commission on the loan is incorrect on the HUD statement. (Once the loan closes you can’t change this!!!! So be very careful!).
29. Final pay-off numbers come in incorrect. Borrower has direct-debiting on his account and a mortgage payment or other loan payment has been made during the loan process. (You need to be aware of this and keep it in mind).
30. Borrowers get lost, change their mind, pull-out, or just simply fail to show-up at the closing. (Just think of all the hard work you put in to get them there. Believe me, it happens!!!!!)
Any one of the above, can make your loan a living nightmare. These are just a few that I have encountered over the years. I’m sure you no doubt will encounter the same. Experience is the best teacher of all. Learning from my experience will save you time, headaches and make you more money.
Don’t risk your $2,000-$3,000 commission check. Invest in my system and get that loan closed!!! You will make back many hundreds of times the cost and even save your sanity! Lol. ;-)
Expect Hiccups As A Loan Officer On Every Mortgage Loan When Trying To Finance Properties by: Rob Lawrence
Posted by
muslie
on Kamis, 07 Januari 2010
126 comments:
excellent article,thanks for the info,thanks a lot.
I`ve been looking for something like this. I hope I`ll be able to use these tips in the future.
Its a great article. Infect the article is a need for every business man. thanks for the post.
The hiccups you have defined definitely may encounter any one who are looking for loan, a very detail informative post and helpful for everyone who are facing this situation.
Nice article, keep up the good work admin...
Its a great article. Infect the article is a need for every business man. thanks for the post.
it is very good article, excellent and briefly detailed explanation, this article is needed to help of the business mans, nice keep up the work.
read this one give new experience for me in refinancing, you give detail info in this post and easy to understand
nice informative article, it is really helpful blog, thanks again.
Very interesting read this is one of my major interest. I will be following this blog closely. I see you put a lot of thought into what you write.
thanks for sharing the information and explanation about mortgagage loans is providing more things
Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms.
new and completely unheard of and an unique article to read and to know more things
good job to classified them, keep posting..
This article will help many people especially me and the newbies like me, and most of an interesting article. Thanks!
article is great and article has some nice intent
great article and nice content
Wow very interesting article. Very nice post i found here. thanks for sharing.
info that you've shared is really helpful to the ones who need them
Refinancing would work for many people who are looking for the best solution and now i learn that time factor also comes into play. Thanks.
It is very important, nice information for everybody
it is very excellent article, very detailed explanation,
thx.
great i liked this informative article i'll make my friends read this too so they can benefit from it too
it is very good article,nice and informative.
I just know about hiccups after reading this post. Good info..
This was the article I am looking for. Thankyou very much for providing such a usefull information
Great article. These 30 points so informative. thanks for sharing with us.
this was the information I am looking for. Thanks for posting.
thanks i've learned a lot from this article about mortgage loans, keep up the good work
This was really shocking I never knew that I may Expect Hiccups As A Loan Officer On Every mortgage loan !!
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than on other property (such as ships) and in some jurisdictions only land may be mortgage
Much information from that article that very useful for me.thx..
this is something that every loan officer should consider
Valuable information for mortgage refinancing, everybody will understand now...
This topic about mortgage refinancing very informative and i am very happy read it because help and give me information into my life
The hiccups you have defined definitely may encounter any one who are looking for loan, a very detail informative post and helpful for everyone who are facing this situation.
Hahah, your post is really funny man even a regular loan officer will have that condition. Hehehe!
i didnt know of this thanks to you you have provided us with this great knowledge
I think this article is very useful for people who want to learn about this, Thank you for providing such a usefull information to us.
lot of calculations will undergo before taking plunge into the loans...everything in systematic way...i learned..
This is a great..great..great ....article.
I should say that it is very important for people who need this information thanks
Very interesting read this is one of my major interest. I will be following this blog closely
This is very much useful post, I appreciate it.
Very useful informations,i appreciate you effort.Thank you for sharing.
Definitely it is a nice article. Here provided nice information. I got some valuable things from here. I think I’ll be able to use these things in the future.
Of course, we all need to have a good credit standing, because this will mean that we are trustworthy and we take responsibility when payment is needed.thnx for info.
Researching before might help one stay out of trouble.. Thanks for the heads-up on the potential risks!
Wow! This is really a great article. Not expect to find it here.
This article is very nice and you have given some reasons which will help someone who need this information.
This was really shocking I never knew that I may Expect Hiccups As A Loan Officer On Every mortgage loan !!
Interesting point of view
Borrowing is not obviously very vulnerable to losses. We recommend that, before not give loans, certain people can borrow back money borrowed.
Nice job. I can see you are very competent about what you write. I will be looking for more posts by you.
i thought this article is very useful to us, u will provide more information about refinancing, thanks for ur posting.
Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms.I really appriciate with this article.
Being a loan agent needs to be aware of this kind of clients they will encounter. Hopefully they will not hide in case of payments.
I think it must be hard for a loan officer to have this job, and the article is really nice to read.
The hiccups you have defined definitely may encounter any one who are looking for loan, a very detail informative post and helpful for everyone who are facing this situation.
the situation surrounded by the consequences when anything gets wrong..in the process of taking loan..can be verified with concerned party
very good explanation thank you for your post.
