Power Mortgage Processing To Close Deals Fast

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Power Mortgage Processing To Close Deals Fast

This department covers mortgage processing techniques designed to help you close more loans in less time and make more money. Processing is where the majority of good loans go bad, so don't let your next commission slip through your fingers because of a stupid mistake! Use these mortgage training resources to help speed-up your loan closings and tidy up any loose ends.

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DOWNLOAD = Nitty Gritty Refinance Deal Mortgage Prequalification Worksheets To Make Sure You Don't Waste Time On Dud Loans

Don't waste hours setting an appointment, filling out a 1003 application, collecting documents, running it through DO/LP automated underwriting, etc. and go nowhere! Here's what I do...I simply take out one of my Pre-Qualification or Processing Guideline worksheets (refinance or purchase), spend some time on the phone with the customer asking specific questions, and within a few minutes I know whether this is a done deal or not. I never even have to meet with the customer if I don't want to! . . . read more

DOWNLOAD = Purchase Deal Mortgage Processing Guideline Worksheets To Make Your Life Easier And Retain Your Sanity

DOWNLOAD = Not Your Ordinary TIL Cheat Sheet

We have a number of TIL cheat sheets up here on Battlecall. This one is a little bit different in that it lists everything covered on the GFE and what line items are to be calculated into the TIL. It's extremely important that this final figure is correct, not only for compliance reasons but for accurate comparison shopping between loans and lenders. Use this tool carefully and make sure you follow its instructions. This resource is in Microsoft Excel format. . . . read more

DOWNLOAD = Emergency Loan Change Checklist

Hold your horses! Everything's changed on this loan and we need to act fast in order to save the deal. Not sure what to do? Whip out my handy Emergency Loan Change Checklist and watch your processors head spin faster than the girl from The Exorcist. Change the loan amount...change the rate...change the term...change the lender...cancel the loan...these are ALL things that will affect every other aspect of the paperwork on the mortgage. Use my emergency checklist next time you need to stop on a dime and chart a new course. Full steam ahead warriors! This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Fast Closing Fee Sheet

The secret to closing loans is easy. You've got to be organized and you've got to think ahead. Here is a fast closing fee sheet which list all fees and charges associated with the loan. It even includes any points involved or other commissions due you. Every lender requires a full list of all credits and debits on the loan so that they can tally-up the final numbers and disperse the funds at closing. Use this fast and easy closing fee sheet with your title companies and attorneys as well as the lenders you work with. Doing so will ensure that every closing is a quick one. This resource is in Microsoft Excel format. . . . read more

DOWNLOAD = Foolproof Title Order Sheet

Only fools and horses leave things to chance, and in the mortgage business this couldn't be more true. After years of modifications and writing small details down and taking notes, I've come-up with a foolproof title order sheet than even an attorney could use! Lol! Everything is spelled-out and nothing is left to chance. The order sheet has explicit instructions and ensures that you--as the loan officer--always remain in control. Stupid are the people who rely entirely on outside third-parties to close their loans for them. Because the lawyers and title companies get paid regardless, they don't have the same commission incentive to get the deals done--only you do! Which is why from now on you're going to give yourself the upper hand and not let an incompetant outsider foul up your next loan. And I say that to them with the utmost of respect. ;-) This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Set The Stage Welcome Letter

First impressions can make or break a mortgage deal. How you set the stage with your borrowers will have a direct and immediate impact on your bottom line. Don't forget that you'll be "working" with your new client over the next 4 to 6 weeks, so start things off on the right foot with this customizable welcome letter and you'll close your loans a lot more quickly. Now that's a first impression any top producer would be proud of! This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Handy Tax & Hazard Worksheet

Need a handy place for your settlement agents to put all the tax and hazard information on a property? Now you have it. Use this Excel spreadsheet on every deal and you'll never have to go chasing for this information when it comes time for closing. Email it to your closing agent to fill-out and your loans will close and fund a lot quicker, meaning more commission in your pocket! This resource is in Microsoft Excel format. . . . read more

