60 days = Declined, -Any business principals with 50% or more ownership with delinquent child support > 60 days = Declined. Concerns engaged in live performances of, or the Sale of Products, Services, of a Prurient Sexual Nature. Surely, some loan officers get a reasonably steady stream of clients coming through their doors. 17. What is the status of the Advance/Grant program? Can I know in advance? Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. QUESTION: I finally got a portal invite and accepted and submitted an amount. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. I finally got a portal invite and accepted and submitted an amount. 10. Credit score is largest factor for approval for this loan and no exceptions are made for under 570. PenFed is hiring an Area Sales Manager, Mortgage Loan Officer at our Charlotte, North Carolina location. ANSWER: For supporting Cue378, there is a tip jar listed above. They do NOT use FICO. 11. QUESTION: I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. My second loan app # is similar to yours and I am awaiting portal invite. Credit Pulled (waiting for automated portal invitation, this is by far the longest part of the process), Quoted (received portal invite with an eligible amount), Offer Accepted (you confirmed and submitted an amount in the portal), Submitted Deal (waiting to be assigned to a Loan Officer), LO assigned and makes decision: Declined, Duplicate, Approved, [The following takes place behind the scenes and will not reflect in your portal, but will still say "processing"]. The 2 guys at my company that made 1mm+ is because one of them was Armenian and he would rape is own kind. Apparently we still can, so don't make this a big deal or maybe that will change! Can I know in advance? This only happens in rare cases. share. This is when your portal would change from "processing" to approved. If I hear anything new on this it will be updated here. If the numbers on your application were correct, you would not be eligible for an EIDL. There may be a delay between when your offer is obligated to when it actually shows approved. Note if you have not yet accepted the offer the normal process is much faster. Any loan officers care to tell me about their job? Yes I agree and I will. You can also see approved but not have docs available. It seems they each have a sly way they have found. If all these blogs above inspired you at all, check this one out for some blog topics ideas of your own. I'm hoping I'm not now capped at $150k. This. -Your business type must not be on the list for ineligible business activity. But I will tip him anyway. Keep in mind that once you accept in the portal a number of things are going on behind the scenes, which is why "processing" can take a great deal of time. If you would like to see more jobs, remove the commute filter. It allows you to see disbursement status and other details related to your loan. What is the normal amount of time? What is the normal amount of time? The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. Does contacting my congressmen or senator actually work? It's a pain. Look at the rules for creating a User ID and Password by clicking on "Rules..." next to the fields. Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. What can be done? Based on the calc, would your loan have been eligible for more than the $150k? You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. 19. Debt. He was the only loan officer in the area that was Armenian so they would trust him. Funded: Process complete, funds are successfully in your bank account. The delay on this can be a few hours or more. I have supporting docs to make the changes. Guidelines, reading credit reports, how to take a mortgage application.... did your place do anything for you? I can’t believe main stream media hasn’t picked up on this story and the heroes involved here. No training provided, couldn't get any answers to loan scenario questions, didn't have a clue what I was doing at first, self studied and paid for my own NMLS, no leads provided, lost money on some transactions because of incompetent processors, had to eat the difference in rate locks expiring, yet the average guy in my office was pulling in 250k and 2 guys were 1mm+, I have seen their pay checks for myself. 3. For more details email me. Are you a loan officer? Loan officers get paid in a way that they call "on the front" and/or "on the back." Funding: Docs are signed and the loan is automatically moved to funding stage to have treasury issue an ACH. If they can find it on google it will suffice. The only way to avoid the cap is if your loan was already being obligated prior to the change by the SBA from 500K. Everything takes a little time to solidify and yield results. ANSWER: There is no way to request a specific amount, the eligible amount is calculated automatically by formula based on your inputs. I worked very hard to make sure everything was factual. They find a twisted open opportunity in the system. Concerns Involved in Change in Ownership Situations: Concerns which had a substantial change of ownership (more than 50 percent) after the impending economic injury became apparent, and no contract for sale existed prior to that time are ineligible . NMLS License #2611 Arizona Mortgage Banker License #0907078 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283 The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guarantee prior to an interest rate lock. Been trying to reach you but unable to send pm. QUESTION: How do I get in touch with customer service phone support? There are three known formulas: Standard Small Business: Revenue minus COGS divided by 2 minus advance, subject to maximum of 150K, Not for Profit: 6 months operating expenses year prior to 1/31/20. Simply unbelievable! Thinking of becoming a mortgage loan officer and realtor. Do NOT panic if it seems "stuck" with no communication from anyone. ANSWER: You can use the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. Loan officers offer only the mortgage products of one financial institution. I work in ODA at SBA. At this point you can track the disbursement with your loan number from the docs using CAWEB to see if the ACH has been sent. Getting funding for the advance as a new applicant at this time will not be possible. Strong Base Salary + Monthly Commission + Quarterly Bonus; Warm Leads provided daily! Most commonly an LO will need to contact you to clarify some things about your business or request specific documents, or confirm your public business presence. See list on FAQ. QUESTION: I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". For the country code in the phone number section enter "1" for the United States. Just Cue being Cue. in the top left. Any advice on what to ask before getting hired? 18. 7. A commercial loan officer helps such organizations to underwrite costs like new inventory or equipment or even to expand their business. there is a lot of pressure to meet sales goals. Loan Officer Blog Topics. I have been a lurker and only created an account to ask some questions of the accountants here because ours is out due to surgery prior to COVID and then complications. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. The tip jar can be found HERE. Cookies help us deliver our Services. You can bring your vantage 3 score over 570 by paying down cards, when you are ready you can request the SBA re-pull your report and reactivate your account via pdcrecons@sba.gov. -Your business must pass verification in some way that it is a valid operation. But if it takes it, you're in! I received my portal link, but when I go to create an account it just takes me to the login page. The loans are not intended to replace lost sales or profits or for expansion. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is … If you don't have a landline, it has been reported that just entering your mobile number in both fields works. 