Boundaries

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.