DOWNLOAD = Sample Appraisal Report You Can Use With Your New Loan Officers To Help Them Understand

If your looking for a sample appraisal report you can use for your new loan officers, here's one that's just right to fit the bill! It's very detailed and has everything you need to fully dissect an appraisal report. And, if your in the Nevada area, the appraiser will give you a courtesy discount to boot! Now, that's a bargain if I ever saw one. This resource is in Adobe PDF format. . . . read more

DOWNLOAD = Scarecrow Brain Processing Notes

"If I Only Had A Brain..." Sometimes I wish I did, but with too many things to remember and not enough space in the old noggin' I had to come up with another solution. My chemistry teacher once said that you should always think with your brain and remember with your pencil. He's right. For scarecrow brains like me, I had the perfect solution...to write every little processing nugget down in a daily working document. Here are my mortgage notes (in their entirety, about 11 pages long full of bullet points and facts. I've left them as is, so you can see how my thinking works. Likely, you already know many of these things but I'm sure there are some you don't (keep in mind that some items may have changed with the times like LTV thresholds etc.). Even today, I still learn something new with every loan. Feel free to add or modify the list and pass it along to the fellow scarecrows in your office. Tweet. Tweet. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Keep On Track Appraisal Order Form

Appraisers aren't always the easiest bunch to deal with. During the refi boom of the past few years, these guys were rude, obnoxious and arrogant. Not all, but some. They would sit on deals and gladly took their time as if rate locks didn't matter. They got a ton of "free" business and referrals from me over the years and it took me a long time before I found a good group to deal with. My...my...how times have changed. . . . read more

DOWNLOAD = CYA, Equal Credit Opportunity Act Mortgage Loan Disclosure

On every mortgage loan, there are state and federal disclosures that must be given to the client. Here is an equal credit opportunity act loan disclosure you must have the client sign and return to you. With all of the new rules and legislation regarding racism and discrimination in housing, it is imperative that you include this document in all of your loan disclosures. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your mortgage loan arsenal. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = CYA, Notification For All Mortgage Loan Applicants, Ensures Transparency And That Everything Is Clearly Stated

On every mortgage loan, there are state and federal disclosures that must be given to the client. Here is a notification to all mortgage loan applicants disclosure you must have the client sign and return to you. With all of the new rules and legislation regarding fairness and transparency in the housing market, it is imperative that you include this document in all of your loan disclosures. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your mortgage loan arsenal. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = CYA, Customer Privacy Notice Loan Disclosure

On every mortgage loan, there are state and federal disclosures that must be given to the client. Here is a customer privacy notice that outlines how we collect and use the information a customer gives us. With all of the new rules and legislation regarding identity theft and privacy, it is imperative that you include this document in all of your loan disclosures. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your mortgage loan arsenal. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = An Example Of A Rapid Processing Checklist That Many Lenders Now Have To Get Your Deals To The Closing Table Faster

Many of you are familar with my famous "Sink Or Swim Loan Closing System" and the processing guideline worksheets it contains. I've heard countless stories from loan officers around the country who have benefited greatly from my system and are now doing many thousands of dollars in new loans. Seems like word is getting around. Many lenders now have their own processing guideline worksheets to help streamline the loan process internally and reduce the amount of time and paperwork it takes to complete a mortgage. Here is one such example from a major lender and you can see where a lot of the grunt work has been chopped out. My advice...always check with your lenders first before submitting a loan using standard stacking order. Chances are that they might do you one better and give you a speedpass into the fastlane of loan processing. Always look for a rapid checklist and get that deal to the closing table faster! This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Nitty Gritty Purchase Deal Mortgage Prequalification Worksheets To Make Sure You Don't Waste Time On Dud Loans

DOWNLOAD = Refinance Deal Mortgage Processing Guideline Worksheets To Make Your Life Easier And Retain Your Sanity

DOWNLOAD = Good Faith Estimate (GFE) Cheat Sheet For New Loan Officers Written In Simple Terms