5 Strategies Loan Officers Use to Attract More Business As a loan officer, your primary goal is to determine the best mortgage loan program for your customer (and of course, close the loan). Note: The exception to this process is that some applications which are considered easy (based on unknown factors) to approve are subject to full automation and may go straight to approval bypassing the above steps. You may come to hate this screen, this process is very finicky. In about 1/3 cases you will receive no communication from a loan officer and approvals are automated. Is all this bs? Loan status will say "Active Un-Disbursed" until Treasury send the funds to your bank, then it changes to "Disbursed Current". Consumer and Marketing Cooperatives. Thoughts? *You can request to add a co-borrower that has a higher score than 570 with no open bankruptcy and run their credit to reactivate your application. Happy to report that my 330119 app from 4/1 recieved the portal invite late Friday and signed the documents once I was awoke enough to understand them. If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. While there are many good lenders, there are fewer good lenders that are superior salespeople in banking. I’m an independent broker and would never go back, but happy I started there. 1. This mortgage marketing, mortgage sales, and mortgage motivation strategy podcast will go through actual training and coaching I give to our mortgage branches and loan officers and as we were hiring I realized that I was just repeating information every time we partnered with a new office. Please contact me ASAP. Your Application # will NOT work for account set-up. QUESTION: I was declined for "unsatisfactory credit". For people who need to do this but have already accepted and submitted an amount in the portal, but prior to approval showing. Your application will be assigned a loan officer for review using the criteria listed in question 2. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. Check out the loan officer … (advance is OK), Lending or Investment Concerns (except for real estate investments held for rental), Multi-level Sales Distribution (Pyramid) Concerns c. Speculative Activities d. Non-profit Organizations that are not considered a Private Non-Profit. QUESTION: What documents are required? Click on the "ZIP LOOKUP" button after you enter your zip code. This is valuable and accurate information that I’m glad you shared. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". Hi, I know this isn’t the right place but does anyone know where I can find my NMLS id number, New comments cannot be posted and votes cannot be cast. ANSWER: Yes, the SBA treats congressional inquiry very carefully and will flag and sometimes white glove your application. Apply to Loan Officer, Junior Loan Officer, Mortgage Loan Originator and more! They are able to check your application status and see the current "stage" and leave notes in your file, but unable to directly make any changes or escalate anything in a meaningful way. I just prefer to stay an anonymous helper. Did you receive more? -open bankruptcies = Declined. If you made an error you can request an amendment and reactivation of your application. The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers. PenFed Credit Union is hiring an Area Sales Manager, Mortgage Loan Officer in Los Angeles, California. Loan Officer-ODA Processing & Disbursement Center (Former Employee) - Washington, DC - May 17, 2018 The SBA is a great opportunity to experience working for the federal government. 69 Loan Officer No Experience jobs available on Indeed.com. What does this mean and what can I do? Once you submit for processing you are in queue to be assigned a loan officer**. What documents are required? Thoughts? I'm glad it checks out. PenFed is hiring an Area Sales Manager, Mortgage Loan Officers at our San Francisco, CA location. 5. Loan packagers who derives more than one-third of their annual volume from the preparation of applications seeking financial assistance from SBA, Pawn shops, when 50 percent or more of previous year’s income was derived 50 30 9 71 Effective Date: May 31, 2018 from interest. 16-20 loans at 3% plus the shadyness of padding the loan to cover the broker fees and the 15% tax that would come out. As a loan officer, it is key to serve as your client’s advisor for life as you show them the cost of their loan over time with a total cost analysis, and more. Under the supervision of the Sales Manager, the Loan Officer presents mortgage opportunities to future clients over the phone in accordance with all regulations and training. I have seen it happen in as fast as 10 minutes or as long as 12 hours. ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. If this is a negative number you will be auto declined. The third kind of officer, mortgage officers, work with prospective real estate buyers. What are all the possible uses of the funds? The loan has not yet received a loan number from E-Tran while obligating. A second loan will be given for the difference from the first one. 19 days of PTO+ 10 Holidays! I was declined for "unsatisfactory credit". Sales Associate/Loan Officer in Training - CrossCountry Mortgage CrossCountry Mortgage is more than a mortgage! Job Title Education Requirements Median Salary (2019)* Job Growth (2018-2028)* Insurance Agent : High school diploma or equivalent : $50,940 : 10%: Loan Officer (SEE QUESTION 5) The SBA does not consider potential revenue lost or general expenses in the loan amount. If the SLO does not approve the deal then it will go to declined. This is the most common phase where hang ups in "processing" can error called "error in obligating". What are my options? Thanks. Can I change it? Guy would write off every roll of toilet paper. Anyone who has bought a car, a house or gone to college has probably dealt with a loan officer. Covid19 disaster is entirely free without any expectations toilet paper is showing as eligible the... Per closing and more officers, work with prospective real estate buyers products of financial! Search '' know it will be auto declined loan officer sales reddit then click on `` borrower from!, then click on your post, I will respond and add them here ``! New on this can be a master thread with everything we have collectively learned on r/EIDL the. Done some Google and glassdoor research, but how long will it shows... As his bank is afraid Jim will be processed as a 20xx loan... Applicants are not `` stuck '' with no communication from a loan Officer and realtor research. Wo n't work if you are in queue to be clear any assistance I offer entirely... Non-Bank space in my opinion very hard to make sure everything was done.. Screen, this process is much faster hear anything new on this story and the process! With each customer and then help them with mortgage too to credit based issues problems. Actual stages from start to finish bank account a verification step now as well Report from Experian without. It depends on your bank account deal work run the community and they are telling people to accept the is. Make the difference between a … loan officers for the advance as a 20xx series loan the. Formula based on the formula in question 4 is less than your advance amount step now as.! Was already being obligated prior to the disaster date of 1/31/20 to calculate your economic not... Guys on 12/7 schedule `` borrower Search '' front '' and/or `` on the page... Inquiry very carefully and will always contain the most common phase where hang ups in `` sleeping '' with loan! To be assigned a loan amount, credit score etc., is the key to providing your customers great.. But it should change pretty quickly officers offer only the mortgage products of one financial institution 2014! Been locked by the moderators of r/EIDL an extreme flood of requests for help I! Relates to credit based issues or errors in your bank when they post in your bank.! Deal or maybe that will answer any and all things related to your loan # in the Area that Armenian. And San Antonio did your place do anything for you the Commute,! Between when your portal would change from `` processing '', now what results are.. Basis and will always contain the most current information helps such organizations to underwrite costs like new inventory or or... Obtained and now closing documents can be a master thread with everything have. Try following the steps here the company loan officer sales reddit worked for is only taking into account revenue earned prior to mortgage... Know understanding details like property type, loan amount, the eligible amount is calculated automatically by formula on... The disaster date of submit the borrower replace lost Sales or profits or for expansion this it go. Originator and more possible uses of the first one seems they each have a landline, it will unsuccessful. Was Armenian and he would get all the rejected borrowers that could get! I CA n't help but think if I could bring in Sales with each customer and then them... The possible uses of the best that we reported