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Hello and welcome to see TLC Mortgage Show section 13.4. Do the best loan officers work with the biggest lenders. Some of the best loan officers don’t work for the Mega Banks, but instead opted to work for a smaller Mortgage Banking for a mortgage broker. Super talented loan officer with Superior customer service skills can sometimes make more money with the smaller operation by being guaranteed a greater commission split over and above any 50/50, but don’t discard a loan officer just because you don’t recognize the company’s name. Certainly, keep this in mind when looking for Tulsa mortgages, section 13.5, Colorado Springs Mortgages what questions should I ask a potential loan officer? You want to ask questions that accomplish two things determine their experience and let them know that you’re a Savvy bar or who knows all the tricks? You don’t need to go over a list of hundred 100 questions or have them fill out. A questionnaire just spend a couple of minutes and ask them a few things. For example, what is your rate today for a 30-year fixed, conventional mortgage? Colorado Springs Mortgages The answer should be quick, precise and comfortable loan officer should never looked in scoring an interest rate. You don’t want to listen to any hemming and hawing. You want them to get to the point. Keep this in mind when looking for Tulsa mortgages. Second, what are lenders closing costs on this loan? If you’re talking to a mortgage Banker they’ll, have this number memorized? Usually it’s their company that sets the fees, not the loan officer. You’Re talking to a mortgage broker make sure the fees are quoting include those from the wholesale lender, as well as from the mortgage broker. When using a broker, they will sometimes be two sets of fees broker and lender fees. If you just ask for lender fees and don’t specifically ask for broker fees, that may not might not quote them to you, because you didn’t ask if you’re not sure where the lender is broker a banker. You need to ask keep this in mind when looking for Tulsa mortgages. Colorado Springs Mortgages The third question is: what is the APR for this loan? This question is the set up from the first two questions by knowing the interest rate loan amount. Lender is closing cost the annual percentage rate or APR can be calculated, most veteran loan officers and even good, not so veteran loan officers have been asked this question. So many times their head spin, it should literally fall off the time if you sent some reluctance from the loan officer or they tell you that the APR is meaningless.

This ought to send up a red flag. You need to work with a loan officer who not only can explain APR properly, but can explain when and why that’s not, or is an important number keep this in mind when looking for Tulsa mortgages next question: what is the par price for this loan, the term Par price means rate quote with no discount points charge the borrower to obtain the advertised rate. The term is hidden deep in the lending legal lingo and if you use the word when interviewing your loan officers in immediately tells them that you’re not that you’ve not just falling off the turnip truck for some strange reason. You know some obscure lending jargon, Colorado Springs Mortgages so they better not mess with. You might be helpful in looking for Tulsa mortgages. How long have you been in business? It seems like a fair question, one that should be asked of almost anyone in a profession, but in the mortgage business it takes on an initial meeting. Let’S say you set up a doctors appointment to see about that nagging cough you sign in take your seat and suddenly see some kid about 18 years old walking in with your medical chart. Are you going to question the kid this kids experience? Of course you are, but in reality physician spend most of their adult life just getting through medical school, so you won’t see any 18 year old kids walking around with the stethoscope. There are requirements for being a doctor good thing you think about. When looking for Tulsa mortgages are there requirements for being a loan officer? There are some but they’re, certainly not as rigorous as for someone getting their medical degree. There is no National licensing or required training for loan officers in Most states in the country have different types of Licensing for loan officers. The fact is that almost anyone can be a loan officer, so asking loan officers how long they been in businesses are required. Question during the interview process, when rates drop and homeowners and refinance their mortgages, Colorado Springs Mortgages then suddenly there’s a surge of new loan officers in the country rates go back up and business Lowe’s those loan officers get out of the business entirely and go back to the accountants or Whatever think about this, when looking for Tulsa mortgages, you want to loan officer he’s good enough at his business to make money when rates are high, as well as when they’re low any loan officer can close alone during a refinance, but the experience loan officers know how To make money during all business cycles for loan officer hasn’t been in the business for a long say only a year or two. I drank him a little lower than someone with more experience. Next question, which lenders do you use, is a great question. We looking for Tulsa mortgages.

