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Anyone can be a loan officer. Yep - that's what the ad says. Tired of selling plastic dishware to keep your leftovers safe? Pre-paid legal didn't turn out like you thought? Telecom downline too hard to manage?
Well, shucks, boy! You can own your own mortgage company.
NO EXPERIENCE NECESSARY - that's exactly what the spam I get in my email regularly tells me. And it is one of the most frightening phrases I've ever heard in relationship to the industry of which I am so proud to be part. For most Americans their home is the single most costly and valuable purchase they will ever make. There are literally thousands of loan solutions available which confounds the minds of even the brightest and more experienced Mortgage Professionals.
Of course the reality is that in many states not just anyone can be a loan officer. If you've read any of my blogs anywhere you know that I am pushing for licensing of everyone employed in the mortgage industry for the sole purpose of requiring at least the minimum level of continuing education. To work for me you either need a degree in banking and finance or a minimum of 2 years experience to work as a Loan Originator II or higher. We do have a training program from which you do not graduate unless you have completed a minimum of 6 months and have closed a minimum of 24 loans. Then you can start to work on your own.
So let me honestly ask: Do you really think just anyone should be advising you on your home mortgage? Is it really okay if you went to a home decorating party hosted by this person and while they are doing they added, "I'm also a Loan Officer and we offer a great opportunity there as well. Does anyone want to refinance?" Do you think maybe if they went to a sales rally every month which included 15 minutes of some kind of training or they watched the company authored DVD on the mortgage industry that you can now trust them to lock you into a mortgage on which your entire life and wealth management plan is based?
I mean maybe I'm wrong here because I've never been to a WLG meeting. I've never read any of their training manuals. I have looked at their website and the websites they allow their associates to have and quite frankly it disgusts me and disturbs me. http://wlgweb.com/
If you are a WLG rep please help me. Help me believe that you deserve to be in the mortgage industry because from what I have seen from the few exposures I've had with WLG reps, they certainly did not.
Here is a way to help me have a modicum of faith in your system. Sure, it's a pop quiz. Anyone who deserves to be in the industry at even the base level should be able to finish this little quiz in less than 5 minutes without needing to reference any source. Seriously, I'm not kidding. If you don't know these answers off the top of your head and you call yourself a mortgage professional you are not. You may be in training but you're not ready to be guiding people's decisions on their mortgage:
1) How do you calculate APR?
2) Would you rather have (as a borrower) a lower INDEX or a lower MARGIN?
3) What is a form 214?
4) What do the initials RESPA stand for and why is this important to you?
5) How do you quickly calculate DTI and what is the maximum allowable DTI under FNMA guidelines?
6) When would you use a 1008 and what is it?
7) Briefly describe the duties of a CLOSER at a TITLE COMPANY.
8) As a general rule if the FEDERAL PRIME RATE goes up or down, what happens to an INTEREST ONLY ARM?
9) What is the KEY TRIGGER to start the clock ticking on RESPA?
10) What do the initials GFE and TIL stand for?
11) How many GFE's are sent to the borrower during the loan process and when are the sent? Is that all that you send or should the borrower expect something else?
12) If I am a secondary marketing auditor what do I look at and when?
13) If a client asks for a 100LTV with no piggy and no PMI on a NOO with no PPP, what do they want?
14) Does RESPA apply to modular homes in Florida where two senior citizens will spend their retirement years IF they plan on leaving the home to their children as an investment opportunity?
15) When does the lender see the HUD-1?
16) What is a HUD-1b?
17) Which party can you disclose the borrower's credit score too: (a) The listing agent (b) The buyer's agent (c) Both.
AS AN APPLICANT (borrower) I would recommend you give this little pop-quiz to your loan officer right there in front of them. I mean they are about to ask you 162 questions and you're going to trust them enough to give them your complete identity and financial history. They are going to know what you have in your bank accounts, your 401(k), your IRA. They are going to see how many late payments you've made and if anyone has a judgment against you. They are going to know your most hidden financial secrets. The least they can do is to answer these questions for you. I'd say if they missed 5 or more you may be headed for a problem. If they miss 1 or 0, they at least have an idea of what they are talking about and likely have some experience and/or good training in the mortgage industry.
Social Media Edge Radio - seriously true professionals who won't misguide you with some crap they made up to sell more books and seminars. Every Tuesday at Noon eastern.
I started writing on Active Rain in 2006 when I was representing the mortgage industry. I am no longer in that industry and many of the older posts contain outdated information. Please do not contact me for LENDING or MORTGAGE questions but rather contact a licensed mortgage professional from your area. I have always been in marketing and branding and that is still what I do. Thanks for reading!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.