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The High-Income Mortgage Originator


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Table of Contents

Preface. Acknowledgments. Dedications. Author and Contributor Biographies. Part 1. What You Should Know. 1. Mortgage Originator--The Best Job in the World: How to Make Lots of Money Selling. Money and Fulfilling Dreams. Expectations: Getting What You Want. It's About Selling. Learning The Ropes. Making A Difference, One Loan At A Time. Choosing A Company, Deciding How Much You Want To Earn. A Day In The Life of a Mortgage Originator. 2. Big Picture: Understanding the Mortgage Loan Process. Borrowers: Understanding Events That Motivate Them. First Steps: Initiating Contact to Submitting the Application. Home Stretch: Processing, Underwriting and Closing the Deal. After the Close: Maintaining Relationships with Borrowers. Key Points: Recapping the Highlights. 3. Players: Defining Your Interests and Those of Borrowers, Lenders and Brokers. Borrowers: Seeking a Solution. Investors: Defining the Market. Lenders: Playing the Market. Brokers: Crafting the Transaction that Works for Everyone. Originators: Creating Opportunity. Processors: Keep it Flowing. Underwriters: Assessing Risk and Reward. Supporting Players: Providing Assurances. Next Steps: Getting Up to Bat. Part 2. The Mortgage Selling Cycle. 4. Step 1: Generating Leads, Prospecting and Keeping Score. Making Your Delivery Special. It's a Numbers Game - Know the Score. What Makes an Effective Sales Presentation? Attention: Targeting Needs, Providing Solutions. You Don't Have to Start From Scratch. 5. Step 2: Moving a Lead to a Prospect. Eight Rookie Sales Mistakes and How to Avoid Them. From Lead to Prospect - Getting the Go Ahead for the Application. Rating Commitment. Integrity. Keeping Track. 6. Step 3: Facts and Forms: Taking the Mortgage Application. Why Do You Ask? Let's Talk. As Soon As You Get Off the Phone. Credit Reports. Keeping Score. 7. Step 4: Interpreting Ratios and Credit Scores, Building Trust. What Does it All Mean? Reality Check: Qualifying the Prospect. The Credit Call. Integrity. 8. Step 5: Determining the Right Product For Your Prospect. Fixed Rate Loan Products. Adjustable Rate Mortgages (ARMs). Payment Options. Matching Prospect Goals and Qualifications to Products. Pricing Loans - Unraveling the Rate Sheet. What to Do When There Is Nothing You Can Do. Automated Underwriting Tools. Keeping Track. 9. Step 6: Selling A Proposal That Makes Sense. Basic Calculations for Comparisons. Presenting the Choices. Objections. Keeping Track. 10. Step 7: Creating a Customer Relations System. A Little Technology Goes a Long Way. Loan Cycle Communications. Track Your Communications. Part 3. Wrap Up. 11. The Loan Package: Preparing the Loan for Processing. Uniform Residential Loan Application (1003). Good Faith Estimate. Truth in Lending Disclosure Statement. Final Touches. Making It Official. Tracking. 12. Brokers and Lenders: Identifying and Serving Their Needs. Processing to Submission. Submission to Approval. Approval to Close. Keeping Track. 13. The Wrap-Up: Closing the Loan. Preparing Your Client for the Closing. Other Closing Documents. Show Me the Money. 14. Next Steps Toward Your Future. Starting From Scratch. Finding the Right Firm. Conclusion. Afterword. Downturns in the Mortgage Cycle. Appendices. A. Key Mortgage Industry Resources on the Web. B. Glossary. C. A Day In The Life of a Mortgage Originator. D. Overview of The Loan Process. E. Comparison of Financial Instruments. F. Key Ratio Calculations. G. Quick Ratio Guidelines for Conforming Loans. H. Using Microsoft Office for Customer Relations Management. Mail Merge for Personalized Letters. Searching Through Your Client Base. Setting Reminders. Downloadable Forms and Templates. Tracking Forms. Standard Loan Origination Forms and Documents. Calculation Templates. Lead Generation Templates and Samples. On-Line Application Submission Link. Index.

About the Author

Richard Giannamore is President and CEO of Mortgage Services, Inc., and has more than twenty-five years of experience in the business. He is also CEO of Financial Program Strategies, Inc., and creator of the $-Road to Riches-$(r) education seminars. Barbara Bordow Osach, MBA, is a consultant to Mortgage Services, Inc., and has designed training and best practices documents for numerous industries.

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