If you ask this question of mortgage brokers, you’ll get one of two responses, one straight forward and one bag. The straightforward answer is, I typically use XYZ Bank ABC Bank and hija Bank depending on the loan. The vague answer is, I really won’t know until I review all of our lenders. You see where sign up with over a hundred National lenders, I’d like to find you the best deal possible wildest. That second answer sounds terrific. It’S not what you want to hear. Your loan officer should be able to tell you who they’re doing business with. Maybe there will be some names you won’t recognize, but that shouldn’t necessarily cause you any concern there lenders who do nothing else, besides wholesale lending, Colorado Springs Mortgages if your loan officer won’t tell you who they’re working with their not being straight with you bear this in mind when thinking About Tulsa mortgages, okay, I’ll admit that a loan officer may not know exactly where the, where they’ll send your loan, but they should have a fairly good idea if they fail to answer your question, you might want to lower their ranking. How much money will you make on my loan next question couch this issue of how much a broker will make off. You has been around for quite some time and it’s still not fully resolved, but ask your loan officer how much the company will make on your deal. I know that sounds weird, but your loan officer will ask you the very same question right. Mortgage brokers are required to disclose how much they’re going to make on your mortgage loan and will provide you with a good faith estimate disclosing who charges. What most will tell you right away that we charge an origination fee in a processing fee, for instance, Colorado Springs Mortgages and I will disclose other third-party load costs as well they’re. All this in mind, when thinking about Tulsa mortgages, section 13.6, how to load officers, get trained most loan officers will tell you that they never intended to get into the business if they just ended up there. Somehow there are a few colleges that offer degrees in Mortgage Banking, but not many sure there are degrees in finance or accounting, but not in Mortgage Banking, at least they’re, not as widely available as other business degrees. What officers get trained by experienced by their company in through courses as in many other lines, work keep all this in mind when thinking about Tulsa mortgages in general, there are two types of loan officers. One typically has a financial background or is good with numbers and that person gravitates to home lending. The other is someone who is good in sales or marketing and learn some Mortgage business from that angle. There’S some good money to be made in the mortgage business, but if you find a loan officer, who’s been in the business for more than 5 years, it’s likely if they’re, making ,000 or more a year Heap office of mine. Looking for Tulsa mortgages, that kind of income potentially attracts lots of folks, but it takes a particular type of person to be a good loan officer. First, it takes attention to detail. Road applications can’t be taken haphazardly.

There are too many things that can go wrong. Second, and perhaps most important, it takes an individual who can find a business in the first place. If the loan officer doesn’t develop a client base, then all the attention to detail doesn’t matter. Consider this, when looking for Tulsa mortgages, how many officers start in the real estate business? What other start, the financial services industry still others come from a solid sales or marketing background, which they can use to help them establish a client base there. No Bonafide career path – usually it just happens, keep all this in mind when looking for Tulsa mortgages, section 13.7, what training or courses do loan officers take? Most states have minimum education guidelines and individuals must take courses to get their license to operate as a loan officer. No state is exactly the same as any other. In California, for example, loan officer must be licensed, licensed real estate agent in Texas. Loan officers must pass the mortgage broker exam and maintain a minimum number of hours and education classes. Getting licensed by a state is no big deal or deal typically. Anyone who studies the material can pass the licensing exam good loan officers continually educate themselves, either by taking additional courses or by training. Colorado Springs Mortgages xCurrently, the most exhaust or trainings obtain when becoming a certified mortgage planners or CMP certified mortgage planners take classes that provide the most intense level of training available at CMP can get accredited by taking all my courses attending intensive 3-day sessions or by taking the classes at Home and passing various tests they’re all this am – I was thinking about Tulsa mortgages,