Mortgage Processing Blog :

Turn your Denials Into Revenue Streams

2008-09-06T14:05:00.001-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

The industry seems to be changing every day, and the rules we played by yesterday are completely different today. As revenue streams dry, we need to look alternate sources to sustain us. The bad lending practices of the past have come back to haunt lenders that offered extreme products in previous years. Now, they are swinging to an ultraconservative mindset which may create a whole new set of problems in the interim – but that is a discussion for another day. Bonnie Hilt wrote an interesting article last week in reference to the state of denials. The article started off like this:

“If your office looks anything like mine does, then you have a stack of files about 2 feet high that you have recently rejected.”

So how do we navigate the minefield that is the mortgage industry today? What should we do about all of the loans that have been rejected? Fortunately, there is hope for your TUD’s. No, subprime is not back!!! But, many times you can offer the borrower’s that were denied something better than a refinance.

Enter the Note Modification. There are many companies out there that will help borrowers who are in “bad loans” and have no hope of qualifying for a new “good loan”. A competent lawyer is able to show the borrower’s current lender; if the loan were underwritten by today’s guidelines, that it would not qualify. In many cases borrowers who are on the brink of Foreclosure, or who may be considering a short sale, can do a Note Modification. Some lenders are even taking these borrowers down to 4% just to make the DTI work!!!

Why would the lender do this??? It is better for them to have a performing loan at a ridiculously low rate, than it is to have a loan that goes into default. The lender loses liquidity when a loan goes into Foreclosure, they have holding cost until the property is sold, and they have to pay attorneys’ fees.

Why would you refer your turn-downs to a company that does this? That is simple. Many modification companies will pay you up to $500 upon the note change, for a loan that you refer to them. This is not a loan and this falls outside of RESPA. Why would you not refer your dead files to a company like this?

If you contract process, then technically the dead files are not yours to refer. However you may be able to split the commission with your broker when it is all said and done. After all, you worked on a file that did not close, and you have a source to help the borrowers who would not otherwise qualify. You may even be able to get the broker to send all of their turn downs to your source. In which case, you may make about $50 per file.

Next week I will discuss how to find the source for the modification, and how to negotiate the terms with your brokers and the Attorneys’ who handle modifications.

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Pulled Apart

2008-08-29T12:00:00.002-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

How to be a good processor and have a life at the same time

Your client’s don't think you work hard enough. Your spouse misses you and wants to see you. The lender’s closing department is closed due to a flood and has postponed your loans for several days which will cause much needed pay to be delayed. And this is Monday! What might happen the rest of the week?

On days like this, screaming may help, and staying away from sharp objects is a practical consideration. You begin to wonder where work ends and family life begins. How can anyone possibly juggle the pressures of family, processing, recruiting, staff relationships, involvement in extra-curricular activities, and still remain a sane member of the human race?

Relax. There is hope. Here's what works for me when I feel multiple needs attempting to pull my life apart.

Prioritize. A friend of mine once bragged that he kept a 15-minute slot open in his daily schedule for his wife. My reaction was twofold. First, thank God he set some time aside for his wife. Second, does she mean so little to him that her only contact is determined by a Day-Timer?

Relationships are the foundation of any successful person. Work should not come first. Once you've established the top priorities, prioritize the work-related programs, meetings, assignments, and expectations that crowd your daily schedule.

Make a “drop-off” point for yourself on the way home from work. This could be a landmark, for example a certain tree that you drive by everyday on the way home. When you get to that tree, mentally drop off all of the stress and frustration of your work day, and refresh yourself for your family that you are about to see. Believe it or not, it’s all a mental choice.

Play. Take advantage of your day off and vacation time. I can become obsessed with building my business and building little empires out of my extra interests. I could literally work eight days a week. I recently heard about someone who was trying to build a business and she decided to sleep every other night to free up more time. Her doctor told her that she had better quit and take some time off or she would be facing serious health issues by the time she was 35.

It is a proven fact that we operate with more clarity when we have proper rest and time for relaxation.

Probe. Probe or search for another view. Call a friend. I have friends and family that help me gain a proper perspective when my vision is vanishing. Find a positive friend who's not afraid to tell you the truth.

My first counselor and friend is my wife. In addition to talking to her, I have solid friends that I can run scenarios past. We all need a good friend who'll help us see problems from another angle.

The dream is possible! You can be successful in the mortgage processing business, know your family, and stay “slightly” sane.

Enjoy the holiday weekend, and DON”T think about work.

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

The Power of Face-to-Face

2008-08-22T13:20:00.004-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

It’s amazing how in this modern world of technology, most jobs can be done without ever actually seeing another human being. With email, phone, fax, internet, etc., the face-to-face interaction has become ancient.

I have actually worked with people for years, and never met them. And, actually, I don’t think about it much. But when I do stop and ponder it, I find it pretty crazy that these people that I talk to every day, whom I depend on for my lively hood, I may not ever meet. And what’s really funny is how we get that picture of what we think someone looks like, and then if we do ever meet them, they look completely different than we thought.

It’s so easy to simply “go along” with what modern technology says is the “norm”, and never even think about what is being missed by the “old way”.

Competition is fiercer now than it ever has been, and I believe that is partly due to lack of personal contact. I have found that the few people I meet face to face are my best and most loyal relationships. Especially as a contract processor, meeting my clients face to face is invaluable. An immediate trust factor develops because all of a sudden, we become human again, and not just some words on a screen, or a voice with no face. It becomes personal, and therefore, real, which equals loyal business.

Humans weren’t designed to live in a shell, or we’d have one. We are meant for interacting with each other. Now we sit in a box, in an office, with florescent lights and computer monitors screaming that we weren’t meant for this. Why does everyone fight over the cubicle with the window?

In whatever capacity you are able, try and meet the people you work with in person, and keep that face-to-face contact happening regularly. Especially if you are a contract processor, try and meet your local clients in person.

If a potential client is considering several different contract processing companies to send their business to, and you are the only one they meet in person, you will most likely get their business.

Looking people in the eye takes relationships to a whole new level. And although, it sometimes takes us outside our comfort zone, the rewards are priceless.

