ir loans: 1). has an appraisal that comes in 'short'?; 2). The credit score doesn't support the loan they need; 3). your wholesaler stips you to death - and many of them are silly; 4). The doc prep girl at the wholesaler drops the ball getting your docs correct and out onIf you're a Loan Officer these days, you probably were hired as a salesmen/bird-dog hunting down potentials applicants. Spending money ‘Advertising' is the real answer to that task, but since that's what today's Broker/owners think is the primary role of a LO, you need to be careful not to get caught in this ‘referral' trap by an inexperienced employer.

One point you need to carefully consider, is just how talented is your employer and the degree to which they train you to be the best you can be(or is he/she merely a former LO and that's all they know about being an owner).

Because they don't know any better, far too many broker/owners push their newer LO's to attract potential applicants via the "referral" method. That's where you pester all your friends, relatives, and others to use you themselves, when they have a mortgage need, and to also send you their contacts.

The boss – who should already knows better – neglects to reveal to you those friends and family and the carefully cultivated referral sources will probably blow up in your face when one of their loans: 1). has an appraisal that comes in 'short'?; 2). The credit score doesn't support the loan they need; 3). your wholesaler stips you to death - and many of them are silly; 4). The doc prep girl at the wholesaler drops the ball getting your docs correct and out on

be careful not to get caught in this ‘referral' trap by an inexperienced employer.

One point you need to carefully consider, is just how talented is your employer and the degree to which they train you to be the best you can be(or is he/she merely a former LO and that's all they know about being an owner).

Because they don't know any better, far too many broker/owners push their newer LO's to attract potential applicants via the "referral" method. That's where you pester all your friends, relatives, and others to use you themselves, when they have a mortgage need, and to also send you their contacts.

The boss – who should already knows better – neglects to reveal to you those friends and family and the carefully cultivated referral sources will probably blow up in your face when one of their loans: 1). has an appraisal that comes in 'short'?; 2). The credit score doesn't support the loan they need; 3). your wholesaler stips you to death - and many of them are silly; 4). The doc prep girl at the wholesaler drops the ball getting your docs correct and out on

at's all they know about being an owner).

Because they don't know any better, far too many broker/owners push their newer LO's to attract potential applicants via the "referral" method. That's where you pester all your friends, relatives, and others to use you themselves, when they have a mortgage need, and to also send you their contacts.

The boss – who should already knows better – neglects to reveal to you those friends and family and the carefully cultivated referral sources will probably blow up in your face when one of their loans: 1). has an appraisal that comes in 'short'?; 2). The credit score doesn't support the loan they need; 3). your wholesaler stips you to death - and many of them are silly; 4). The doc prep girl at the wholesaler drops the ball getting your docs correct and out on

lves, when they have a mortgage need, and to also send you their contacts.

The boss – who should already knows better – neglects to reveal to you those friends and family and the carefully cultivated referral sources will probably blow up in your face when one of their loans: 1). has an appraisal that comes in 'short'?; 2). The credit score doesn't support the loan they need; 3). your wholesaler stips you to death - and many of them are silly; 4). The doc prep girl at the wholesaler drops the ball getting your docs correct and out on

ir loans: 1). has an appraisal that comes in 'short'?; 2). The credit score doesn't support the loan they need; 3). your wholesaler stips you to death - and many of them are silly; 4). The doc prep girl at the wholesaler drops the ball getting your docs correct and out on time; 5). the notary/closer messes up the signing – oops; 6). and the next 50 things that DO go wrong on most loans every single day. So you simply CAN'T be efficient and keep your promises to the customer, providing excellent service like you want to. This is where your supplier/vendors make YOU look clueless and seriously unprofessional.

Consider at what's that will do to your 'relationships' - be honest. I have found over the years the "referral" biz plan simply doesn't work over time. A definite way to stay small, Yep - on that issue I agree - but growth? Nope

What you seriously have to offer any applicant - if you get properly trained - is (a). your own skills at being an LO, (b). which includes the loan programs your employer makes available to you, AND (c). the supporting vendor/suppliers who have a major effect on all the moving parts that come into play between 1003 and funding. Instead of ‘referrals', These are where you should concentrate your attention, getting trained, clearly understand loan programs you'll use, understanding what all the vendor/sup