This Book Was Designed and Written For: New Loan Officers:This Training Book will Fast-Track you into becoming a Knowledgeable and Competent Loan Officer. What you learn from this Training Book will set your lending career on the right path, building confidence (because you know what you are doing and doing it right), professionalism, referrals, and of course enable you to make more money. Experienced Loan Officers: Provides an excellent lending reference book. We can't always remember everything and sometimes we just need to lookup a lending concept or brush up on our lending skills. Trainer Of Loan Officers: This Training Manual can also be used as a Training Supplement. Based on my experiences in training Loan Officers, it sequentially goes from the simple to the more complex - completely covering all aspects and responsibilities of being a Loan Officer - with examples that fully explain lending concepts, forms, originating and processing loans, and regulations. Includes Marketing the Loan Officer's services.

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If you have been searching for a Training Book that is Comprehensive and Thorough, easy to read and understand the subjects being discussed - then The Loan Officer's Handbook For Success is what you have been looking for. This book is composed of 348 pages, 26 chapters, with support exhibits where needed. In other words, it is fully self-contained. It has everything you need to get your career as a Loan Officer started on the right track. And, this E-Book can be downloaded to your computer Right Now and You or Your New Loans Officers - Can Begin Your Training Tomorrow! And Remember: As a added service for those who have purchase this E-book online I am available, via email, to answer any questions you may have on loan origination, processing, closing, marketing, or perhaps finding a lender for a tough loan you may be working on. So you are not alone out there.

In "The Loan Officer's Handbook to Success" You'll Learn...

• The Fundamentals of Being a Loan Officer: Using the financial calculator, suggested Tools of the Trade to enhance your capabilities and appearance as a professional Loan Officer. Yes, this book does start from the beginning.



• How Most Mortgages Companies and Lending Offices Are Designed and your responsibilities as a Loan Officer. How mortgage loans generally flow through a mortgage lending office.



• How to Speak like a Mortgage Lending Pro! The terms, acronyms, jargon, and concepts of mortgage lending are fully covered and explained.



• Know How to Prepare Your Loan Files and yourself for meetings with loan prospects.



• How to Track the Needs of Your Loans and stay on top of the loans in your pipeline.



• The Different Types of Mortgage Loans - Conforming, Non-conforming, and B/C Subprime loans and how to qualify your loan prospects for each.



• Adjustable Rate Mortgage (ARM) Loans, their unique terms, and how to qualify your loan prospects on ARM loans.



• How to Qualify Loan Prospects on every type of loan above, on the telephone or in your first meeting with them.



• How to become an Expert in Completing the Loan Application (1003), Good Faith Estimate, and the various Loan Disclosures. What to ask and look out for when completing these forms.



• How to Properly Complete the Truth-In-Lending Statement and how to manually calculate the APR of a loan. You will also learn how to explain the APR of a loan to your customers - so they understand it as well.



• How to Price Your Loans so the goals of your loan customers are reached and you make money as well.



• The Lending Regulations and Laws that every Loan Officer Needs to Know - so they and their loans are In Compliance.



• How to Prepare and Package the Different Types of Loans - so they get approved.



• How to Order and Read the Different Reports required on your loans: the Credit Report, the Lenders' Rate Sheets, the Appraisal Report, The Purchase and Sales Agreement, and the Title Report.



• How to Process Your Loans from origination to loan closing. A flow chart is included so you don't miss a step in processing your loans.



• The Many Approaches to Marketing Your Services as a Loan Officer. To get you started in the right direction - so loan leads and referrals start coming in and you are working on loans.



• What Every Loan Officer Needs to Know to Enhance Their Loan Production, referrals, and lending career success

 

Table of Contents

The Following Shows You the Chapters in this Book and Highlights the Main Topics Discussed in Each.

1. Basic Stuff Your Should Know
Tools of the Trade, Using the Financial Calculator, Composition of most Mortgage Companies, Dress for Success. Know Your Loan Products, Loan Officer's Responsibility, The Flow of a Loan, How to Qualify Your Customers, and Stay on Top of Your Pipeline.

2. Common Lending Terms
Over 90 commonly used Terms in the Mortgage Lending Business. Definitions and Examples that Demonstrate the Proper Use of those Terms. You'll be speaking like a pro in no time.

3. Qualifying Borrowers
What Conforming Lenders look for in Underwriting and Qualifying Submitted loan files. In-depth discussion on Credit, Capacity, Collateral, Cash, and Character of Borrowers. Covers and Includes a Customer Pre-Qual Worksheet.

4. Loan Underwriting
Manual and Automatic Underwriting is discussed with emphasis on the Distinctive Features of Direct Underwriting (Fannie Mae's DU and Freddie Mac's LP). After Reading this Chapter, You'll have the know-how to properly package a loan for DU and LP Underwriting.

5. Qualifying Documents
Required Documents regarding Employment and Income, Cash, Credit, Residence, and Liabilities when completing the Loan Application (1003). Loan Verifications are covered.

6. Subject Property Concerns
Characteristics of the Subject Property that Loan Officers should be aware of, lookout for, and following up on: Structure of the House: Roof, Paint, Interior of the Home, and Foundation of the Home; Locations of the Property: On or near Commerically Zoned Property, Surrounding Neighborhood, and Size of Subject Property; Utilities of Home: Septic Tank, Private Water Well, and Electrical System of Home; Stand-alone Wood Burning Stoves, and Environmental Concerns.