Ever get confused by the various sections on the Good Faith Estimate or GFE? If you're a new loan officer trying to make heads or tales over things, let me save you some trouble. Here is a handy, quick good faith estimate cheat sheet that will take the guesswork out of what all those sections and lines mean. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Another APR Cheat Sheet And A Quick And Dirty Way To Calculate The Right APR Figure The First Time Around

For some reason calculating APR always seems to be a problem for people, especially new loan officers. Why is that? APR isn't some magic number, it's actually very logical. Here is another great APR cheat sheet (we've got a few of them here on Battlecall) and I like this one because it comes with a quick and dirty way to run an APR calculation without pulling your hair out. Hey, even I can understand this! Lol. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Sink Or Swim Loan Closing System Free For mortgagebattlecall.com Members

Now, in the members area, get my full Sink Or Swim Loan Closing System for FREE as a paid member of mortgagebattlecall.com! Feeling overwhelmed? Are you struggling to survive? Learn how to close more loans in less time and make more money...guaranteed. Follow my step-by-step "sink or swim" mortgage system and close more loans by the end of this month. Stop wasting time and effort on deals that go nowhere! . . . read more

DOWNLOAD = Closing Attorney Checklist

Did you know that most mortgage deals die at the closing table? It's true! More than 6 out of 10 tens die somewhere in processing, due to a variety of factors (people not doing things on time, lazy co-workers, unruly real estate agents, customer rate shops you, etc.) When you have a hot deal that does make it to the closing table, you sure as heck don't want it to die then! Don't risk your commission because of a stupid attorney mistake. Use this checklist to double-check and ensure that your loan closing will be hassle-free. Remember, your commission check depends on it! This resource is in Microsoft Word format. . . . read more

My Indispensable Mortgage Notebook
There's no doubt about it...the Internet is changing the way we shop, bank, arrange travel, search for information, buy and sell homes, and if you haven't noticed...the way we do mortgages. A few years ago I came to the realization that if you're running a mortgage business that's computer and Internet based, you need to supplement all of that high technology with something decidedly simple and very old fashioned...a notebook. . . . read more

DOWNLOAD = Another Doc Order Lender Fee Sheet

Every lender has a fee sheet that they use when it comes time to actually close the loan. Some lenders are better than other in terms of the detail and organization of their back office. Here's a handy editable fee sheet you can use when the lender doesn't have one handy. If you are a mortgage banker and lend directly, then you will certainly want to download and begin using this form. We've uploaded several different versions of document order fee sheets here on Battlecall so you'll be able to pick and choose the one you want. Each has it's positives and negatives, but one thing is clear...you can never be too detailed when it comes to having a smooth closing! And that's something you can take straight to the bank. This resource is in Microsoft Word format. . . . read more

6 Tips To Tame Technology In Your Mortgage Business
It's here to stay and if anything, methodically advancing forward and providing us with so many opportunities we are sometimes overwhelmed to the point of confusion. Technology is what we are talking about. Yet, most people don't even take advantage of the technology they currently have. Technology has changed the way we live. The key is to remember is that technology is a tool, which we can use and control. . . . read more

What To Look For In A Processor
Good as gold. That's what I call a processor that knows how to get the job done, and quickly. I'm met many loan processors in my career, and I can honestly say that many of them were not very good. It's not that they didn't "work hard". They did. It's just that although they were extremely busy "working hard", it didn't matter. They didn't close the loan--meaning I didn't get paid. . . . read more

DOWNLOAD = Easy Underwriter Cover Sheet

Underwriters are funny people. They have a million things on their plate, they get stressed-out easily, and if they don't like something in your loan file, it can easily go to the bottom of the pile. Don't let this happen to you. If the underwriter has a question on something, make it easy to contact you. Use this underwriter cover sheet and include your full contact details as well as a brief synopsis of the file. Doing so can mean the difference between a speedy closing or a loan that gets dragged out. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Last Minute Final Issues Checklist

