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Different companies have different underwriting guidelines. There is also a dis-tinct behavioral difference in the response of underwriting staffs. Some are courteous; others are brusque.
Often, underwriters from well-established companies pose the larger challenges. While some are amenable to suggestion, others may avoid interaction with loan originators completely. With time and experience, you will understand these peculiar differences. It is in your clients’ best interest to use the idiosyncrasies of underwriters to your advantage.
There are stipulations that sound illogical and irrelevant at times. Rather than being confrontational, let your account executive resolve contentious issues. A good account executive will usually cut to the chase and have most irrelevant stipulations waived at the start. Do not leave the stipulations to your processor entirely. Follow up on the processor’s work to ensure there is no ambiguity in collection of correct information.
The U.S. Department of Housing and Urban Development Settlement Statement (HUD-1) must be sent to the client the day before closing. Explain it accurately and truthfully without room for surprises at the closing. Clients do not like to be surprised. Go over every detail with them to their satisfaction and approval. Do not expect the settlement agent to do your job for you and cover for your errors and omissions.
8. Follow up
It may sound profound, but pocketing your check and closing the case in your mind is mercenary. If you make a genuine effort to follow up with each client once in a while, you will keep the relationship alive, fresh and open to future business. Look at each new client as a new friend you just acquired.
Although each step in the loan process can be laid out logically and sequentially, there is plenty of room for maneuvering within each step. As you progress as an originator, you are sure to develop a distinct style to acquire, process and close successful loans.
The keys to the entire process are good organization, honesty and meticulous work. A pinch of good luck and good mentoring will further ensure that you are a success and prosper in this rewarding business.
Rajiv Sharma is a real estate financial consultant and loan originator with InterBank Mortgage Corp. in Baltimore. He can be reached at (410) 917-1948 or via e-mail at email@example.com.
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