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Bored and Burned Out

2008-08-15T12:41:00.003-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

Sometimes you come to a place where you just don’t feel like going to work. You question why you are doing what you do, and it seems very unfulfilling. It feels like you are chained to your desk, all for the purpose of making money. You are burned out.

I think that everyone goes through phases like this. Even if you are doing something that you love, it can feel like a burden sometimes. And, I don’t necessarily think that when we feel this, it means we are doing the wrong thing and need to find something else. Sometimes it just means that it’s time for a little re-evaluating.

Not that it isn’t sometimes necessary to make a move, but often it could be that we have gotten stuck in a rut; maybe with some bad work habits, maybe we have let our attitude get the best of us, maybe we want to be more creatively using our minds but we have come to the point where we can do the job in our sleep.

This can happen in processing very easily. Many of us probably got into processing from being a loan officer first, decided sales wasn’t for us, and processing was a better fit. At first it seemed great (certainly better than sales!) But then, as time goes on, it gets so repetitive.
Maybe, instead of leaving for another processing job at a different company, where, in a matter of months, it will be back to the same repetition; maybe it’s best to stick where we are and find ways to take it to new levels.

Try re-organizing and cleaning your office. Bring in some plants, or pictures, or anything that makes you happy. Make your space fit you better. Instead of those stark white walls, bright florescent lights, and brown carpet being your only decorations, bring in your own personal touch. You will be amazed at the new surge of energy you will get just from doing this. Sometimes a simple dusting will do the trick.

Talk to your boss about putting some new systems in place. Take a walk during lunch. Redo your budget so that the money you are making can go further. Take the time to get to know the people you work with beyond just work. Sit with other departments for an hour and learn what they do. Redo some of the forms that you use to fit your work style better. Make a list of everything you are grateful for.

These are just a few ideas, and many new and exciting things can flow from here. Sometimes it’s just a matter of adding a little newness to your day, and all of a sudden your brain gets re-awakened.

So, when you are feeling burnt out, bored, and chained to your job, instead of running to something different, get creative right where you are, and enjoy a new outlook from an old space.

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

The Tool Box

2008-08-08T14:33:00.000-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

As processors, we are always getting stuff thrown at us from every direction. Knowing what tool to use in each situation, will help us to handle the situation better. So, it is important that we stock our tool box with the right tools.

Some good ones to have on hand are: patience, humility, listening, and kindness.

Some to sell at a yard sale are: short-temper and arrogance (aka: I’m always right!).

Let’s face it, this job is difficult! But interestingly, it is not the actual “job description” that is difficult, but the people interaction that comes with it. If we never had to deal with anyone, and we could just simply process the paperwork on each loan, then we could probably process 100 loans per month by ourselves. But when you add in the human interaction, then, 100 loans suddenly gets cut in half or more because of the amount of time required dealing with that aspect.

I’ve often made reference to the “assembly line” concept, and how our goal should be to streamline the assembly line as much as possible, therefore, admitting greater output. I believe that this is crucial to production, and all efforts should be made to get this as smooth running as possible. But, at the same time, we must understand that the assembly line will probably never be as “smooth” as we would like because of the human element required.

Just picture Ford’s manufacturing plant. There’s the car coming down the line, to the first stop for framing, then the second stop for body, third stop for tires, fourth stop for paint, fifth stop for seats, etc. Now picture the person putting the tires on at stop number three who had a bad morning, and wants to argue with the car about why they just aren’t doing tires today because they don’t feel like it! Hence you have the human element added to the assembly line, and now the assembly line is no longer assembling.

So, back to the tools; the more we can use the “good” tools creatively, and less of the “bad” ones, the smoother our assembly line will run. Essentially, we, the processors, have to be the bigger people when confronted with difficult matters. When knives are getting thrown at us, we need to not pick up a knife to throw back, as it will only cause the assembly line to come to a screeching halt.

We should all try to work on having the “right” tools, and practicing how to use them well. The mortgage business will be a much better place as a result.

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Boundaries

2008-08-01T12:19:00.003-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

Without a clear understanding of who is responsible for what, boundaries can become unclear, and we can inadvertently cross the line. Once that line is crossed it is difficult to get back to the other side.

It is easy to start picking up responsibilities that are not ours when things are slow. After all, we all want to be helpful.

The problem is that when we start doing others responsibilities on a slow day, they may, and often do, expect those responsibilities to become permanent.

Use your best discernment here. I work with loan officers who I would gladly go the extra mile for, and who are aware of the boundaries and the extenuating circumstances. I also work with some that if you give them an inch they will take a mile, and therefore I must keep the boundary lines firm with them, and never cross it.

Just to reiterate, this is my typical division of labor:

Loan Officers Are Responsible For The Following:

• Taking the complete loan application
• Ordering the appraisal
• Collecting all borrower docs
• Identifying the lender and the program
• Pre-Qualifying the loan
• Registering & locking the loan
• Maintaining status as the main borrower contact
• Turning in a full & compliant file, ready for processing

I am Responsible For The Following:

• Reviewing the file to ensure it is ready for processing/underwriting
• Submitting complete file to lender
• Ordering VOE’s, VOM,s, & VOR’s, credit supplements, etc
• Ordering loan payoffs
• Review credit and verify all debts match the 1003, and all deletions are documented
• Review & calculate income
• Verify disclosures are complete and compliant
• Keep loan officer informed of loan status, and keep point file updated
• Clear lender conditions
• Main contact with underwriter/lender (except for pricing)
• Contact & Order Title Services
• Order Mortgagee Clause Changes
• Verify homeowners coverage and order any necessary changes to policy
• Order condo certs/insurance
• Prepare Fee Sheet
• Verify Fees With Broker / Lender
• Coordinate Closing Times & Dates
• Review HUD & Verify With Broker
• Confirm Closing Was Successful
• Clear Post Closing Conditions
• Assure Everyone Gets Paid
• Return Loan Package To Broker

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Fallout Shelter

2008-07-25T12:39:00.002-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

We all have fallout, but as the housing market declines and the industry tightens its grip, it seems like the pull-through ratios are declining. Which leads me to the question – Is it fair to charge a broker for a loan that did not close?