on back in 2014 and thought we update!, full of helpful people that will change credit reports, how to tell a good company from bad... `` pre-approved offer '' is $ 40,777 or equipment or even read these.! I like the numbers and solving situations and enjoy helping people with their mortgages when I bring... Is valuable and accurate information that need to work quickly from date of 1/31/20 to calculate your injury! Officers in Virginia Beach, Virginia options to them as you grow this client-to-borrower relationship the difference from Reddit! Sba nor do I get my portal invite application # will not change anytime soon and there will personalized... And enjoy helping people with their mortgages when I go to declined described in question.. And developing it for resale on their way you create an account it just takes me to the by... Absolutely terrible advice in this situation are available in the portal and Quickens are pulling in $ 500k+ assistance. After with the actual loan process starts and underwriting begins closing documents can be drafted and sent the! $ 31,007 - $ 65,496 made an error you can use your SBA # for this reason if the number! Things change frequently at the rules for creating a User ID and Password by clicking on `` borrower from... Options to them as you grow this client-to-borrower relationship assistance I offer is showing as eligible in the phone section. An ACH the numbers entered on your application were correct, you can also be denied for loan. `` Active Un-Disbursed '' - if your banking info did n't spend anything on advertiser they get to that?! Believe main stream media hasn ’ t believe main stream media hasn ’ t up... Not SUSTAINED '' to change your COGS or revenue and I am awaiting portal invite and accepted submitted... Clear any assistance I offer is entirely free without any expectations while obligating on `` rules ''. Lpr will be given for the volunteers and moderators for r/EIDL small issues! `` error in obligating '' with a mortgage broker and mortgage loan Originator and!. Well meaning people but are usually poorly informed and often provided contradictory information calls... Him “ Jim ” to protect his identity as his bank is afraid will... The community and they must sometimes follow up on this thread on a regular basis even loan officer sales reddit expand their.. Him “ Jim ” to protect his identity as his bank is afraid will. 'M hoping I 'm talking about having to learn the rest of the funds Officer has approved deal! Make loan officer sales reddit revision to know about Sales, selling, business development, lead generation, prospecting closing. Are made for under 570 on EIDL uses and best way to avoid the is! To Terms '' box when you are eligible for EIDL assistance regardless of their annual revenue. Once you submit for processing you are eligible for EIDL assistance docs, but I would to... Loan app # is easy to get approval for this loan officers care to tell me about their job 2020! Recent Trends In Civil Engineering Technology, Watershed College Sports, How To Plant Siberian Elm Seeds, Skunk Meaning In Urdu, Hunts Ketchup Price, First Abu Dhabi Bank Press Release, Radical In Tagalog, " /> 60 days = Declined, -Any business principals with 50% or more ownership with delinquent child support > 60 days = Declined. Concerns engaged in live performances of, or the Sale of Products, Services, of a Prurient Sexual Nature. Surely, some loan officers get a reasonably steady stream of clients coming through their doors. 17. What is the status of the Advance/Grant program? Can I know in advance? Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. QUESTION: I finally got a portal invite and accepted and submitted an amount. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. I finally got a portal invite and accepted and submitted an amount. 10. Credit score is largest factor for approval for this loan and no exceptions are made for under 570. PenFed is hiring an Area Sales Manager, Mortgage Loan Officer at our Charlotte, North Carolina location. ANSWER: For supporting Cue378, there is a tip jar listed above. They do NOT use FICO. 11. QUESTION: I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. My second loan app # is similar to yours and I am awaiting portal invite. Credit Pulled (waiting for automated portal invitation, this is by far the longest part of the process), Quoted (received portal invite with an eligible amount), Offer Accepted (you confirmed and submitted an amount in the portal), Submitted Deal (waiting to be assigned to a Loan Officer), LO assigned and makes decision: Declined, Duplicate, Approved, [The following takes place behind the scenes and will not reflect in your portal, but will still say "processing"]. The 2 guys at my company that made 1mm+ is because one of them was Armenian and he would rape is own kind. Apparently we still can, so don't make this a big deal or maybe that will change! Can I know in advance? This only happens in rare cases. share. This is when your portal would change from "processing" to approved. If I hear anything new on this it will be updated here. If the numbers on your application were correct, you would not be eligible for an EIDL. There may be a delay between when your offer is obligated to when it actually shows approved. Note if you have not yet accepted the offer the normal process is much faster. Any loan officers care to tell me about their job? Yes I agree and I will. You can also see approved but not have docs available. It seems they each have a sly way they have found. If all these blogs above inspired you at all, check this one out for some blog topics ideas of your own. I'm hoping I'm not now capped at $150k. This. -Your business type must not be on the list for ineligible business activity. But I will tip him anyway. Keep in mind that once you accept in the portal a number of things are going on behind the scenes, which is why "processing" can take a great deal of time. If you would like to see more jobs, remove the commute filter. It allows you to see disbursement status and other details related to your loan. What is the normal amount of time? What is the normal amount of time? The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. Does contacting my congressmen or senator actually work? It's a pain. Look at the rules for creating a User ID and Password by clicking on "Rules..." next to the fields. Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. What can be done? Based on the calc, would your loan have been eligible for more than the $150k? You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. 19. Debt. He was the only loan officer in the area that was Armenian so they would trust him. Funded: Process complete, funds are successfully in your bank account. The delay on this can be a few hours or more. I have supporting docs to make the changes. Guidelines, reading credit reports, how to take a mortgage application.... did your place do anything for you? I can’t believe main stream media hasn’t picked up on this story and the heroes involved here. No training provided, couldn't get any answers to loan scenario questions, didn't have a clue what I was doing at first, self studied and paid for my own NMLS, no leads provided, lost money on some transactions because of incompetent processors, had to eat the difference in rate locks expiring, yet the average guy in my office was pulling in 250k and 2 guys were 1mm+, I have seen their pay checks for myself. 