Making the most of your pipeline.....

They are called "Tight Loans". 

Defined - Applications that flow from the 1^st phone / Face to Face interview, to the

         closing table in a swift and steady process that is tailor made for our sales

         and operating procedure.

·       Day #1 - Thorough interview. Accurately complete the 1003. Get the ENTIRE picture. 2 years res. & job. All assets. Completed REO. Taxes and insurance. Ask the tough questions. Command the accurate answers. Justify questions and answers with the impact of the speed of the process.

·       Day #2 - Prequal based on 1003 and credit. Make accurate fact based offer. If it's a questionable deal, get your prequal from a lender and CONFIRM its accuracy. Make sure you have the proper LTV, price, fees, etc. Have the GFE completed for quick reference. Be swift, factual, professional and sincere when selling your deal.

·       Day #3 - 1st Grab! Its show time!!! But don't forget to look at what you're getting. Is the income right? Do they have sufficient assets to close? How about housing history? Canceled checks, mortgage statements, management company VOR? Are there any letters we'll need? Do they have homeowners insurance? Declaration page? Appraisal check or arrangement to pay?  If it's a 2^nd, how about the 1^st mortgage note? DON"T FORGET YOUR RESPA! Your goal should be your 1^st grab is your last grab.

·       Day # 4-5 - Register your loan. Have your comments documented crisply and accurately. Make your submission read like a book. Check for stips within 2 hours of submission. Work the stips with your client as soon as you receive them.

·       Day 6 -16 - Talk to your client. Keep them posted. Problems get related pronto. Or maybe just small talk. How's the appraisal coming? Still waiting for....How's the packing going? ANYTHING. Realtors, applicants, referral sources. ANYBODY!

·       Day 17 - 26 - More chat. Lender has your file. Stips are in. How are Beth, Shannon or Brenda treating you? Can't schedule for sure, but when's good? STAY INVOLVED! Keep your client informed. 

And then you close.  Ideally, everybody's happy...or at least satisfied.  Kudos to a job well done. If done consisently right, this allows you to keep originating instead of putting out fires.