7. Types of Loans
Types of Loans: Conforming, Non-Conforming, and B/C Subprime loans. Loan Transactions: Purchase Loans, Refinance Loans - Rate/Term and Cash-Out, Streamline Refinance loans, 30-year versus 15-year fixed rate loans, Second Mortgages, Home Equity Line-of-Credit; Loan Products: Fixed Rate, Balloons, ARM loans with in-depth discussion on ARM loan terms and Qualifying borrowers on ARM loans; Loan Documentation: Full Doc, Alt Doc, Stated Income, No Ratio (NIQ), and Lite Doc. Structuring Combo Loans.

8. Uniform Residential Loan Application
All Sections of the newly revised (01/04) 1003 are covered regarding What Information is needed for each and Why that Information is Important. What to look for when Completing each Section of the 1003, and suggestions as to what to Ask and Say to the Customers.

9. Loan Disclosures
The importance of each Disclosure is Discussed, with Suggestions of What to Say when Presenting each Disclosure. Includes Tax Form 4506 and the Privacy Protection Notice.

10. The Good Faith Estimate
All line Items of the Good Faith Estimate are discussed with special emphasis on Interest Adjustment and Calculating Reserves for Hazard Insurance and Property Taxes. Private Mortgage Insurance (PMI): What it is, When it is required, and How to Calculate Monthly PMI Payments, based on the Type of Mortgage Loan and its Loan-To-Value (LTV).

11. The Truth-In-Lending Statement
All Features of the Truth-In-Lending Statement are covered, with emphasis on How to Manually Calculate the APR of a Loan and How to Explain it to the Customer so They Understand It as well.

12. The Transmittal Summary
All Sections of the Transmittal Summary (1008) are covered so Loan Officers not only understand its purpose and how to normally complete it, but how to fully complete the 1008 by hand if needed - if a loan processing software program is unavailable.

13. Property Profile
Important Features provided by a Property Profile or MetroScan on a Subject Property is discussed and What to look for when Reviewing this Report.

14. Out of Town Customers
How to Properly Package a Loan Application for those Customer who are located Out of Town or State - that can Increase the Response Rate of these Types of Loan Customers.

15. Reading The Credit Report
How to Read a Customer's Credit Report. What to Look For in Assessing the Customer's Credit Worthiness - as it relates to the Targeted Lender.

16. Reading The Rate Sheet
How to properly Read a Lender's Rate Sheet. What to look for: Rates, Points, Rebates, and Fee and Program Adjustments, Rate Lock Periods, and Lender Fees.

17. Title Insurance Report
How to Order and fully Read the Different Sections of the Preliminary Title Report. How to calculate the costs of the Title Insurance Report and Escrow (Closing) Fee based on the total loan amount.

18. The Appraisal Report
Discusses the Different types of Appraisals. What Areas to Review on the Appraisal Report and Why - when the Appraisal is received. Discusses the Different Approaches Appraisers use in Assessing Value of the Subject Property.

19. The Purchase And Sales Agreement
Discusses the Important Points and What to Look For in Reviewing a Completed and Fully Signed Purchase and Sales Agreement.

20. Processing Your Loans
Loan Processing Steps that the Loan Officer needs to complete in Properly Processing a Mortgage Loan. Reviews the Document Needs based on the Customer's Credit, Income, and Collateral of the Subject Property. Locking the Rate, Importance of the Comments Sheet, Satisfying Prior-To-Doc and Prior-To-Funding Conditions. Shopping the Loan, Submitting a Loan to a Lender, Preparing a Shadow File, Compensating Factors, and Scheduling the Closing of the loan. Importance of Attending Your Loan Closings.

21. The Remarks Page
What to Include and How to Prepare a Cover Letter when Submitting a Loan File - to the Loan Processor and Targeted Lender.

22. Loan Stacking Order
Importance of the Loan Stacking Order is discussed and Shows an Example of a Loan Stacking Order.

23. Putting It All Together
Summaries Subjects Previously Discussed and Lists the Various Steps in the Processing of a Loan into Phases with Sub-steps listed for all Loan Phases. The Loan Officer can Printout this Flowchart and Check Off each Step that is completed in Processing their Loans. Discusses the Golden Rules of Conduct in a Mortgage Loan Office.

24. Lending Regulations
Important Regulations are Listed and Discussed - so Loan Officers know What is Expected and Required of Them and Their Loans - to be In Compliance. And, Internet References are provided - if further information on Regulations is Needed or Required.

25. Marketing Your Services
Different Approaches to Marketing the Loan Officer's Services are discussed: Farming Lists, Posters and Flyers, Real Estate Agents, Newspaper Advertising, Local Chamber of Commerce, The Internet, For Sale By Owners. Special emphasis on Closing and Asking for the Sale.

26. Closing Thoughts
Final Thoughts on How to Be Successful as a Loan Officer.

A Loan Application
Here the Loan Officer is given the Opportunity to Complete a Loan Application (as an exercise) by applying All That Has Been Learned. Will Complete a 1003, GFE, TIL, and Qualifying Analysis Worksheet on the Customer. Completed Docs are within the Exhibits Section.

Index
This Index is comprehensive, with four pages, making it easy for Loan Officers to Find the Page where the subject they are researching, is located.

The Following Exhibits are also Included and Support the above Chapters.

EXHIBITS

1. Weekly Loan Worksheet
2. Qualifying Analysis Worksheet
3. Customer Pre-Qual Worksheet
4. Letter to Customer re: PMI
5. Loan Document Needs List
6. Uniform Residential Loan Application (4 pages)
7. Mortgage Insurance Schedule (2 pages)
8. Loan Disclosures (7 pages)
9. Good Faith Estimate
10. Truth-In-Lending Statement
11. The Transmittal Summary
12. Property Profile
13. Lender's Rate Sheet (2 pages)
14. Appraisal Report (2 pages)
15. The Patriot Act Information Form
16. Completed Application (exercise) Forms (3 pages)

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