Well - yes and no.

We are in business and we have to take expense and risk into consideration, but we have to be careful not to punish our clients for changes in the industry.

It is one thing when a loan dies due to an unforeseeable guideline change. It is something completely different when a particular loan officer or branch has a high ratio of loan fallout.

In my contract I have a few clauses that address this.

First and foremost, my contract makes it clear that the relationship can be terminated by either party at any time.

Second, if a branch or a loan officer has a high ratio of fallout, I let them know in advance that I will start charging them for the fallout. $50 to $75 per file is fair to cover expenses (toner, paper, time, etc)

Third, I have a clause that indicates that multiple loan submissions to different lenders will incur a fee. I have noticed that loans that are denied at one lender are typically accompanied by a request to be submitted to a new lender. The loan can travel from lender to lender followed by one denial after another. Hopefully the loan ends up in a lender’s closing dept. However, if your client has a habit of giving you fallout loans, then it may not.

In this case you should have something to fall back on for all of your hard work. I do not charge a fee for the submission to the second lender, however I do charge $100per each additional submission after that.

These clauses and practices are fair, and should protect you from wasting money and time on loans that do not close.

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

When Does the Clock Start Ticking?

2008-07-18T16:42:00.002-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

We all have turn times, but do your clients know when the clock actually starts ticking?

Many times I have loan officers send me incomplete packages all the while thinking that the countdown had started. The clock does not start until you have a complete package ready for submission.

It is important that we keep communicating what constitutes a complete package. I am not sure why, but it seems that the line is continually being grayed out and even erased if we are not constantly defining it.

I recently received a package that had no right being turned over to an underwriter. Half of the disclosures were incomplete, the dates were not compliant, etc. It took over two weeks for the broker to get me the missing items. The broker was starting to express frustration with the fact that the loan was taking so long to be submitted.

I very politely reminded them that they need to do their part, and then I, and the underwriter can do our part. If we all do our part everything flows.

On Monday I had a full file ready for the lender. On Wed I had a clear to close. It was worth the wait to submit the full package. You see my 24 – 48 hour turn time started on Monday. Fortunately the lender had a similar timeline, and we were able to move the file through quickly.

Remember - Your reputation is your business.

Happy processing!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Please, Thank You, and Rice Krispy Treats

2008-07-11T12:15:00.004-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

It’s amazing how far the words “please” and “thank you” will take you. They are so simple, yet so often, forgotten and neglected.

Everyone wants to feel appreciated and respected. This is especially true in the working world, where, so often, people feel exactly the opposite.

I used to work with a, shall we say, “grumpy” girl in the closing department of my company. Every file that you brought her, everything that you asked of her, was a “pain in her neck”. The typical reaction from her any time you asked her for something, like simply, closing your loan, was the rolling of the eyes, the huffing, the grumbling, and the “NO, I can’t get it out today, or tomorrow, and I’ll let you know when I get to it!!” response.

Now, anyone’s natural reaction to such a difficult person, is to shoot darts right back. After many months of that not working, I decided that maybe another approach might be a better idea. It certainly couldn’t hurt.

So, I started making it a point to talk to her when I didn’t need something. I took a genuine interest in asking her how she was doing, and complimenting her on her outfit, etc. This promoted conversation, through which I discovered that her favorite treat was Rice Krispy treats. So, every now and then (again when I didn’t need something), I would deliver a Rice Krispy treat to her desk.

Now this simple act said a lot of things. Not only did it tell her that I cared about her enough to listen and remember what she told me, but it caused her to see me, not as the enemy, but as a friend, and I learned a valuable lesson which I have continued to this day.

Here are some key points to remember:

1) Everyone wants to be respected and appreciated
2) They won’t feel that way if you don’t make the effort. People can’t read your mind.
3) People want genuineness, and can see through phony, so if you aren’t genuine, don’t even try it…..it will only make things worse.
4) Never, never, never, use these techniques when you need something. You must make this effort with people when you aren’t seeking something from them.
5) This can and should be implemented, not only at work, but in all our relationships. You will be amazed; not only at the results, but at how much happier you become yourself!

So, try it with your LO’s, AE’s, underwriters, closers, bosses, friends, enemies, relatives, spouses, and everyone that you come in contact with. It takes barely any effort, but the results are too much to measure!!

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Processor Independence Day

2008-07-04T02:51:00.008-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

Once again, it is a good time to remind ourselves why we do what we do. As you all know, I am a big proponent for doing everything and anything to build our business up to its full potential. I am also a bigger proponent for spending time with our loved ones over the holidays, and I place a great importance on time off.

I stated the following over the Christmas holiday this year:

“One of my goals this year is to help as many of you become as successful as you should be without forgetting what is important. We do not need to sacrifice what is important in order to have success. One of the purposes of my article is to point out ways to do more in less time and grow our businesses to their full capacity without working our fingers to the bone.”

How are we doing?

It has been a tough year in the mortgage industry, but at times like this I am thankful for the little things.

So do yourselves a favor. Go home on Thursday and don’t think about the mortgage industry for three solid days. Make some memories that count. Taking the time will ensure that we return fresh and new for the remainder of the second half of the year.

Remember – when you develop strong relationships at home you carry yourself differently at the office. You are more confident, people trust you more, and you have the energy to do more in shorter periods of time.

Let’s hit the second half of the year hard and make sure that we take the entire week between Christmas and New Years off. After all - are loans more important then time spent with family over the holidays?

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Electronic File Storage

2008-06-27T16:36:00.003-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

How are you returning compliance documents to your brokers? If you are still mailing or overnighting things back to your clients then you are potentially leaving money on the table.

Brokers must keep copies of their compliance documents for at least 3 years. Keeping copies onsite can be costly and takes up valuable office space.

This is where we step in. Why not offer to store the broker’s docs for them for a small fee. Even at $40 to $60 per file you are still driving your margins way up.

Typically I already have a complete scanned copy of the file once it closes, so I do not really have to do anything except e-mail the broker a copy. It is also a good idea to store backup copies offsite to ensure redundancy in case something happens.

