Keep It Efficient - Mission Organization

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

All too often for those of us involved in the mortgage industry, we find ourselves in situations that tempt us to take shortcuts. We work in a high pressure, fast paced environment. If we are not prepared to handle that pace things will get out of control, items will get lost, and the machine will grind to a snails pace, all while your blood pressure and sanity flies right out the roof. Shortcuts are tempting in this environment but, are not the answer to consistently closing your loans quickly and keeping the men in white jackets at bay.

If you do not come up with a plan well in advance you may find that you have gone “off course” with your workload. Finding yourself in this situation creates an emotional imbalance, resulting in a feeling of being overwhelmed. This “overwhelming feeling” triggers a significant panic reaction that generally results in prompting you to attempt to correct everything at once. So you rush back and forth from one chore to another, not completing anything, thereby temporarily losing focus on any one particular project. Consequently, nothing gets completed and a vicious circle begins.

De-cluttering, setting up a space that caters to the workflow, and properly setting up and stacking your files can keep things flowing. Today’s article will examine the benefits of each aspect.

De-cluttering

There are tremendous benefits to de-cluttering your space. You will be able to keep your focus on the task at hand with little or no distraction. When you can bring 100% of your attention to what you are doing you will be more efficient. This principle can be applied to everything you do in your life. Always keep your mind in the present, even while doing the small things. Imagine how your office will look after you have rid yourself of the unnecessary "stuff" that is cluttering up your workspace. Your office will be easier to keep clean, you will have less to think about, and you will create an environment that is easy to focus in and get work completed.

Setting up the Space

When you walk into my office everything is set up for a purpose. I have attached file racks in rows on my wall space above my desk. The racks flow from left to right and each group of racks represents a status. Anyone can walk into my office and quickly glance at my wall and immediately know what status a loan is in by where it resides in the racks. The racks on the far left are new files that need to be set up. The next set is files that have been submitted and are waiting for underwriting approval. After that, I have files in clearing conditions status. Then comes scheduled files and the last group is closed loans that will either be shipped or stored at the end of the month. I also color code the files - One color for a regular refi, one for a purchase, and two additional colors for Gov’t refi’s and purchases.

I try to make it a rule to have only one file open on my desk at once. Typically in the morning I pull all the files off the racks that need to be worked on and stack them at one end of my desk in order of importance. I then pull them off the stack one at a time and work on them individually.

I also place things on and around my desk in such a manner that makes sense and keeps it efficient. Most of this is personal preference - where you place your phone, staples, etc. I take it to the extreme and have set up 3 computer monitors. It might seem over the top but once you work with multiple monitors you will never want to go back to having only one. I can have my LOS on one screen, e-mail on another, and any web based lender system on the third. All information is readily available at one glance, and things can be copied, pasted, and dragged from monitor to monitor and system to system effortlessly. It is well worth the investment and does not cost much by today’s standards.

Proper File Setup and Tracking

Finally, it is important to know your files inside and out. I use a system of file dividers and a processing checklist to keep things organized.

On the right side of the folder I keep a system of dividers. The dividers basically mimic the standard Fannie stacking order but are broken up into only 8 sections - Prequal and lock, Application, Credit, Income/Assets, Title, Hazard / PMI, Appraisal, & Disclosures. The dividers help me when setting up the initial file by enabling me to place items where they belong quickly. They help me when processing the file by giving me the ability to find anything very quickly.

On the left side of the folder I keep all things that will not go to the lender with my processing checklist on top of the stack. The checklist lets me know at a glance what has been completed, what still needs to be completed, and has contact numbers for all parties involved in the transaction. This checklist is an invaluable tool and I will be covering it in detail in my next article.

Integrating these techniques into your system of operation will increase your productivity. You will find that an organized space will allow you to accomplish more in less time and your stress level should drop a few degrees.

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.