It's always important when working with outside third-parties that everyone is on the same page. A closing attorney or title company can make or break a deal depending on how on top of things they are. To streamline the mortgage process, my closing agents and I worked out a simple solution with this handy last minute final issues checklist. That way, when it comes time to close the loan, they can simply fax or email back this checklist to us and the lender so we know what we need. It's saved a lot of wasted time on phone calls and leaving voicemails. This way, anyone can pick-up the document and begin work on finalizing the remaining loan issues. A simple but ingenius tool. Now it's yours. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Keep On Track Appraisal Order Email

How many times have you lost a hot mortgage deal because the customer was monkeying around with the appraiser? I've had bull-headed customers refuse to pay for the appraisal upfront and a few who wouldn't even let the appraiser into the property to do his job! Guess who gets blamed if something goes wrong. You do! On any loan, there are a myriad of people involved in the mortgage process, use this email template to alert the customer what is happening and confirm with them the details of the appraisal. By handling this issue upfront, you will help streamline your business and close loans faster as well as keep your sanity in-check. And keeping one's head on their shoulders is always a good thing. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Must Have Denial Letter

Here is a must have denial letter you should provide all your loan applicants when their application for a loan has been denied or rejected by the lender. Under state and federal law, the lender will send one of these out anyway to the borrower, but you the mortgage broker should send one out as well. That way, you're covered in case the lender forgets to do so and it is always a good policy to be upfront with your borrowers. You never know, even though today the loan is dead, tomorrow things could change. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your loan arsenal. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Lazy Lender Submission Checklist

Not sure what the lender needs in order to close the loan? Don't be caught with your pants down at the closing table. Use my lazy lender submission checklist and you'll never have to worry about forgetting something when you submit your loans. Underwriters love loan officers who are organized and you can be certain that once you develop a reputation for thoroughness, your loans will shoot straight to the top of the pile. If there's one thing I learned that has proven my success, it's that you've got to make an underwriter's life easy if you want your loans to close quickly. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Efficient Escrow Tracking Report

Need an easy way to track escrow payments associated with your loans? Use this simple worksheet to record any client payments made via check or credit card for such things as credit reports, flood certifications, or anything else that is POC (paid outside of closing). It will make things a whole lot easier when it comes time to closing the loan. This way you're always on top of things! This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Title Fee Confirmation Checklist

When closing a loan it's important that you keep detailed track of every fee associated with the mortgage. Overlooking even a small fee will mess up your final numbers and force you to redo the entire closing package. This not only delays the loan closing, but also your commission. Not to mention that the customer will become irate, upset and possibly go elsewhere. You can't risk losing your commission over a silly mistake. Use this quick and easy title fee confirmation checklist and firm up your numbers to get things right the first time around. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Smooth Loan Process Client Letter

This three part introduction letter may be small but it packs a wallop! Includes: Making The Loan Process As Smooth As Possible, An Overview Of The Loan Process, & Frequently Asked Questions. Want to close loans more quickly? Then give each and every client this packet and a lot of the mistakes and pitfalls you usually encounter will magically disappear. Oftentimes, it's the borrower's own lack of knowledge regarding the mortgage process that can make a good deal go south. And it's not easy to try and explain everything over the phone. That's why when you put it in writing and include a handy chart the loan process is a mystery no more! Voila! This resource is in Microsoft Word format. . . . read more

DOWNLOAD = In-House Rate Lock Tracker

It's always good to have a back-up copy of everything you submit to the lender, including the rate lock sheet. Another good policy is to keep track of your Yield Spread Premium or YSP, which is the money the lender pays you on the deal. We use this in-house rate-lock tracker to keep track of deals and have used it successfully to lock a loan when we couldn't find the lenders lock sheet. Though it's best to always use the lender's own paperwork, sometimes when deadlines are tight you make do with what you have. Whatever it takes to get the loan in and on-time is my motto! This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Closed Between Total Tracker List