The original docs can then be shredded freeing up valuable space. It is actually safer than the broker storing it in their office. If the broker has a fire or a flood they have no way of recovering the files. If you have a fire or flood, you have a backup stored safely.

If you close 20 loans you just put an additional $800 to $1200 in your pocket. Not bad for doing what you probably already do. You will also save the broker money on overnight fees by passing on the fee to the borrower as a line item on the HUD.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

That’s the Way It’s Always Been Done…

2008-06-20T12:54:00.002-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

Monkeys:

I didn’t invent the hypothetical situation, but let’s just suppose for a second that I did. Put five monkeys in a cage. Inside that cage, hang one banana on a string and place a ladder under it. Keep a garden hose nearby. Soon one of the monkeys will spot the banana and start to climb the ladder to get it. When he does, spray all of the other monkeys with cold water.

Now, replace the banana. After a while another one of the monkeys will probably go for the banana. Again, spray all of the other monkeys with cold water.

Monkeys are relatively smart, so pretty soon, whenever one of the monkeys’ attempts to climb the ladder, all the other monkeys will try to prevent him from doing it. When that happens, put away the coldwater hose.

Remove one monkey from the cage and replace it with a new one. Now hang a new banana over the ladder. The new monkey will spot the banana and head for the ladder. To his surprise, all of the other monkeys will spontaneously attack him. After several more futile attempts, all of which will result in further beatings, the new monkey will no longer try for the banana.

Remove another of the original monkeys and again replace it with a new one. Now replace the banana. Again, the new monkey will make a grab for it. Like his predecessor he will be stunned to discover that all the other monkeys attack him. In fact, the previous newcomer will most likely take a particularly enthusiastic role in his replacement’s punishment.

One at a time, gradually replace all of the original monkeys with new ones. Each
of the newcomers will go for the banana. Each one will be attacked by the other four.
Most of the new monkeys have absolutely no idea why they were not allowed to climb
the ladder, or why they are participating in the assault on the newest monkey.

When all of the original monkeys have been replaced, none of the remaining monkeys have ever been sprayed with cold water. Nevertheless, not one of those monkeys ever approaches the ladder. Why not? Because as far as they are concerned that’s the way it has always been done around here.

And that is how corporate culture and company policy begins. A friend sent me that the link to that story years ago and it has always lingered in the back of my head, and though the author is unknown to me, the moral is quite clear. If your corporate policies keep failing and only the least valuable employees remain, you’ve got to start challenging the policies and processes that made you successful in the past.

If companies tolerate employees and managers that have accepted mediocrity as the standard level of performance, each go-getter that the company brings onboard will be dragged down by the middle or bottom groups. Accepting mediocrity and poor performance accelerates turnover among the good performers and leaves the company with only the poor ones.

One might wonder if the monkey cage has a more critical effect than the production of psychotic monkeys. Innovation and creativity are certainly the first character traits to bite the dust, and our efforts to conform will finally destroy our individuality, once we let it. There probably is a way to get that banana, but everything is set up to stop us trying. The autonomous system turns us into mindless automata.

Elephants:

Ever seen an adult elephant at a circus? Look closely next time you decide that genre of entertainment is just the thing for you after a hard day at the cubicle farm. Even better, try to take a look in the paddock before the show starts. You may see an elephant with a small length of rope around its neck, attached to what, for the pachyderm, is a piece of wood about the size of a toothpick. As a baby, the elephant had been tied to one end of a leash, and the other end to this small stake in the ground. Without a doubt, the little elephant had tried to pull free from the leash and run away from the circus, but to no avail, until finally the elephant had given up trying. The elephant grew, convinced that it would never be able to pull the stake from the ground, and presumably is convinced he enjoys standing on a box and balancing a ball on his trunk, and had never noticed the stake was just trailing behind him all that time.

Perhaps it comes as no surprise to discover just how many animal analogies and metaphors appear in modern life. Again, it's all conditioning. We've been led to believe its all part of the natural order, yet at the same time we are following career paths that keep us away from a greater good. It's time to pull that stake from the ground, because it's not been holding you back at all.

What? You're worried you'll be doused with water? Never fear. An individual like you will do just great in the processing industry.

A sample monkey experiment text was found at: http://www.notzen.com/andrew/monkey.html on October 31, 2003, but information on its origins seems hard to find.

No monkeys were harmed during the production of this write-up.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Difficult People

2008-06-13T13:24:00.003-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

Is there someone in your sphere of business — a domineering manager, a demanding broker, or maybe even a difficult underwriter or account rep — who drives you crazy?

Difficult people exist at work and they come in every variety. Dealing with these types is easier when the person is just generally obnoxious or when their behavior affects more than one person. But it is much more difficult when they personally attack you or undermine your professional standing.

My initial reaction to these situations is to want to respond with equal force. That, however, is not a good idea if you want to continue to maintain strong business relationships. While you probably can’t change such a person, the good news is you can avoid being their victim.

Learn to recognize when someone in the workplace is “toxic.” Difficult people come in all shapes and sizes: Some talk constantly and never listen. Others must always have the last word. Some coworkers fail to keep commitments. Others criticize anything that they did not create themselves. A toxic coworker can take the form of a cut-you-downer, a two-faced backstabber, a gossip, a meddler, an instigator, or a nasty competitor.

Initially, you might be shocked that you are being treated unprofessionally. Take a deep breath, and try to understand exactly what is happening to you. Realize that you are not alone.

Once you are fully aware of what is happening, deciding to live with the situation long-term is rarely an option. Your situation won’t improve unless you do something about it. In fact, left unaddressed, it usually gets worse.

As problematic as the person may be, there are many dysfunctional approaches to dealing with them in which you do not want to engage.

Try to keep your confrontation private. Go to the person directly and see if you can resolve the situation without bringing others into the middle of it. If you approach a difficult person with the belief that he or she is as eager as you are to restore harmony, you can make the first move. Start your conversation with statements such as “I’m sorry for what I may have done to offend you” or “I could be wrong.”