The most common consumer refinancing is for a home mortgage.
very good article, which has very good information which I am looking for. thank you.
I will never forget this mortgage loan information, helpful for me...
Very interesting read this is one of my major interest. I will be following this blog closely
very good article. Infect the article is a need for every business man. thanks for your effort.
superb article,thanks a lot for sharing, keep posting.
Its a great article. This type of article is really appreciable.
A very nice article,you are doing a great job.keep up the good work.
that hiccups seem to be a natural reaction in facing loan processing. it may not be literally meant but as an effect, yes it may.
This topic about mortgage refinancing very informative and i am very happy read it because help and give me information into my life
excellent article,thanks for the info,thanks a lot.
It is very important, nice information for everybody
Thank you for the valuable information and really added a new information automatically on mortgage loans in real estate finance
Great article from Rob Lawrence. TFS
The article is really good if you ask me.Because the article contains maximum required information which really helps any one who seeks this kind of info
Excellent article about the mortgage loan, and hiccups or problems that may confront us in this area .
THANKS
Read this post which talk Expect Hiccups As A Loan Officer On Every Mortgage Loan When Trying To Finance Properties by: Rob Lawrence very useful for me, this is add information for me i always keep in mind. Thanks for sharing
i heard about it..but im sure this going to be in thing for refinancing
Great article, excellent and briefly detailed explanation, this article is needed to help of the business mans, appriciate your effort
Finally I'm satisfied From your information.keep informing us about your new blogs.
very good article, which has very good information which I am looking for. thank you.
it is very good article, excellent and briefly detailed explanation, this article is needed to help of the business mans,
Nice job. I can see you are very competent about what you write. I will be looking for more posts by you.
It is very good article, excellent and briefly detailed explanation, this article is needed to help of the business mans, nice keep up the work.
This article was really great. I think it's very useful for anybody that have a problem in finance or even loan.
Good article from Rob Lawrence. It's make us understand about finance properties
Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms.Great article
I really agree on the post you have made, since every offer must persuade it's client to get to refinance, right? Anyway Thanks!
Nice job. I can see you are very competent about what you write. I will be looking for more posts by you.
This type of good article should be posted always.
A very informative article,thank you for sharing.
article is great and article has some nice intent
Thanks for posting such a informative article man.It gonna help many people like me.Keeping sharing such blogs in future too..
This article is very nice and you have given some reasons which will help someone who need this information.
Very interesting read this is one of my major interest. I will be following this blog closely
The article is nice and easy to understand. thanks for sharing.keep going.
One must always expect some of the above described hickups when dealing as a loan officer.
It is very good article, excellent and briefly detailed explanation, this article is needed to help of the business mans, nice keep up the work.
Refinancing would work for many people who are looking for the best solution and now i learn that time factor also comes into play,A very nice article,you are doing a great job.keep up the good work.
The above tips is very good to do. Many people don't know tips like this. So from this article, we learned a lot.
Oh! what interesting article this is. Keep sharing this type of article so that we will be benefited.
thank u excellent article nice information provide to us, briefly explanation, thanks a lot.
Its a great article. Infect the article is a need for every business man. thanks for the post.
I was searching for this type of article even your post helped me with providing some more information ,which even saved some of my time for comming accros your blog really thanks for the post.
The article was really Good with required information i need to say thanks to the writer as my friend was in search of like this article i will surely share your blog with him so that he can gather some more information which he needs
You have defined the hiccups would be facing all those who seek a loan, a very detailed post informative and beneficial for all people.
We have to expect obstacles and problems during the procedures of obtaining mortgage loans
This very important article and clarify the procedures and pitfalls that may confront us
thank you for sharing
Thanks for posting such a informative article man.It gonna help many people like me.Keeping sharing such blogs in future too..
Refinancing would work for many people who are looking for the best solution and now i learn that time factor also comes into play,A very nice article,you are doing a great job.keep up the good work.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than on other property (such as ships) and in some jurisdictions only land may be mortgage..
A must read article for refinance home mortgage, thanks for sharing
Well explained article and very informative post. Good suggestion by you sir. thanks.
The hiccups that has been defined in this article definitely may encounter any one who are looking for loan, a very nice post and helpful for everyone who are facing this situation.
Finance properties need much money and much people need loan to do it. I think expect hiccups as a loan officer is trully give an effect for it
it will be under check,when you are trying to finance the property deals...keep on good work
Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms.
The hiccups you have defined definitely may encounter any one who are looking for loan, a very detail informative post and helpful for everyone who are facing this situation.
your article make me understand more about it and i learn the we must keep our credit score quite low to obtain a good refinancing loan.
I was searching for this type of article even your post helped me with providing some more information which even saved some of my time for coming across your blog really thanks for the post.
Our ignorance and lack of education about money often traps us in the things we do not want, especially related to the legality of the debt.
I've learned a lot from this article about mortgage loans . thanks for you
I am agreed with point#13 and 14. These are very important.
sincerely i learned it hard way,we have to learn basics before entering into this field,we must raise awareness to gain success
An important factor to consider when refinancing is the rate. You should always compare the rates of all lenders. Then get the most stable lender with the most competitive rate.
Refinancing would work for many people who are looking for the best solution and now i learn that time factor also comes into play and Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms.I really appriciate with this article
Posting Komentar