Training overview oct 2014
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The document provides an overview of training that will be provided to new loan officers at The Funding Source. The training will occur over several weeks and will include instruction on various aspects of mortgage lending such as qualifying borrowers, understanding different loan products, and learning how to market themselves and generate business. Loan officers will be assigned a branch and mentor to assist with integrating into making sales calls and transitioning into originating their own loans. The document emphasizes that loan officers are responsible for their own success or failure, and that taking action such as developing relationships is necessary to be successful.
Training overview oct 2014
- 1. The Funding Source Syracuse.com The Funding Source Syracuse, The Funding Source, The Funding Source, The Funding Source, The Funding Source Syracuse
- 2. The Funding Source Syracuse The Funding Source Mortgage Broker FHA Mini Eagle Mortgage Banker
- 3. The Funding Source Opened Opened Acquired Greatwood Mortgage
- 4. The Funding Source Family of companies
- 5. Relationships The Funding Source Syracuse, The Funding Source Funding Source Syracuse, The Funding Source refers clients to our real estate partners Our real estate partners refer clients to The Funding Source Syracuse Funding Source Syracuse Funding Source
- 6. Referral business Each Loan Officer needs referral business. That is the key to your success. Develop a personal business relationship with Realtors, CPA’s, Financial Advisors, Attorney’s and other’s in your sphere of influence. Likewise, Funding Source has developed referral relationships that benefit the Loan Officer through our Real Estate, Title Insurance and Appraisal affiliate companies.
- 7. Loan Officers Despite the built in relationships – success will not occur. You are responsible for your success or failure as a Loan Officer FS gives you access to relationships. You must develop your own relationships through that access. 80% of you will fail if you do not do as we instruct you. This is fact.
- 8. What we will do: Provide a 4 week intensive training Provide on going mortgage and sales training offsite and internally. Provide sales tools to help you penetrate your market Teach you how to market yourself to Agents
- 9. What we will do Teach you how to properly qualify a borrower and structure a deal. Instruct you on loan products. Keep you updated through broker and banker relationships on changing trends in mortgage lending at staff meetings. Provide you with a Mentor who will assist you and help you grow.
- 10. What you will do You will make it happen. If you do not TAKE ACTION you will fail. Everything we teach you will require ACTION on your part. Failure to act will result in failure to succeed. You are responsible for your own success and for your own failure.
- 11. Overview of your next few weeks Learn about mortgage lending in general Learn how to qualify a borrower to a loan Learn about the numerous different mortgage products out there Read your manual to understand the nuances between those products.
- 12. Overview of next few weeks Learn how to do a Good Faith Estimate Learn what financial documents you will need at time of application from the borrower Learn how to interpret and read that information Learn how to read a credit report
- 13. Overview of next few weeks Learn how to read a pay stub Learn how to read income tax returns Learn how to book a sales call into a mortgage application Learn how to put together an FHA loan and an FHA 203K loan
- 14. Overview of next few weeks Discuss and learn the conventional products Learn the difference between Broker products, Banker products and B/C lending products. Learn how to price loans
- 15. Overview of next few weeks Learn about ARMS, including Treasury Bill ARMs, Cost of Funds (COFI) ARMS, London Interbank Fund Rate (LIBOR) ARMS
- 16. Overview of next few weeks Review 203K loans and how to structure those properly Understand FHA ARM loans. Learn how to originate a VA loan
- 17. Overview of next few weeks Review Banking laws and requirements Understand Compliance issues, Fair Lending issues and other laws that affect you as a Loan Officer Learn how to originate the self employed borrower and why that’s different
- 18. Overview of next few weeks Shadow existing loan officers to learn what their day is like Learn to do a Marketing & Business Plan – and do one for your business
- 19. Overview of next few weeks Bundling of Services – how that benefits you and your borrower Take a test at the end of your training
- 20. Post Training You will be assigned a branch You will have a primary branch. You will be given a secondary branch as well. You will attend all staff meetings at the real estate office
- 21. Post Training You will work with the Sales Manager of the branch to penetrate the Realtors You will meet with your Mentor once a week in person and go through Action Plans with her/him You will attend FS Staff meetings when scheduled.
- 22. Post Training You will work with the Sales Manager and Mentor to transition you into the office. You will make sales calls to competitor real estate offices located geographically near your home real estate office. You will do action plans to increase your business including sphere of influence mailings, phone calling your contacts, etc.
- 23. Post Training You will begin to originate loans and assimilate into your new branch You will rely on the home office for marketing and loan underwriting/processing support. You will compare what you’re doing to your business plan and, if off, review your marketing plan to see if you are doing what you need to do to be successful.