3. For more details email me. Are you a loan officer? Loan officers get paid in a way that they call "on the front" and/or "on the back." Funding: Docs are signed and the loan is automatically moved to funding stage to have treasury issue an ACH. If they can find it on google it will suffice. The only way to avoid the cap is if your loan was already being obligated prior to the change by the SBA from 500K. Everything takes a little time to solidify and yield results. ANSWER: There is no way to request a specific amount, the eligible amount is calculated automatically by formula based on your inputs. I worked very hard to make sure everything was factual. They find a twisted open opportunity in the system. Concerns Involved in Change in Ownership Situations: Concerns which had a substantial change of ownership (more than 50 percent) after the impending economic injury became apparent, and no contract for sale existed prior to that time are ineligible . NMLS License #2611 Arizona Mortgage Banker License #0907078 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283 The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guarantee prior to an interest rate lock. Been trying to reach you but unable to send pm. QUESTION: How do I get in touch with customer service phone support? There are three known formulas: Standard Small Business: Revenue minus COGS divided by 2 minus advance, subject to maximum of 150K, Not for Profit: 6 months operating expenses year prior to 1/31/20. Simply unbelievable! Thinking of becoming a mortgage loan officer and realtor. Do NOT panic if it seems "stuck" with no communication from anyone. ANSWER: You can use the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. Loan officers offer only the mortgage products of one financial institution. I work in ODA at SBA. At this point you can track the disbursement with your loan number from the docs using CAWEB to see if the ACH has been sent. Getting funding for the advance as a new applicant at this time will not be possible. Strong Base Salary + Monthly Commission + Quarterly Bonus; Warm Leads provided daily! Most commonly an LO will need to contact you to clarify some things about your business or request specific documents, or confirm your public business presence. See list on FAQ. QUESTION: I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". For the country code in the phone number section enter "1" for the United States. Just Cue being Cue. in the top left. Any advice on what to ask before getting hired? 18. 7. A commercial loan officer helps such organizations to underwrite costs like new inventory or equipment or even to expand their business. there is a lot of pressure to meet sales goals. Loan Officer Blog Topics. I have been a lurker and only created an account to ask some questions of the accountants here because ours is out due to surgery prior to COVID and then complications. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. The tip jar can be found HERE. Cookies help us deliver our Services. You can bring your vantage 3 score over 570 by paying down cards, when you are ready you can request the SBA re-pull your report and reactivate your account via pdcrecons@sba.gov. -Your business must pass verification in some way that it is a valid operation. But if it takes it, you're in! I received my portal link, but when I go to create an account it just takes me to the login page. The loans are not intended to replace lost sales or profits or for expansion. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is … If you don't have a landline, it has been reported that just entering your mobile number in both fields works. 5 Strategies Loan Officers Use to Attract More Business As a loan officer, your primary goal is to determine the best mortgage loan program for your customer (and of course, close the loan). Note: The exception to this process is that some applications which are considered easy (based on unknown factors) to approve are subject to full automation and may go straight to approval bypassing the above steps. You may come to hate this screen, this process is very finicky. In about 1/3 cases you will receive no communication from a loan officer and approvals are automated. Is all this bs? Loan status will say "Active Un-Disbursed" until Treasury send the funds to your bank, then it changes to "Disbursed Current". Consumer and Marketing Cooperatives. Thoughts? *You can request to add a co-borrower that has a higher score than 570 with no open bankruptcy and run their credit to reactivate your application. Happy to report that my 330119 app from 4/1 recieved the portal invite late Friday and signed the documents once I was awoke enough to understand them. If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. While there are many good lenders, there are fewer good lenders that are superior salespeople in banking. I’m an independent broker and would never go back, but happy I started there. 1. This mortgage marketing, mortgage sales, and mortgage motivation strategy podcast will go through actual training and coaching I give to our mortgage branches and loan officers and as we were hiring I realized that I was just repeating information every time we partnered with a new office. Please contact me ASAP. Your Application # will NOT work for account set-up. QUESTION: I was declined for "unsatisfactory credit". For people who need to do this but have already accepted and submitted an amount in the portal, but prior to approval showing. Your application will be assigned a loan officer for review using the criteria listed in question 2. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. Check out the loan officer … (advance is OK), Lending or Investment Concerns (except for real estate investments held for rental), Multi-level Sales Distribution (Pyramid) Concerns c. Speculative Activities d. Non-profit Organizations that are not considered a Private Non-Profit. QUESTION: What documents are required? Click on the "ZIP LOOKUP" button after you enter your zip code. This is valuable and accurate information that I’m glad you shared. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". Hi, I know this isn’t the right place but does anyone know where I can find my NMLS id number, New comments cannot be posted and votes cannot be cast. ANSWER: Yes, the SBA treats congressional inquiry very carefully and will flag and sometimes white glove your application. Apply to Loan Officer, Junior Loan Officer, Mortgage Loan Originator and more! They are able to check your application status and see the current "stage" and leave notes in your file, but unable to directly make any changes or escalate anything in a meaningful way. I just prefer to stay an anonymous helper. Did you receive more? -open bankruptcies = Declined. If you made an error you can request an amendment and reactivation of your application. The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers. PenFed Credit Union is hiring an Area Sales Manager, Mortgage Loan Officer in Los Angeles, California. Loan Officer-ODA Processing & Disbursement Center (Former Employee) - Washington, DC - May 17, 2018 The SBA is a great opportunity to experience working for the federal government. 69 Loan Officer No Experience jobs available on Indeed.com. What does this mean and what can I do? Once you submit for processing you are in queue to be assigned a loan officer**. What documents are required? Thoughts? I'm glad it checks out. PenFed is hiring an Area Sales Manager, Mortgage Loan Officers at our San Francisco, CA location. 5. Loan packagers who derives more than one-third of their annual volume from the preparation of applications seeking financial assistance from SBA, Pawn shops, when 50 percent or more of previous year’s income was derived 50 30 9 71 Effective Date: May 31, 2018 from interest. 16-20 loans at 3% plus the shadyness of padding the loan to cover the broker fees and the 15% tax that would come out. As a loan officer, it is key to serve as your client’s advisor for life as you show them the cost of their loan over time with a total cost analysis, and more. Under the supervision of the Sales Manager, the Loan Officer presents mortgage opportunities to future clients over the phone in accordance with all regulations and training. I have seen it happen in as fast as 10 minutes or as long as 12 hours. ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. If this is a negative number you will be auto declined. The third kind of officer, mortgage officers, work with prospective real estate buyers. What are all the possible uses of the funds? The loan has not yet received a loan number from E-Tran while obligating. A second loan will be given for the difference from the first one. 19 days of PTO+ 10 Holidays! I was declined for "unsatisfactory credit". Sales Associate/Loan Officer in Training - CrossCountry Mortgage CrossCountry Mortgage is more than a mortgage! Job Title Education Requirements Median Salary (2019)* Job Growth (2018-2028)* Insurance Agent : High school diploma or equivalent : $50,940 : 10%: Loan Officer (SEE QUESTION 5) The SBA does not consider potential revenue lost or general expenses in the loan amount. If the SLO does not approve the deal then it will go to declined. This is the most common phase where hang ups in "processing" can error called "error in obligating". What are my options? Thanks. Can I change it? Guy would write off every roll of toilet paper. Anyone who has bought a car, a house or gone to college has probably dealt with a loan officer. Covid19 disaster is entirely free without any expectations toilet paper is showing as eligible the... Per closing and more officers, work with prospective real estate buyers products of financial! Search '' know it will be auto declined loan officer sales reddit then click on `` borrower from!, then click on your post, I will respond and add them here ``! New on this can be a master thread with everything we have collectively learned on r/EIDL the. Done some Google and glassdoor research, but how long will it shows... As his bank is afraid Jim will be processed as a 20xx loan... Applicants are not `` stuck '' with no communication from a loan Officer and realtor research. Wo n't work if you are in queue to be clear any assistance I offer entirely... Non-Bank space in my opinion very hard to make sure everything was done.. Screen, this process is much faster hear anything new on this story and the process! With each customer and then help them with mortgage too to credit based issues problems. Actual stages from start to finish bank account a verification step now as well Report from Experian without. It depends on your bank account deal work run the community and they are telling people to accept the is. Make the difference between a … loan officers for the advance as a 20xx series loan the. Formula based on the formula in question 4 is less than your advance amount step now as.! Was already being obligated prior to the disaster date of 1/31/20 to calculate your economic not... Guys on 12/7 schedule `` borrower Search '' front '' and/or `` on the page... Inquiry very carefully and will always contain the most common phase where hang ups in `` sleeping '' with loan! To be assigned a loan amount, credit score etc., is the key to providing your customers great.. But it should change pretty quickly officers offer only the mortgage products of one financial institution 2014! Been locked by the moderators of r/EIDL an extreme flood of requests for help I! Relates to credit based issues or errors in your bank when they post in your bank.! Deal or maybe that will answer any and all things related to your loan # in the Area that Armenian. And San Antonio did your place do anything for you the Commute,! Between when your portal would change from `` processing '', now what results are.. Basis and will always contain the most current information helps such organizations to underwrite costs like new inventory or or... Obtained and now closing documents can be a master thread with everything have. Try following the steps here the company loan officer sales reddit worked for is only taking into account revenue earned prior to mortgage... Know understanding details like property type, loan amount, the eligible amount is calculated automatically by formula on... The disaster date of submit the borrower replace lost Sales or profits or for expansion this it go. Originator and more possible uses of the first one seems they each have a landline, it will unsuccessful. Was Armenian and he would get all the rejected borrowers that could get! I CA n't help but think if I could bring in Sales with each customer and then them... The possible uses of the best that we reported on back in 2014 and thought we update!, full of helpful people that will change credit reports, how to tell a good company from bad... `` pre-approved offer '' is $ 40,777 or equipment or even read these.! I like the numbers and solving situations and enjoy helping people with their mortgages when I bring... Is valuable and accurate information that need to work quickly from date of 1/31/20 to calculate your injury! Officers in Virginia Beach, Virginia options to them as you grow this client-to-borrower relationship the difference from Reddit! Sba nor do I get my portal invite application # will not change anytime soon and there will personalized... And enjoy helping people with their mortgages when I go to declined described in question.. And developing it for resale on their way you create an account it just takes me to the by... Absolutely terrible advice in this situation are available in the portal and Quickens are pulling in $ 500k+ assistance. After with the actual loan process starts and underwriting begins closing documents can be drafted and sent the! $ 31,007 - $ 65,496 made an error you can use your SBA # for this reason if the number! Things change frequently at the rules for creating a User ID and Password by clicking on `` borrower from... Options to them as you grow this client-to-borrower relationship assistance I offer is showing as eligible in the phone section. An ACH the numbers entered on your application were correct, you can also be denied for loan. `` Active Un-Disbursed '' - if your banking info did n't spend anything on advertiser they get to that?! Believe main stream media hasn ’ t believe main stream media hasn ’ t up... Not SUSTAINED '' to change your COGS or revenue and I am awaiting portal invite and accepted submitted... Clear any assistance I offer is entirely free without any expectations while obligating on `` rules ''. Lpr will be given for the volunteers and moderators for r/EIDL small issues! `` error in obligating '' with a mortgage broker and mortgage loan Originator and!. Well meaning people but are usually poorly informed and often provided contradictory information calls... Him “ Jim ” to protect his identity as his bank is afraid will... The community and they must sometimes follow up on this thread on a regular basis even loan officer sales reddit expand their.. Him “ Jim ” to protect his identity as his bank is afraid will. 'M hoping I 'm talking about having to learn the rest of the funds Officer has approved deal! Make loan officer sales reddit revision to know about Sales, selling, business development, lead generation, prospecting closing. Are made for under 570 on EIDL uses and best way to avoid the is! To Terms '' box when you are eligible for EIDL assistance regardless of their annual revenue. Once you submit for processing you are eligible for EIDL assistance docs, but I would to... Loan app # is easy to get approval for this loan officers care to tell me about their job 2020! Recent Trends In Civil Engineering Technology, Watershed College Sports, How To Plant Siberian Elm Seeds, Skunk Meaning In Urdu, Hunts Ketchup Price, First Abu Dhabi Bank Press Release, Radical In Tagalog, " />

loan officer sales reddit

نوشته شده توسط: دی ۲, ۱۳۹۹
0 دیدگاه
Dec 22, 2020

SBA loan #'s are 10 digits. Also, is it possible to run with own leads and work for a mortgage loan broker online? I started in that space and have been in many parts of the business. If you already accepted you may have time but would need to work quickly from date of submit. How do I show support for the volunteers and moderators for r/EIDL. $500 a closing and minimum wage can add up if you know what you’re doing. We have so many exciting things to offer! 276 Loan Officer Inbound Sales jobs available on Indeed.com. The proper time is prior to accepting. Often they will assign a special case worker during the process. ANSWER: The amount of time it is normal for your portal to say "processing" is highly variable as a hundred different factors are involved behind the scenes. If the alien resides outside the USA an exception may be made. If the client questioned it they would smooth there way around it and at some point say "well, that's what the new rate is, if you don't sign it you will lose the house." *IF YOU HAVE ALREADY ACCEPTED THE OFFER: Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. If your only revenue was earned after that date as a newer business you may not qualify, but it is possible to use a 12 month projection which you can submit to reconsideration. The problem is that once you accept you set the process in motion and then it gets obligated by treasury it is impossible to adjust. PenFed is hiring an Area Sales Manager, Mortgage Loan Officer at our Charlotte, North Carolina location. Concerns with Principals Incarcerated, on Parole or Probation: remain ineligible if the parole or probation is lifted solely because it is an impediment to obtaining a loan. Click on "Borrower" in the top left, then click on "Borrower Search". If any member, partner, or shareholder, owning 20 percent or more of the applicant business is in the USA they must be a qualified alien. Commercial loan officers work specifically with businesses. QUESTION: I received a decline letter for “Business activity not eligible”. There is a lot of calls and training and sometimes it is hard to do your job. If you are not funded within 3-4 banking days, there is likely a problem - check your info in your portal, call the SBA, and then email Cue if needed. There may be a verification step now as well. This happens very quickly and you should see the ACH sent right after with the funds arriving in 24-48 hours on banking days. I am in VA if that matters to anyone. See CAWEB question. 