SECRETS EXPOSED! Insights, Opinions & Commentary The Solution As I See It - Part 2 In our last article we pointed out what almost everybody seems to be talking about these days, and that is the greed and incompetence of way too many Loan Officers. Continuing to "kick that horse," serves no real purpose, so a solution was also offered up. And that is, for Broker shop owners to STOP hiring ‘commissioned sales/closer types' to be their LO's, but instead focus on hiring customer service type background people with very little if any 'sales' experience; those with friendly customer service/focused former jobs – and of course pay them W-2 and not 1099 (with appropriate payroll tax deductions and matching employer contributions ... can't/won't afford it? ... simple ... don't be an employer), as they're not truly independent contractors in the first place (and we both know they aren't anyway)! Once hired, please put them through a genuine training program, where first they learn processing and underwriting, that way they understand why your mortgage broker company is in business (it creates acceptable quality loans for wholesalers to fund); helping to finance dreams (don't let commissioned hungry LO's contribute to damaging those dreams as they focus on their own commission). Showing this new trainee the back-office ropes is your first goal (NOT selling), they learn and help your support team take it from "1003 to funded" – you show them all the moving parts in this segment of the loan's process (1003 to funded) that can turn a nice application into the Loan From Hell reject, cancellation, or closing. Having your new loan officers go through this type training (and in this order), you've invested in a capable LO once you take him/her through your LO training, and possibly a future trustworthy and competent branch manager for your growing empire, building value for your future and theirs. This approach works; if you're unwilling to utilize this method, then things with our industry won't get much better any time soon. This procedure is you being part of the solution. CLICK HERE to give us your two cents OUR NEWS Check out what the Secret! University can offer you today simply by Clicking Here! For Industry Career Professionals Only: You're invited to join us for an all day Live chat a Conversation with Secret! "Learn easier ways to operate your business" Sat. Sept 24th in So Calif. Only a few seats left, so to RSVP Click Here! The faculty in our Mentor Program will show you where not to step in your business; we think you'll like that! They'll show you their short-cuts, so "work won't be too much work" Click Here to get started today. The licensed instructor of our Website & Internet Originations Live class has revealed how to make an additional five or six figures per year for your company with your own website from us, and our approach to operations. Click Here and register today. The Fall Semester starts Oct 2nd.                 They're lots of moving parts in this business, in the educational & training CD Lessons from our collection Secrets of the Mortgage Industry™ series, we engage many of the important ones for you. LO 301, our latest, is destined to be our biggest seller! See our full list by Clicking Here Do you have a large group you need to communicate with regularly? Try our all new Communication Center concept! See how this new idea can help you Click Here We've raised the bar! Our Discussion Board is the place to visit for "serious people to discuss serious issues." Go ahead check it out, just Click It! Your very own help desk is as close as your cell phone Ask Secret! See how this program can help you, just Click It!               Link to the permanent version of our newsletters by Clicking Here and save our online Newsletter Library in your computer's 'favorites' - there's loads of good stuff in past issues too! Click Here and we'll send you our Secret! University Intro CD today. It tells you what we're all about, and for a limited time it also includes several unannounced discounts toward most of our popular products and services!     Stranger to 1003 ... 1003 to Funded™ - Part 3 In our last installment on this topic, we ended it with "… in our next edition, we'll discuss the relative ease of Stranger to 1003 vs. 1003 to Funded." That remark contained a bit of tongue-in-cheek humor, since our "ignorance is bliss 1-2-3 LO" believes all the hard work is dealt with pretty much by their charming personality – when, for the most part – advertising to attract an applicant is relatively simple. It's purely a function of marketing the credibility of the Company, not the sales skills of the LO that makes the difference if someone applies or merely inquires. If the LO's employer's company lacks credibility, no sales skill set on the planet will be able to influence someone to trust & apply. Once we've got the 1003, now the Promise Keepers take over from the Promise Makers; it is their attention to detail which will make all the difference. Far more transactions can be lost during this pipeline process then the "LO 1-2-3" can imagine. Here we need to maintain all GLB Act privacy law standards, along with full and appropriate customer written loan disclosures (accurate GFE numbers, real YSP dollar amounts, etc). We need to decide on the proper wholesale funding source for each customer (from our select group of a small handful of wholesalers we should use), and not shot-gun the customer all over town wasting the time of one AE after another. Like you, they don't like being annoyed by 'kinda-sorta curious' LO customers. That approach is a sure fire mistake; that lack of loyalty will keep us from receiving top-notch service from them. The more that's done, the more they'll respond slowly to your requests. Sooner or later they'll figure out they don't need to work on your make-believe practice deals, when they can give prompt service to others who submit loans that close! Next is to order a COD appraisal (COD means customer is committed to you and not still shopping) and the legal & title work from reputable sources we have used in the past, since they like to do business with past customers, just like we do. These pieces of paper will arrive in a few days, and are then subject to the most common problem in the industry - people don't Read the Words! They'll take a 'quick' peek, or skim these documents instead of studying them carefully so approval and/or closing problems can be spotted and preempted early. Undoubtedly one of the major reasons transactions turn into the Loan from Hell. As we continue to move through this procedure (which includes constant customer contact/updates and handholding), customer supplied stips will arrive, as will existing mortgage demands, etc. And, since your LOS info at first was all customer supplied data, as each piece of documentation arrives the 'real' data needs to be updated in your LOS, so your final wholesaler submitted transmittal, 1003 and everything else will match (exactly) to the documents you've received (since underwriters 'read for a living' - they'll double check every word on every piece of paper they see and surprise you with things that were overlooked). So, you reading carefully as the papers arrive will help you spot property taxes and hazard insurance premiums that are almost due for payment, so you'll change your LOS 'impounds' from 2 months to either 8 months (for the taxes) or 14 months (for the hazard insurance) - instead of the 2 mos default (that won't match the docs at closing), etc. Of course all these changes, plus if the appraisal came in at a number different than initially thought, the net customer cash is changing dramatically (and always in the wrong direction). Updating your own records, and keeping these changes a secret from the customer, will result in closing documents significantly different than the GFE the customer is/was relying upon. Translation: There's a heck of a mess to clean up right at the moment everybody is expecting to get paid (and just hours before your customer is planning to get on a cruise ship and be out of town for 6 weeks), OR they'll cancel at the closing table as the numbers don't match close enough! Loads of moving parts from 1003 to funded (these are a few), many sets of hands that touch the paperwork; plenty of opportunity for explosions! Everybody needs to pay attention to the details, and Read the Words! CLICK HERE to tell us your views on our Discussion Board HIGHLIGHT: Our Live Class - Website & Internet Originations Rates on the rise and the slowest quarter of the year are both at your doorstep right now; so we've reduced this class tuition by 20% for our Fall Semester to help out. BTW, following the class teachings will change your life. Did you ever think there might be a few customers out there in some of those other States? Or, do you let your future rise and fall solely on hometown economics and events? We'll show you how too find them far and wide, and get them funded. With our methods, the odds are more in your favor. CLICK HERE to learn more 24th Edition support@americasmoneycenter.com •  Secret! University