Yesterday, we talked to Bill Koder about how to ensure that the borrower and the broker do their part to make sure that loans close quickly. They key was organization and timely delivery of the necessary documents.
Today, let’s take a look at what “loan processors” do seeing that they’re also key to getting your loan closed in a timely fashion. If you have closed a loan, you may or may have had a discussion with Haley Welton; our loan processor. We took a minute to ask Haley what the main issues or objections that causes a loan to be stopped or slowed down.
It is my understanding that you liaise between the loan officer and the underwriter; can you tell me more about what you do?
Question: Haley, it’s my understanding that you work between the loan officer and the underwriter is that correct?
Haley: That’s correct.
Question: Tell me more about that position and that role how does that work?
Haley: As the loan processor I take on the file from the loan officer, collect all the documents that they haven’t collected initially, package the deal up for the underwriters so he can send it off to funding.
Question: What would you like to see from the loan clients the most, borrowers or brokers?
Haley: Brokers would be preferable, it’s best to build a connection with your clients as a broker. So they are the ones I work with the most.
Question: What is the main issue or objection that causes a loan to be stopped or slowed down during processing?
Haley: Not looking at needs lists; I send out specific forms that need to be taken care of. Also not asking questions, a lot of people feel like they can complete a file without asking anything so, just getting specific information.
Question: If you could give a specific piece of advice to a borrower or a broker right now, what would it be?
Haley: Just ask questions, give me a call if you don’t know what you’re trying to get. It’s better to ask then send me the wrong documentation.
In closing; It sounds like communication with the loan processor is the best course of action. Stay tuned for more information directly from our staff.
To Your Success;
Lee A. Arnold
CEO
The Lee Arnold System of Real Estate Investing
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