If you personally dislike a coworker or business associate, you can still learn from their opinions, viewpoints, and ideas. If you can find something to appreciate about them, comment on it in a favorable way. If that person senses your allegiance, they will be naturally drawn to you, and you may both learn to get along despite your differences.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Conversation Log

2008-06-06T15:00:00.002-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

You may not be a troublemaker, but sometimes trouble has a way of finding even the best employee. Workplace miscommunication and conflict can add stress to every day and make your life miserable. But there's an easy way to protect yourself from accusations, blame and disrespect at the office: by keeping a great conversation log.

In a work environment, most conflicts arise due to miscommunication. Either expectations weren't clear or they changed when you weren't looking. The best way to avoid conflict is to understand what you are being asked to do. The next best way is to have proof that you're doing what you were asked. That proof is a complete and accurate conversation log. Of all the ways to keep yourself out of trouble and get ahead, your conversation log, if thorough and detailed, can provide you a clear path. With a conversation log, the pen truly is mightier than the sword.

First, your entire conversation log should be dated. Date the top of each page and when someone makes an important statement, put a time next to it when you write it down. Dates and times become difficult to argue against when one person says one thing and you say another. Time and date specifics trump general claims in verbal arguments every time.

They say: "The other day I asked you to submit the Smith file"

You say: "On October 12th at 12:45p.m. we did talk, yes. But you asked me to submit the Smith file only after the appraisal was done —which I did on October 14th. I also have in my notes that I called you to let you know the file was submitted on that date. The file is at the lender now."

After you refer to your conversation log a couple of times, your loan officers and co-workers will become aware that you document everything thoroughly. In turn, they'll rise to the occasion and communicate with you more clearly.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Hurry Up & Wait

2008-05-29T12:22:00.004-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

I have had several “bad-attitude” situations arise over the past several months. Most of the FHA lenders, I have been dealing with, have been extremely backed up, especially the fallout FHA lenders who do loans that look more like sub-prime. This has sparked a slew of interesting situations that have made tempers flair from borrowers to loan officers to underwriters.

The loan officer excitedly brings in a new deal, quickly docs the client, gathers the docs, and turns them in, only to wait more than half a month for an underwriter to look at their file.

As my grandfather use to say, “Hurry up and wait”.

No one likes to wait in line, especially when it stretches from here to China. Over the past few months many of the big FHA lenders have been on a wait as long as 18 days just to assign a file to an underwriter.

There are several things we can do to prepare to make the long wait a little more bearable. I like to pre-underwrite the file and anticipate what the underwriter may ask for. If the file is scrubbed properly I can generally have most of the conditions in my hands before the underwriter even sends me stips.

Some things cannot be accounted for, such as, most appraisal conditions, but things like missing disclosures, compliance dating, VOE’s, VOM’s, etc., can be done up-front.

Usually, by the time I receive the underwriter’s conditions, if I have done as much leg-work as I could up-front, then I can get the loan to the table in a matter of days.

Make sure your loan officers are watching their locks. I send out a gentle reminder every few days so that it is constantly in their awareness. It is not fun for any of us to lose a loan because pricing plummets due to an unstable market. I have seen many angry loan officers due to locks expiring.

I have had a few situations recently where the loan officer became upset with the lender because their lock expired. They were so upset that they called the lender and screamed. I do not have any tolerance for this behavior. You should never become upset and yell at someone when you are the one in control of the lock.

Borrower’s that are trying to obtain an FHA loan should also be prepared by the loan officer that the process could take some time. I have loan officers that call me two days after I receive a file saying that the borrower is getting frustrated that it is taking so long. Obviously, in cases like that, there is a back-story that we have not been involved in, and the line of communication needs to be fixed so that the borrower does not get frustrated.

In essence, all we can do is continue to do our due diligence up-front, pre-underwrite the file, and be prepared. Eventually this market will iron itself out, and we will be back to business as usual. In the mean time, conventional loans are moving very quickly, but right now FHA is king.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

E-Mail or Phone?

2008-05-23T11:11:00.002-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

I wish all of my communication could be done via e-mail, but there are times when it is just not appropriate. I would prefer to respond to every client and every situation through e-mail. I feel as if my workflow is interrupted when I have to pick up the phone and talk to someone.

If you are dealing with a sensitive topic or something that is confidential, a well-placed phone call is a much better idea. In these circumstances, too much can be misinterpreted by the reader.

In fact, even a well thought and friendly e-mail communication can come across differently than you intended, simply because, people aren’t hearing your tone of voice or seeing your body language; they are just reading words, and therefore, those words can be interpreted differently by everyone. There are a lot of psychological reasons behind this, which I won’t get into here. But, I believe that sometimes we just have to pick up the phone. How do we know when the phone is a better idea? Usually when the situation is most uncomfortable.

I have sent out “policy” e-mails in the past in what I perceived as the friendliest of tones, only to find out later that I ruffled many people’s feathers. In the business world, a friendly joke can be perceived as heavy sarcasm.

E-mail should be a great tool for improving our workflow. I love it when I have my morning quiet time and my in box goes from 400 e-mails down to 50. Every time I am able to reply I feel as if my workload gets lighter and lighter. I feel completely ahead of the game when I do not have any unread or un-responded e-mails in my in-bin.

A good e-mail policy for etiquette should be adhered to at all times. E-mail is great for communicating conditions and for anything schedule and list oriented.