When you need to track how many loans and fees closed between two dates, use this handy template. You can set a goal and deduct down form loan to loan, to ensure that you meet your overal target for the period. Yes, I'll admit it doesn't look like much...but this type of daily accountability is what makes a mediocre mortgage broker into a top producer. Use this as you see fit. This resource is in Microsoft Word format. . . . read more

DOWNLOAD = Incoming Call Log Sheet

Keeping track of every call is vitally important. Not only for sales generation activities but also for compliance reasons. Of course, recording every incoming call would be the best solution, but when that technology doesn't exist at your firm or you just want to take lots of notes, having a written sheet to refer back to can make all the difference. Here is an incoming call log sheet you can download and use immediately. This resource is in Microsoft Word format. . . . read more

A Purchase Pre-Qualification Letter That Packs A Punch
Having a purchase pre-qualification that protects your behind and is encouraging to the borrower is what every mortgage broker and loan officer needs. Here is a little letter I whipped-up early in my career, where I try to add some value to the customer's experience and simply explain the loan process. Feel free to modify it to suit you best. . . . read more

Securing Title Services On A Loan
Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home. In some states, attorneys offer title insurance as part of their services in examining title and providing a title opinion. The attorney's fee may include the title insurance premium. In other states, a title insurance company or title agent directly provides the title insurance. . . . read more

How To Find The Cheapest Home Owners Insurance
Before looking for the cheapest home owners insurance, make a list of decent insurance companies. Type "insurance company ratings" into any search engine and get some free information on the financial strength of the various companies. You want a company that will be around when you need them. . . . read more

Real Estate Appraisal On Income Properties
Real estate appraisal for rental properties isn't the same as for single family homes. If you were looking at a 24-unit building, it would be difficult to find similar ones nearby that have recently sold. Therefore, a market analysis using comparable sales isn't normally used. . . . read more

Have A Real Estate Professional In The Palm Of Your Hand
If you own rentals and/or investment properties, you know that you have to keep track of your portfolio, maintenance profiles, property managers, and related financial matters. There are a multitude of programs for the Palm- Pilot system to keep up with lease dates, lease expirations, and rent due dates. They will let you know when to send late notices and how much the late fees are for each rental you have in your list. . . . read more

Real Estate And The Key To Successful Closings
If everyone always did everything they said they'd do, we'd all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. If you want to have successful closings, you must have strong "follow-up" skills to catch problems early in the process. Follow-up on everyone and everything. . . . read more

Why Do You Need A Real Estate Appraisal?
Anytime you buy or sell real estate, you need a real estate appraisal. The primary purpose is to find out exactly how much your property is worth. Banks and similar lending companies also require it, before a buyer can obtain a mortgage. . . . read more

Should You Hire A Real Estate Virtual Assistant And Why?
You originally accepted the challenge of a real estate for many reasons. It may have been due to your love for meeting new people, or finding just the right house for the specific needs of a family. Then you discovered all the planning and paperwork involved in the process. There is marketing, contact management, client acquisition, client retention, design, along with many other administrative and development issues. . . . read more

Tax Assessment/Appraisal: How Do I Know What My Home is Worth?
If you are in the home buying or selling market, it's important to understand the difference between tax assessment and appraisal value. Concentrate on the appraisal value because this determines your asking price. . . . read more

How To Do Your Own Real Estate Appraisal
For single family homes, there are two basic methods used in real estate appraisal. They are replacement cost analysis, and using comparable sales. A third appraisal method, based on capitalization, is used for income properties, and is covered in another article. . . . read more

Determining Factors To Getting Higher Home Appraisal Values
To most, owning a home is a necessity, but sometimes it is a matter of pride or a business investment. Home appraisal values become relevant if one wishes to sell his house. Home appraisal values is a technical term which means the value of a home in terms of money that it brings in a real estate market. Home appraisal values are a critical factor when it comes to assessing the selling price of the home while it's under consideration. . . . read more

