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Originating A-Z

e-book is training manual for new loan officers

July 13, 2005

By PAULA PARISOT


photo of Paula Parisot
Paula Parisot
read about or purchase The New Loan Officer's Guide

A loan originator turned author has written an Internet book he says will teach mortgage professionals everything they need to know about writing loans and succeeding in the mortgage business as a loan officer.

The New Loan Officer's Handbook for Success: For Residential Mortgage Loans 2005 is available on the Internet as an e-book. The book's author Steven Driscoll said his banking experience, which includes more than seven years in the mortgage industry as a senior loan officer, branch manager, loan officer instructor and director of compliance, has helped in his efforts to "leave no stone unturned" when defining the objectives to becoming a successful loan officer.

Written in casual first-person with an easy-to-read format, Driscoll covers the basics of the loan processing and explains loan documents, underwriting guidelines and conditional approval sheets. He also reviews how to complete an accurate 1003, how to qualify applicants and how to best utilize a financial calculator.

The e-book defines loan types and procedures in an easy to follow, step-by-step manner -- making it an excellent reference guide to keep on hand.

Copies of actual industry documents -- such as appraisal reports, truth-in-lending and other loan disclosures, and other commonly used forms -- are included in the publication.

Aside from the required protocol and knowledge that is necessary to find success as an originator, Driscoll stresses the importance of customer service and advises loan officers to maintain regular contact with their clients. He suggests that loan officers phone their clients once a week to update them on the progress of their loan; whenever something important occurs with the loan; always be accessible to the client (even at home in the evenings); and to return calls within 24 hours.

Driscoll discusses the need for organization and time management by explaining how to set up a workstation most efficiently, how to track pipelines, and the need for daily to-do lists.

Using stories to help give instruction and create memorable lessons, Driscoll gives the reader a thorough understanding of what is expected of a loan officer and what the job entails, including long hours and complicated situations but also the rewards of mastering the profession while helping borrowers achieve their financial goals along the way.


Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

Email Paula at: [email protected]


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