The following are some key points from an article, which I think is an invaluable reference for e-mail etiquette (please click on the link for the full article and detailed explanation of each point):

http://www.emailreplies.com/

1. Be concise and to the point
2. Answer all questions, and pre-empt further questions
3. Use proper spelling, grammar & punctuation
4. Make it personal
5. Use templates for frequently used responses
6. Answer swiftly
7. Do not attach unnecessary files
8. Use proper structure & layout
9. Do not overuse the high priority option
10. Do not write in CAPITALS
11. Don't leave out the message thread
12. Add disclaimers to your emails
13. Read the email before you send it
14. Do not overuse Reply to All
15. Mailings > use the bcc: field or do a mail merge
16. Take care with abbreviations and emoticons
17. Be careful with formatting
18. Take care with rich text and HTML messages
19. Do not forward chain letters
20. Do not request delivery and read receipts
21. Do not ask to recall a message.
22. Do not copy a message or attachment without permission
23. Do not use email to discuss confidential information
24. Use a meaningful subject
25. Use active instead of passive
26. Avoid using URGENT and IMPORTANT
27. Avoid long sentences
28. Don't send or forward emails containing libelous, defamatory, offensive, racist or obscene remarks
29. Don't forward virus hoaxes and chain letters
30. Keep your language gender neutral
31. Don't reply to spam
32. Use cc: field sparingly

Using these email techniques will not only make your communication more clear and concise, but it will speed up your operation and will ultimately make your in-bin more organized. Plus you will project a much more professional and polished company image.

However, we all need to pick up the phone sometimes, especially when the situation is a difficult one, and emotions are on the rise. That old-fashioned phone is still a very important and necessary tool for good business.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

You Want Me to Ask What????

2008-05-16T15:02:00.003-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

How many times has one of your loan officers looked at a list of conditions and exclaimed: “That’s the most ridiculous thing I have ever heard!!! Why does the lender want that??? Isn’t there any common sense left in this industry???”

Since processors deal with conditions on a daily basis we usually have a little more insight into why the underwriter may be asking for a condition. I, sometimes, make the mistake of arguing with the L.O. in defense of the underwriter and the condition. That is never a good idea, as it makes the processor sound like a know-it-all tyrant. It also creates division between the L.O. and the processor and that is where enmity in the business relationship can start to develop. The L.O. needs to feel like you are on their side.

I like the line of communication to be loan officer to processor then processor to underwriter. This keeps things from being lost in translation. The processor is ultimately responsible for understanding the conditions, so, therefore, it is absolutely necessary that they hear directly from the source, and not “through the grapevine” from the underwriter through the loan officer. So, if in some cases, the loan officer is to discuss conditions with the underwriter, and then come back to you and say that certain changes were approved, then it is absolutely the processor’s responsibility to go back to the underwriter and verify this information directly with the source. Otherwise, huge blow ups will occur later.

Also, the L.O. may try to get the rep involved. Reps are salespeople and many of them will tell the L.O. what the L.O. wants to hear. They may say they will try and get a condition waived or may agree with the L.O. but may not actually have the power to get the condition waived or even have the true understanding of the condition and why it is there. It is always best to go directly to the source.

Often times this puts the processor in the precarious position of asking an underwriter for an exception on something that we may full well know is justifiable. Many times I feel that what the loan officer wants me to ask is completely out of line but, then again many times I am surprised when the underwriter may actually waive a legitimate condition so it never hurts to ask, even though it may make you feel like a complete bird-brain.

Going out on a limb like this will make the L.O. perceive you as a team player. In addition, if it works out, then you will avoid a potential blow-up between the L.O. and the lender and it will save the underwriter the headache of dealing with a ticked off loan officer.

Also, by asking the lender, it takes all the pressure off of you. I use to try and explain why lender’s asked for certain conditions before I would ask for the exception. This made the L.O. feel as though I was not on their side and that I was just one more voice that lacked common sense in this industry. Many times, on the surface, a condition seems like it lacks common sense but in reality it makes perfect sense. Although trying to explain these things to an irate loan officer can be exasperating, and, really, an irate person is in no condition to be able to hear the truth anyway.

I wish someone would have told me that a master’s degree in psychology would have been a wise idea to procure before entering the mortgage processing field. Maybe NAMP should consider adding it to their list of classes. At the very least, I recommend that we all read Mars and Venus in the Workplace, and see if there is any possible way to make such opposite personalities work together in harmony.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Building a Team – The Processor / Underwriter Relationship

2008-05-10T13:09:00.004-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

We are all familiar with the kid in school that shows up with the shiny red apple for the teacher, hoping that they will end up with a better grade. I saw kids try those tactics when I was younger and it used to turn my stomach. The funny thing is if I was a kid now, and I actually thought that would work, I would do it. I would not care if I was labeled the teacher’s pet as long as I was pulling down “A’s”.

So why not be the underwriter’s pet? No, I am not suggesting that we bribe our underwriters (Or anybody else we do business with for that matter).

I am suggesting that we strive to have that rapport. I really do want to be an underwriter’s favorite processor. So how do we make that happen?

First and foremost try to find a lender that you love to work with. I am a huge proponent of finding relationships that work and sticking to them. Why send your loans to 20 different lenders just to get an extra .125 in pricing. Find a lender that will close your loans and close them quickly. It may take some time to find the chemistry that works for you.

I dealt with a lender recently that I, originally, thought was going to be a nightmare. There was a lack of communication that had me to the point of telling my brokers to move along and find another FHA “fallout” lender. Then I had the pleasure of working with an underwriter that I just clicked with. The communication was great and the underwriter’s particular style suited how I handle things to a “t”.

I was able to coordinate with the lender that this underwriter be assigned to all of my future business. I have several associations like this. I try not to do business with every lender in town. I pick one lender for each type of loan and I try to steer my brokers to them. That way I typically only have to deal with 4 to 5 lenders every month. So find out which lenders handle which niche the best for you and be loyal.

Loyalty pays off in the long run. If a lender knows that you are directing a fair amount of volume to them each and every month, then, when it comes time for the inevitable exception, you are more likely to get it for your broker. This will also solidify your broker relationships.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Feedback

2008-05-01T16:33:00.004-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

As we foster relationships with brokers and LO’s, it is important to continually ask for feedback. There are so many different expectations and styles of doing business that we can easily find ourselves in a comfort zone that may or may not work for our clients.

It is difficult, if not impossible, for us to accurately evaluate our competencies. Asking for feedback is an easy way to evaluate the way your brokers perceive your performance. This will help us to recognize the difference between our perceptions of our abilities and reality – a gap that can make all the difference in business.

Psychologist’s research shows that our own incompetencies blind us to our incompetence. Isn’t that interesting? The fact that we have an issue can blind us to being able to recognize that issue as an issue. Whew – that’s a mouthful of issues!

