Loan Product Question

Anonymous said...
Hi Ameen,

As a new loan officer, what is the most expeditious way to learn about the loan products I have to offer my customers. Until I get a couple of loans underway, I am finding it difficult to professionally sell something I know very little about! I am told by my broker it comes with hands on experience, however how can I offer something to realtors or builders etc... that I don't know enough about???

Hello,

A fast way is to look through old files. Look at the circumstances of the borrowers, what loan they were put in, and question why. Then see if there was any other product that might have been better for them, or would serve as a back up incase the best product didn't work.

Another way is to talk with lender reps. Take one out to eat and quiz them on what they have and what the benefits are for each product. Most lenders offer similar products so once you understand the main ones, the rest is easy.

Go to the bookstore and buy a mortgage book that lists the different programs. Any book for consumers will do.