As an originator, you must become an expert. There's no reason that the underwriter should be more knowledgeable than you
By Dave Hershman
Special to MPA
In a recent webinar I attended, you advised loan officers to take an underwriting course. This is a great idea, but where could I find such a course? --Jacob from NJ
That is a good question. There are several places, including private schools such as AllRegs. However, you will find that the associations and agencies offer underwriting training as well. For example, the Mortgage Bankers Association, National Association of Mortgage Brokers, Fannie Mae and Freddie Mac all have training available. Even FHA has webinars on topics of interest such as condominium approvals. Mortgage Insurance companies offer training as well. Some of this training will be in specific areas, such as self-employed underwriting or reviewing appraisals.
The important point which you heard but those who missed the webinar did not, is that as an originator -- you must become an expert. There is no reason that the underwriter should be more knowledgeable than you. As a loan officer, you should underwrite the file yourself before it is ever sent to processing. It is not about collecting documents and throwing them in a file.
This will enable you to produce a better product which is subject to fewer questions and conditions and also put you in a position to make your case more strongly when questions do arise. Successful originators are more than sales people, they are students of the industry as well. This is all about producing more income with less stress.
--Dave Hershman
Do you have a reaction to this commentary or another question you would like answered? Email Dave at [email protected].
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].
Special to MPA
In a recent webinar I attended, you advised loan officers to take an underwriting course. This is a great idea, but where could I find such a course? --Jacob from NJ
That is a good question. There are several places, including private schools such as AllRegs. However, you will find that the associations and agencies offer underwriting training as well. For example, the Mortgage Bankers Association, National Association of Mortgage Brokers, Fannie Mae and Freddie Mac all have training available. Even FHA has webinars on topics of interest such as condominium approvals. Mortgage Insurance companies offer training as well. Some of this training will be in specific areas, such as self-employed underwriting or reviewing appraisals.
The important point which you heard but those who missed the webinar did not, is that as an originator -- you must become an expert. There is no reason that the underwriter should be more knowledgeable than you. As a loan officer, you should underwrite the file yourself before it is ever sent to processing. It is not about collecting documents and throwing them in a file.
This will enable you to produce a better product which is subject to fewer questions and conditions and also put you in a position to make your case more strongly when questions do arise. Successful originators are more than sales people, they are students of the industry as well. This is all about producing more income with less stress.
--Dave Hershman
Do you have a reaction to this commentary or another question you would like answered? Email Dave at [email protected].
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].