So let’s gather up our brokers for a performance meeting and pick their brains. You never know, you may just find out ways to improve your performance and solidify your business.
Key things you can do to gather feedback:

1. Before taking on a new broker, be sure to determine what your client's exact expectations are. You have a much better chance of delivering what people want when you actually understand their needs. Ask questions. Listen carefully. Offer customized solutions. Every broker is different and some may not be a good fit for how you do business. Offer to take them based on a no-commitment trial basis in which you can both evaluate each other.

2. Conduct regular client surveys. Survey research can be the best and most thorough way to find out what your brokers want. Ask if their expectations are being met and about what they like and don't like about dealing with you. Ask how you could change, gather suggestions for improvements, and have brokers rate the value of your service. There's a wealth of information about your business that you just need to tap into. A very clear picture of your businesses' strengths, weaknesses, opportunities and threats can be drawn after properly analyzing broker feedback.

3. Include "feedback cards" with statements. This will show your LO’s that you take pride in your work, and should make it easier for unhappy brokers to provide you with feedback; if they know you want it, they'll be less afraid to give it to you.

4. Call to follow up on services provided, and, when appropriate, ask how you could improve next time. There's nothing like an unexpected phone call from someone expressing concern for their satisfaction. And, a quick call only takes a moment of your time.

5. Offer a prize for "best improvement idea." Whether you are gathering feedback through a customer survey, in person, or over the phone, it's always a great idea to reward those who help you improve. You could offer free processing on a file for the best suggestion.

With that being said, I would like to gather your feedback on my articles. Are there any specific topics you would like me to address?

I would also like to hear from brokers what their number one complaint is with processors. Conversely, I would like to hear from processors what their number one complaint is with LO’s.

Please do not hesitate to respond. I really do want your feedback!!!

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Credit Repair

2008-04-25T12:11:00.003-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

It seems like lender guidelines change on a daily basis. Loans in process can either fall out or take terrible hits to the pricing with little or no notice. Be prepared to wow your brokers with a solution that will save the deal and keep valuable money in their pockets.

Most credit companies have a solution that will increase the borrower’s credit score. So if you are processing a loan that is sitting on the boarder-line of a credit score hit, or the lender decides to cut off business below a certain FICO, you can be prepared to put that injured file on the stretcher.

Most of my brokers use Credit Plus. Credit Plus has a great tool called Rapid Rescore. It cost very little money and the impact to the score is immediate.

I have a loan in my pipeline right now that was on its way to the table when the lender decided to cut off all loans below a 580 mid score. I was expecting the lender to call me and to confirm the closing date I requested but, instead they informed me the loan was dead because of the new guideline. I informed the lender that I would like to run a Rapid Rescore and requested that they not kill the file just yet.

I ran the findings and the borrower needed to come up with $200 to pay the ratio of one of their cards down to get a score increase of 45 points. The borrower paid the card, sent in the proof, and in less than 5 days I had my rescore complete and the loan back on the board.

I know that the loan officer is grateful that I did not just let the loan die. Go the extra mile and you will make clients for life.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Networking

2008-04-18T14:24:00.002-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

There are so many avenues to choose from when trying to generate new business that it is easy to overlook the obvious ones that are right in front of us. How many opportunities pass us by every day because we do not ask for the business?

We need to build a strong network from the business relations we already have and continue to build outward from there. Every day we talk to account executives, title reps, realtors, underwriters, and a myriad of other professionals that make this business happen.

Work those relationships. I view every person I talk to as a potential source for leads. I actually view every AE and contact that I deal with as a potential representative for my company.

In fact I have a title company relationship that hands out my business cards on every appointment he goes on. It is a win-win relationship. Because of the amount of business I send and refer to him he gives me breaks on the fees. They even give my brokers’ clients a $200 savings bond at closing and discounted title fees for life. Even though I am, technically, a small operation, I get treated with big account clout because of the amount of business I can push through his company. I pass on the benefits to my LO’s who then refer more people to me. The title rep is then drumming up new business and handing out my cards, and offering the ability to have files processed as an additional incentive to new title clients - the circle goes round and round.

Likewise, ask your reps if they know any shops that are struggling and may be in need of your services. Let the reps know that you can help take some of the pressure off of these ailing companies because you know how to get a loan to the table.

Don’t forget the underwriters. I talk to underwriters every day that are frustrated with the condition of the files they receive. Let them know that you can be a middleman and can ensure that they will start getting clean files if the broker uses you as a processor. If you already have a great relationship with an underwriter they will probably have a few referrals for you.

Don’t let these every-day opportunities pass you by. The business is out there for the taking.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Marketing

2008-04-11T12:33:00.003-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

Let’s kick up business a notch. Marketing campaigns can be expensive and time consuming but, well worth the payoff in the end. The following is a no-nonsense guide to increasing your client base. More clients mean more money, so let’s rake it in by the wheelbarrow.

Purchase Leads from NAMP:

First and foremost, consider starting a campaign with NAMP. Just look at what people are saying about the service:

http://mortgageprocessor.org/loan-processing/comments.php?DiscussionID=129

But if you don’t believe them, the proof is in the pudding. Turning on a good lead source like NAMP will continually give you a pool of business to draw from. But there are other things you can do to get business coming in as well.

Coordinate FHA Seminars with Lenders & Title Companies:

This is a great way to meet potential clients. Especially with many brokers just getting their FHA license, many of them are not equipped to process an FHA loan. Standing in front of a room full of brokers and touting your services and educating them on the ins and outs of government loans will get your phone to ring. Be sure to collect business cards and follow up with them within a short timeframe.

Start a Mailing Campaign:

Purchase a list of brokers and start a mailing campaign. Mix it up. Send postcards, brochures, and letters. Be persistent, and make sure you work the same list over and over. You should always refer back to your previous mailing. Ex: 1st attempt, 2nd attempt to contact you, 3rd attempt, etc.