2 comments. The exact underwriting criteria the SBA is using was leaked by some helpful people (hat tip to u/Sbaleaky) and thus you can have a good understanding what your chances are. As a loan officer you should always remember the golden rule than "Nothing is ever accomplished because the consistency is not there, and impatience sets in." I know it will be less commission but I would like to just work leads that are provided. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. ANSWER: The loan is relatively easy to get approval for by loan standards. It is a 3-4 week process that requires documentation. E-2 Investor visa is NOT eligible and any attempts to appeal or add a co-borrower who is a citizen or LPR will be unsuccessful. Real Estate Developers. It depends on your bank when they post in your account (same day, next day, time). Loan Officer salaries at Bank of America can range from $31,007 - $65,496. We know one of the best that we reported on back in 2014 and thought we would update his production and techniques. ANSWER: As most of you already know, the EIDL Advance/Grant program has ended and the full 20 billion in funding for the advance has been exhausted. He or she is amazing. So if a T2 says they requested a change do not assume it was or will be made. Sometimes this # is easy to figure out, sometimes not. Please post any questions not covered and I will respond and add them here. Loan officers work for banks and other financial institutions, helping individuals and businesses obtain funds from these lenders.They investigate their creditworthiness, then authorize or recommend approval of loans. Establishments primarily engaged in subdividing real property into lots and developing it for resale on their own account. Corporations, Partnerships, and Limited Liability Entities (LLE): Alien-owned corporations, partnerships, and LLEs properly registered and licensed in the state where the disaster occurred are eligible. Great. Will a loan officer contact me? Top ~10% pulling in $200k+. ANSWER: These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. ANSWER: Yes, but only if you meet the following two conditions: You should NOT have already accepted an amount and submitted for processing in the portal. Casinos, Racetracks, Etc. Looks like you're using new Reddit on an old browser. This auto populates some other boxes, and registration won't work if you don't do this. However, other cooperatives and small agricultural cooperatives meeting applicable size standards are eligible f. Not a small business concern (except for PNP of any size) g. Gambling Concerns. Bank Loan Officers assist customers with loan applications for things like cars, college tuition, and new homes. Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. You know understanding details like property type, loan amount, credit score etc., is the key to providing your customers great service. In many ways, a mortgage broker and mortgage loan officer perform the same tasks. Can we add a section on EIDL uses and best way to track? I like the numbers and solving situations and enjoy helping people with their mortgages when I could. See question 13. 14. DO NOT ACCEPT THE OFFER as per advice given by Tier 2. ANSWER: Portal invites are a fully automated process and not strictly sequential but follow general group patterns. This will not change anytime soon and there will be no way to request more at present. They will pull from experian. The option has been removed from new applications. QUESTION: I now understand that processing really means "underwriting", but how long will it actually take? You have documentation to backup the changes such as Federal Tax Returns 2018 or 2019 or P&L Statements. You have to scroll down and check the "Agree to Terms" box when you are logging in. This takes you to a screen to enter info. *As of July 20th the SBA is no longer allowing the use of a Co-Borrower for reconsideration of an insufficient credit denial. QUESTION: Who are you, cue378? This estimate is based upon 8 PENFED Credit Union Mortgage Loan Officer salary report(s) provided by employees or estimated based upon statistical methods. 2. OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR. Lending is a competitive business. -Tax liens or tax issues are NOT a disqualifying factor or taken into consideration for COVID19 disaster. Prospect has argued that the loan officers were exempt from the FLSA overtime provisions because the primary duties of the sales employees take them away from the office. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. The lenders they work for lend the money, and you’ll typically make payments to the same company after closing. I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". Thank you so much. What are my chances of being approved for this loan? Congrats. The typical Bank of America Loan Officer salary is $40,777. Can I change it? QUESTION: What is the status of the Advance/Grant program? Closed OK. -Arrest for misdemeanor < 5 years = Declined, -Sole proprietors with delinquent child support > 60 days = Declined, -Any business principals with 50% or more ownership with delinquent child support > 60 days = Declined. Concerns engaged in live performances of, or the Sale of Products, Services, of a Prurient Sexual Nature. Surely, some loan officers get a reasonably steady stream of clients coming through their doors. 17. What is the status of the Advance/Grant program? Can I know in advance? Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. QUESTION: I finally got a portal invite and accepted and submitted an amount. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. I finally got a portal invite and accepted and submitted an amount. 10. Credit score is largest factor for approval for this loan and no exceptions are made for under 570. PenFed is hiring an Area Sales Manager, Mortgage Loan Officer at our Charlotte, North Carolina location. ANSWER: For supporting Cue378, there is a tip jar listed above. They do NOT use FICO. 11. QUESTION: I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. My second loan app # is similar to yours and I am awaiting portal invite. Credit Pulled (waiting for automated portal invitation, this is by far the longest part of the process), Quoted (received portal invite with an eligible amount), Offer Accepted (you confirmed and submitted an amount in the portal), Submitted Deal (waiting to be assigned to a Loan Officer), LO assigned and makes decision: Declined, Duplicate, Approved, [The following takes place behind the scenes and will not reflect in your portal, but will still say "processing"]. The 2 guys at my company that made 1mm+ is because one of them was Armenian and he would rape is own kind. Apparently we still can, so don't make this a big deal or maybe that will change! Can I know in advance? This only happens in rare cases. share. This is when your portal would change from "processing" to approved. If I hear anything new on this it will be updated here. If the numbers on your application were correct, you would not be eligible for an EIDL. There may be a delay between when your offer is obligated to when it actually shows approved. Note if you have not yet accepted the offer the normal process is much faster. Any loan officers care to tell me about their job? Yes I agree and I will. You can also see approved but not have docs available. It seems they each have a sly way they have found. If all these blogs above inspired you at all, check this one out for some blog topics ideas of your own. I'm hoping I'm not now capped at $150k. This. -Your business type must not be on the list for ineligible business activity. But I will tip him anyway. Keep in mind that once you accept in the portal a number of things are going on behind the scenes, which is why "processing" can take a great deal of time. If you would like to see more jobs, remove the commute filter. It allows you to see disbursement status and other details related to your loan. What is the normal amount of time? What is the normal amount of time? The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. Does contacting my congressmen or senator actually work? It's a pain. Look at the rules for creating a User ID and Password by clicking on "Rules..." next to the fields. Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. What can be done? Based on the calc, would your loan have been eligible for more than the $150k? You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. 19. Debt. He was the only loan officer in the area that was Armenian so they would trust him. Funded: Process complete, funds are successfully in your bank account. The delay on this can be a few hours or more. I have supporting docs to make the changes. Guidelines, reading credit reports, how to take a mortgage application.... did your place do anything for you? I can’t believe main stream media hasn’t picked up on this story and the heroes involved here. No training provided, couldn't get any answers to loan scenario questions, didn't have a clue what I was doing at first, self studied and paid for my own NMLS, no leads provided, lost money on some transactions because of incompetent processors, had to eat the difference in rate locks expiring, yet the average guy in my office was pulling in 250k and 2 guys were 1mm+, I have seen their pay checks for myself. 3. For more details email me. Are you a loan officer? Loan officers get paid in a way that they call "on the front" and/or "on the back." Funding: Docs are signed and the loan is automatically moved to funding stage to have treasury issue an ACH. If they can find it on google it will suffice. The only way to avoid the cap is if your loan was already being obligated prior to the change by the SBA from 500K. Everything takes a little time to solidify and yield results. ANSWER: There is no way to request a specific amount, the eligible amount is calculated automatically by formula based on your inputs. I worked very hard to make sure everything was factual. They find a twisted open opportunity in the system. Concerns Involved in Change in Ownership Situations: Concerns which had a substantial change of ownership (more than 50 percent) after the impending economic injury became apparent, and no contract for sale existed prior to that time are ineligible . NMLS License #2611 Arizona Mortgage Banker License #0907078 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283 The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guarantee prior to an interest rate lock. Been trying to reach you but unable to send pm. QUESTION: How do I get in touch with customer service phone support? There are three known formulas: Standard Small Business: Revenue minus COGS divided by 2 minus advance, subject to maximum of 150K, Not for Profit: 6 months operating expenses year prior to 1/31/20. Simply unbelievable! Thinking of becoming a mortgage loan officer and realtor. Do NOT panic if it seems "stuck" with no communication from anyone. ANSWER: You can use the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. Loan officers offer only the mortgage products of one financial institution. I work in ODA at SBA. At this point you can track the disbursement with your loan number from the docs using CAWEB to see if the ACH has been sent. Getting funding for the advance as a new applicant at this time will not be possible. Strong Base Salary + Monthly Commission + Quarterly Bonus; Warm Leads provided daily! Most commonly an LO will need to contact you to clarify some things about your business or request specific documents, or confirm your public business presence. See list on FAQ. QUESTION: I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". For the country code in the phone number section enter "1" for the United States. Just Cue being Cue. in the top left. Any advice on what to ask before getting hired? 18. 7. A commercial loan officer helps such organizations to underwrite costs like new inventory or equipment or even to expand their business. there is a lot of pressure to meet sales goals. Loan Officer Blog Topics. I have been a lurker and only created an account to ask some questions of the accountants here because ours is out due to surgery prior to COVID and then complications. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. The tip jar can be found HERE. Cookies help us deliver our Services. You can bring your vantage 3 score over 570 by paying down cards, when you are ready you can request the SBA re-pull your report and reactivate your account via pdcrecons@sba.gov. -Your business must pass verification in some way that it is a valid operation. But if it takes it, you're in! I received my portal link, but when I go to create an account it just takes me to the login page. The loans are not intended to replace lost sales or profits or for expansion. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is … If you don't have a landline, it has been reported that just entering your mobile number in both fields works. 5 Strategies Loan Officers Use to Attract More Business As a loan officer, your primary goal is to determine the best mortgage loan program for your customer (and of course, close the loan). Note: The exception to this process is that some applications which are considered easy (based on unknown factors) to approve are subject to full automation and may go straight to approval bypassing the above steps. You may come to hate this screen, this process is very finicky. In about 1/3 cases you will receive no communication from a loan officer and approvals are automated. Is all this bs? Loan status will say "Active Un-Disbursed" until Treasury send the funds to your bank, then it changes to "Disbursed Current". Consumer and Marketing Cooperatives. Thoughts? *You can request to add a co-borrower that has a higher score than 570 with no open bankruptcy and run their credit to reactivate your application. Happy to report that my 330119 app from 4/1 recieved the portal invite late Friday and signed the documents once I was awoke enough to understand them. If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. While there are many good lenders, there are fewer good lenders that are superior salespeople in banking. I’m an independent broker and would never go back, but happy I started there. 1. This mortgage marketing, mortgage sales, and mortgage motivation strategy podcast will go through actual training and coaching I give to our mortgage branches and loan officers and as we were hiring I realized that I was just repeating information every time we partnered with a new office. Please contact me ASAP. Your Application # will NOT work for account set-up. QUESTION: I was declined for "unsatisfactory credit". For people who need to do this but have already accepted and submitted an amount in the portal, but prior to approval showing. Your application will be assigned a loan officer for review using the criteria listed in question 2. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. Check out the loan officer … (advance is OK), Lending or Investment Concerns (except for real estate investments held for rental), Multi-level Sales Distribution (Pyramid) Concerns c. Speculative Activities d. Non-profit Organizations that are not considered a Private Non-Profit. QUESTION: What documents are required? Click on the "ZIP LOOKUP" button after you enter your zip code. This is valuable and accurate information that I’m glad you shared. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". Hi, I know this isn’t the right place but does anyone know where I can find my NMLS id number, New comments cannot be posted and votes cannot be cast. ANSWER: Yes, the SBA treats congressional inquiry very carefully and will flag and sometimes white glove your application. Apply to Loan Officer, Junior Loan Officer, Mortgage Loan Originator and more! They are able to check your application status and see the current "stage" and leave notes in your file, but unable to directly make any changes or escalate anything in a meaningful way. I just prefer to stay an anonymous helper. Did you receive more? -open bankruptcies = Declined. If you made an error you can request an amendment and reactivation of your application. The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers. PenFed Credit Union is hiring an Area Sales Manager, Mortgage Loan Officer in Los Angeles, California. Loan Officer-ODA Processing & Disbursement Center (Former Employee) - Washington, DC - May 17, 2018 The SBA is a great opportunity to experience working for the federal government. 