Keyboard Shortcuts For Loan Processors
We do a ton of typing, (or at least our processors do). So when I came across this list of keyboard shortcuts I automatically thought it would be a great thing to share with you. These have saved me a ton of time. At first I hesitated to use them, but I started with one, then another, then another. Enjoy! . . . read more

How To Keep Clients From Falling Out During Processing
My wife and I spent the weekend at a Newlywed Retreat. What a great experience. It was a cross between a seminar and a vacation. We learned about marriage, had fun, and met new people at the same time. . . . read more

What Is Meant By A FICO Score?
Your FICO score or credit score as it's commonly called is a very important calculation that can control whether or not you are eligible to receive credit and if eligible the terms you can receive credit under. Failure to understand the impact this score can have on you future purchasing power and lifestyle can be disastrous. This article will break down all the information you need to know regarding your FICO score. . . . read more

Home Insurance Policies Explained
Money lenders such as banks or online loan lenders usually require mortgage customers to purchase homeowners insurance. Don't rely on the coverage levels mandated by your bank or mortgage company. Those levels are designed to protect the house itself, but not necessarily your possessions. . . . read more

Clouds On The Horizon: Property Title Issues Which Affect The Sale
When buying or selling a home, proof of ownership, or the property title, and issues affecting it, are critical. If you have a cloud or lien on your title, this means somebody or some business entity has laid claim to a portion of the equity in your home. There are different types of liens that affect the marketability of your home. . . . read more

Real Estate Appraisal Basics
The determination of the value of real estate is essential to the economic well being of society. Real estate appraisal is an estimate of the value of property using various methods. An appraisal is determined with one of three approaches, a cost approach, a comparison approach, or an income approach. . . . read more

Don't Sell Or Purchase A Property Until You Know Its True Market Value
It is often difficult to price a property that you are going to sell, or evaluate the value of a property that you are going to purchase. Comparable sales, or comps, are the best tools that commercial real estate brokers, agents and investors have to determine the true market value of any property. . . . read more

Real Estate Records In The Computer Age
It wasn't long ago that the records of real property title could be found in a collection of huge, thousand page books residing in the office of the county recorder. Now those same records are all electronically stored in a computer database. . . . read more

Creating Borrower Tradelines From Scratch, Even When There Aren't Any
Many working people in the U.S. have no established credit, but want to own their own home. They never held a credit card or bought a car with installment payments. There is no credit score with any bureau. It's almost like they are leaving ZERO financial footprints as they traverse through life. . . . read more

How To Manage The Customer To Get The Deal Closed
One of the toughest things as a loan officer to do is to know when to keep or kill a deal. Of course, we all want as much business as we can handle. But, spending time on loans that don't close, wastes more time and leaves you with nothing to show for it. Not to mention, the good deals suffer and you're out your commission! . . . read more

How To Keep Borrowers With You The Whole Way Until Closing
As any loan officer knows, one of the hardest parts of the job is NOT all the number-crunching, it's actually keeping the customer with you until you close the loan. That's right! The hardest part of the job is actually making sure that YOUR customer stays with you the ENTIRE way. . . . read more

How To Save Time On Good Faith Estimates
Generating Good Faith Estimates (GFE's) can be extremely time consuming, especially if done the wrong way. I remember when I was first starting out in the industry, it seemed like all I was doing all day was filling out GFE's, and getting no where. . . . read more

The Cold Hard Truth About Property Appraisals
Here is the cold, hard truth on valuations and what appraisers will NEVER tell you. Keep these points in mind on every loan you do. . . . read more

What To Do With A Low Appraisal
On every loan, there are a number of hurdles that must be overcome before the loan is "cleared to close" by the underwriter. One of the most important hurdles is the appraised value on the property. A deal can be dead on arrival, if the property comes in too low. A value can never be high enough (given the local market conditions), provided that there is comparable value to support it. . . . read more

Expect Hiccups On Every Loan
Here are 30 of the most common hiccups you can expect to encounter on every mortgage deal that you close. How many loans have you lost because of stupid mistakes? Use my list and save your next commission check. . . . read more