Be creative. Send something like a stress ball in your mailing with the words “Don’t stress; we can help you through a challenging market!” In the marketing world they call these types of mailings “Bulky Envelopes”

Offer them something for free. For example, set up an 800 number with a message educating them on borrower credit repair, or RESPA compliance. When they call the 800 number, use a system that captures their information so you can call them back in response. If you are going to do a mailing, you should also do a calling campaign.

Start a Calling Campaign:

You can get a list of the business numbers with your mailing list or you can purchase a separate list. Either hire a telemarketer or use a call service that will automatically dial the numbers and blast a prerecorded message (that you have composed) out to the entire list.

Using call capture, setting up an 800 number, and blasting out calls automatically can be done on the cheap with many companies. The one we use is called Ring Central and can be contacted at http://www.ringcentral.com/

So if you are hurting for business, get out there and pound the pavement, blast those calls, and start that mailing campaign. If you are not, and the only free time you have is those precious hours between 12am and 6am but, you still see room for growth, then call NAMP and let them help you bring in new business.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.

Help!! I Need A Vacation From My Vacation!! (Preparing for, and Returning from Time Out of the Office)

2008-04-04T13:14:00.004-04:00

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

Isn’t the reason we go on vacation to reduce stress? Then why does it seem, that as a processor, it is more stressful to be out of the office than to never leave? The thought of coming back from a vacation to a pile of incomplete work, a full e-mail in-box, loan officers lined up at your door, and loans that are in desperate need of TLC, can be enough to make you lose it.

I recently had to go out of town for a few short days due to a family emergency. I had a day to prepare for my absence and fortunately I only had two loans trying to close while I was away.

My absence got me thinking about what I will do when I take a vacation for a week or more later this year. Chances are, if business keeps increasing, then there will really not be a convenient time for a break that lasts that long. Time off is essential to our well being. It helps us to gain perspective and can be a great tool for reevaluating our direction in life. Besides - Processors need vacations just like everyone else, if not more!!

So how do we leave and ensure we do not lose our vacation and return to a big fat mess? Honestly, I am not sure. This is the mortgage industry after all. We have to put out many fires on a daily basis and the reality of the situation is those things will continue to happen in our absence.

There are things we can do to minimize the damage. If we carefully prepare and communicate, we can leave a system in place that will allow our team to maintain forward progress in our absence. The following is my no-nonsense list that should help you prepare.

Leave Emergency Contact Information
The operative word here is “Emergency”. You are going on a vacation. This is not a time for you to be lugging along files and a laptop and calling Loan Officers every five minutes.

Update Your Voice Mail Message
Leave an absence greeting that lets your callers know you are out of the office and when you will be returning. If you are fortunate enough to have an assistant or a team that will help you while you are away, leave instructions for how to contact them.

Compose an Auto-Response Message for Your E-mail
It is important to leave the same information that you leave on your answering machine here. You will also want to check and make sure you will not reach your size limit for your in-box. A full mailbox will prevent you from being able to send or receive e-mails.

Alert your Team and Delegate Responsibilities
Delegate responsibilities to others during your absence, or take steps for implementation. If people have requested time-sensitive actions or information from you, be sure to respond before you leave. If you can’t provide the information, forward the mail to someone who can. Worst case scenario, if you are the only one who can do what you do, and you do not have any back-up, then everyone will just have to wait until you return. The world is not going to collapse if you are gone for a week. Everyone will survive.

Check in work files.
If you go on vacation with a file checked out, your team members can’t work on the most recent version of that file. Make sure to check all your files in before leaving the office. I scan copies of the entire file so the LO can have an exact replica of the file sitting in my office. This will give them easy access to information should an underwriter or closer need it.

Focus on the important files.
You can leave the ones that won’t be closing for a few weeks alone, and deal with them when you get back. Prioritize according to which files will be closing when you are gone. Get as much done on them before you leave, and than leave your back-up person, or, if necessary, the LO as much details as possible so that they can finish up.

Create a smooth landing.
Consider taking an extra day to get your sleep schedule back on track before returning to work. Get to the office earlier than everyone else, so that you can begin catching up. Keeps others' expectations low for your first two days back. Under-promise and over-deliver so that you don't have to disappoint your team.

Here are some interesting facts from CBC news:

(Complete Article can be found here: http://www.cbc.ca/story/canada/national/2005/09/03/missed_vacation20050903.html)

Statistics show one in four working people don't take all the time off they are entitled to - which is an average of 21 days annually.

The average employee gives up three vacation days a year.

Experts say workers are worried about job security and advancement.

Workers are increasingly avoiding taking off large blocks of time, in exchange for two- or three-day breaks.

The biggest fear people have is what's going to happen at work when they're not there.

Some employees align their vacations with their boss's. If their boss is not around, he's not going to be in contact with them but with nobody else either."

At least 30 per cent of employees who don't take all their time, say they're acting out of fear.

The same is true of women on maternity leave, leading mothers to return to work before they have to.

Benjamin Hunnicutt, a historian and professor at the University of Iowa, argues leisure time has become "trivialized" while work has been "elevated to the modern religion," a way for people to define themselves and find meaning in their lives. As a result, he says, time off can lead to a feeling of emptiness and boredom.

And there's stress both in preparing for time off, and in dealing with the work that piles up while they're away.
Americans are even more likely to leave vacation days on the table, with 31 per -cent of working Americans reporting they don't take all the days they're entitled to. The average American worker gets only 12 vacation days annually, and Americans are the most likely (at 35 per cent) of all nationalities surveyed to work more than 40 hours per week.

Ipsos-Reid surveyed workers in Canada, the United States, France, Germany, Great Britain and the Netherlands.

· France is the leader in work-life balance. Each employed adult gets an average of 39 days vacation, and nearly half take at least one extended (3-4 week) vacation annually.

· Germans receive an average of 27 vacation days, and more than half report taking every day they get.

· In the Netherlands, workers get an average of 25 days, and 62 per cent report taking at least one two-week holiday.

· Workers in Great Britain report receiving the fewest vacation days of European workers surveyed, at 23 days. Forty per cent of British workers say they'd sacrifice a day's pay for an extra day off.

If you aren't excited about going back to work, take another week off and find a better job.

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.