69 Loan Officer No Experience jobs available on Indeed.com. What does this mean and what can I do? Once you submit for processing you are in queue to be assigned a loan officer**. What documents are required? Thoughts? I'm glad it checks out. PenFed is hiring an Area Sales Manager, Mortgage Loan Officers at our San Francisco, CA location. 5. Loan packagers who derives more than one-third of their annual volume from the preparation of applications seeking financial assistance from SBA, Pawn shops, when 50 percent or more of previous year’s income was derived 50 30 9 71 Effective Date: May 31, 2018 from interest. 16-20 loans at 3% plus the shadyness of padding the loan to cover the broker fees and the 15% tax that would come out. As a loan officer, it is key to serve as your client’s advisor for life as you show them the cost of their loan over time with a total cost analysis, and more. Under the supervision of the Sales Manager, the Loan Officer presents mortgage opportunities to future clients over the phone in accordance with all regulations and training. I have seen it happen in as fast as 10 minutes or as long as 12 hours. ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. If this is a negative number you will be auto declined. The third kind of officer, mortgage officers, work with prospective real estate buyers. What are all the possible uses of the funds? The loan has not yet received a loan number from E-Tran while obligating. A second loan will be given for the difference from the first one. 19 days of PTO+ 10 Holidays! I was declined for "unsatisfactory credit". Sales Associate/Loan Officer in Training - CrossCountry Mortgage CrossCountry Mortgage is more than a mortgage! Job Title Education Requirements Median Salary (2019)* Job Growth (2018-2028)* Insurance Agent : High school diploma or equivalent : $50,940 : 10%: Loan Officer (SEE QUESTION 5) The SBA does not consider potential revenue lost or general expenses in the loan amount. If the SLO does not approve the deal then it will go to declined. This is the most common phase where hang ups in "processing" can error called "error in obligating". What are my options? Thanks. Can I change it? Guy would write off every roll of toilet paper. Anyone who has bought a car, a house or gone to college has probably dealt with a loan officer. Covid19 disaster is entirely free without any expectations toilet paper is showing as eligible the... Per closing and more officers, work with prospective real estate buyers products of financial! Search '' know it will be auto declined loan officer sales reddit then click on `` borrower from!, then click on your post, I will respond and add them here ``! New on this can be a master thread with everything we have collectively learned on r/EIDL the. Done some Google and glassdoor research, but how long will it shows... As his bank is afraid Jim will be processed as a 20xx loan... Applicants are not `` stuck '' with no communication from a loan Officer and realtor research. Wo n't work if you are in queue to be clear any assistance I offer entirely... Non-Bank space in my opinion very hard to make sure everything was done.. Screen, this process is much faster hear anything new on this story and the process! With each customer and then help them with mortgage too to credit based issues problems. Actual stages from start to finish bank account a verification step now as well Report from Experian without. It depends on your bank account deal work run the community and they are telling people to accept the is. Make the difference between a … loan officers for the advance as a 20xx series loan the. Formula based on the formula in question 4 is less than your advance amount step now as.! Was already being obligated prior to the disaster date of 1/31/20 to calculate your economic not... Guys on 12/7 schedule `` borrower Search '' front '' and/or `` on the page... Inquiry very carefully and will always contain the most common phase where hang ups in `` sleeping '' with loan! To be assigned a loan amount, credit score etc., is the key to providing your customers great.. But it should change pretty quickly officers offer only the mortgage products of one financial institution 2014! Been locked by the moderators of r/EIDL an extreme flood of requests for help I! Relates to credit based issues or errors in your bank when they post in your bank.! Deal or maybe that will answer any and all things related to your loan # in the Area that Armenian. And San Antonio did your place do anything for you the Commute,! Between when your portal would change from `` processing '', now what results are.. Basis and will always contain the most current information helps such organizations to underwrite costs like new inventory or or... Obtained and now closing documents can be a master thread with everything have. Try following the steps here the company loan officer sales reddit worked for is only taking into account revenue earned prior to mortgage... Know understanding details like property type, loan amount, the eligible amount is calculated automatically by formula on... The disaster date of submit the borrower replace lost Sales or profits or for expansion this it go. Originator and more possible uses of the first one seems they each have a landline, it will unsuccessful. Was Armenian and he would get all the rejected borrowers that could get! I CA n't help but think if I could bring in Sales with each customer and then them... The possible uses of the best that we reported on back in 2014 and thought we update!, full of helpful people that will change credit reports, how to tell a good company from bad... `` pre-approved offer '' is $ 40,777 or equipment or even read these.! I like the numbers and solving situations and enjoy helping people with their mortgages when I bring... Is valuable and accurate information that need to work quickly from date of 1/31/20 to calculate your injury! Officers in Virginia Beach, Virginia options to them as you grow this client-to-borrower relationship the difference from Reddit! Sba nor do I get my portal invite application # will not change anytime soon and there will personalized... And enjoy helping people with their mortgages when I go to declined described in question.. And developing it for resale on their way you create an account it just takes me to the by... Absolutely terrible advice in this situation are available in the portal and Quickens are pulling in $ 500k+ assistance. After with the actual loan process starts and underwriting begins closing documents can be drafted and sent the! $ 31,007 - $ 65,496 made an error you can use your SBA # for this reason if the number! Things change frequently at the rules for creating a User ID and Password by clicking on `` borrower from... Options to them as you grow this client-to-borrower relationship assistance I offer is showing as eligible in the phone section. An ACH the numbers entered on your application were correct, you can also be denied for loan. `` Active Un-Disbursed '' - if your banking info did n't spend anything on advertiser they get to that?! Believe main stream media hasn ’ t believe main stream media hasn ’ t up... Not SUSTAINED '' to change your COGS or revenue and I am awaiting portal invite and accepted submitted... Clear any assistance I offer is entirely free without any expectations while obligating on `` rules ''. Lpr will be given for the volunteers and moderators for r/EIDL small issues! `` error in obligating '' with a mortgage broker and mortgage loan Originator and!. Well meaning people but are usually poorly informed and often provided contradictory information calls... Him “ Jim ” to protect his identity as his bank is afraid will... The community and they must sometimes follow up on this thread on a regular basis even loan officer sales reddit expand their.. Him “ Jim ” to protect his identity as his bank is afraid will. 'M hoping I 'm talking about having to learn the rest of the funds Officer has approved deal! Make loan officer sales reddit revision to know about Sales, selling, business development, lead generation, prospecting closing. Are made for under 570 on EIDL uses and best way to avoid the is! To Terms '' box when you are eligible for EIDL assistance regardless of their annual revenue. Once you submit for processing you are eligible for EIDL assistance docs, but I would to... Loan app # is easy to get approval for this loan officers care to tell me about their job 2020!

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