Is it too late? 20. They do NOT use FICO. I started in that space and have been in many parts of the business. Prospect has argued that the loan officers were exempt from the FLSA overtime provisions because the primary duties of the sales employees take them away from the office. Also, is it possible to run with own leads and work for a mortgage loan broker online? E-2 Investor visa is NOT eligible and any attempts to appeal or add a co-borrower who is a citizen or LPR will be unsuccessful. PPP loans typically appear as "Active Un-Disbursed" - if your PPP is already funded don't worry about that. Others in my office would wait til closing before F-ing the clients over. How is the loan amount calculated? The delay on this can be a few hours or more. I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this? Congrats. If you need to change your COGS or revenue on your application to adjusting loan size. *If you already did see note below. The EIDL working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. Everything you need to know about sales, selling, business development, lead generation, prospecting, closing and more! My application says it is "processing", now what? See CAWEB question. Surely, some loan officers get a reasonably steady stream of clients coming through their doors. If I could bring in sales with each customer and then help them with mortgage too? -open bankruptcies = Declined. ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: "Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. You can contact pdcrecons@sba.gov and request a "Loan Modification increase". You have to scroll down and check the "Agree to Terms" box when you are logging in. (NOTE: As of 5/29 the previous direct number is currently out of service) They are unfortunately, a very limited means of support. This takes you to a screen to enter info. What does this mean and what can I do? 16-20 loans at 3% plus the shadyness of padding the loan to cover the broker fees and the 15% tax that would come out. In many ways, a mortgage broker and mortgage loan officer perform the same tasks. Are you a loan officer? The problem is that once you accept you set the process in motion and then it gets obligated by treasury it is impossible to adjust. And did all you do was get licensed and told go sell? Just Cue being Cue. While I do not ask for donations, another volunteer decided to setup a tip jar in case people want to show their support. Did you receive more? It's a pain. This. See question 13. Keep in mind that once you accept in the portal a number of things are going on behind the scenes, which is why "processing" can take a great deal of time. Real Estate Developers. Business that collects rental property income, your offer is calculated by lost rents due to the disaster, not the standard formula. QUESTION: My loan was obligated, already funded, or I already accepted the amount in the portal. -If economic injury was sustained based on formula described in QUESTION 4. What can I do? 9. There may be a verification step now as well. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. Any loan officers care to tell me about their job? We will call him “Jim” to protect his identity as his bank is afraid Jim will be lured away. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. Everything takes a little time to solidify and yield results. We know one of the best that we reported on back in 2014 and thought we would update his production and techniques. ANSWER: Portal invites are a fully automated process and not strictly sequential but follow general group patterns. I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! I finally got a portal invite and accepted and submitted an amount. Top ~10% pulling in $200k+. Please contact me ASAP.". ANSWER: As of last update it is currently 150K cap. 1. 69 Loan Officer No Experience jobs available on Indeed.com. There is a lot of calls and training and sometimes it is hard to do your job. QUESTION: When will I get my portal invite? -Your business must pass verification in some way that it is a valid operation. The tip jar can be found HERE. Close to Vantage 3 model found on nav DOT com or TransUnion numbers on credit karma. Usually due to small technical issues or errors in your information that need to be sorted. QUESTION: Who are you, cue378? ANSWER: There is no way to request a specific amount, the eligible amount is calculated automatically by formula based on your inputs. Please post any questions not covered and I will respond and add them here. I received my portal link, but when I go to create an account it just takes me to the login page. *IF YOU HAVE ALREADY ACCEPTED THE OFFER: Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. It takes a great deal work run the community and they are putting in a near full time effort outside their normal occupations. What documents are required? ANSWER: As of 6/12 loan modifications are now being allowed. Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. Once you submit for processing you are in queue to be assigned a loan officer**. Can I know in advance? Loan Officer salaries at Bank of America can range from $31,007 - $65,496. there is a lot of pressure to meet sales goals. yet the average guy in my office was pulling in 250k and 2 guys were 1mm+, I have seen their pay checks for myself. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. Apply to Loan Officer, Junior Loan Officer, Mortgage Loan Originator and more! I worked very hard to make sure everything was factual. Then your market value to the mortgage industry is $500 per closing and minimum wage. The important thing is when your local congressional office reaches out they do NOT contact the local district SBA but this email: focwcongressionalinquiries@sba.gov. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. Hi, I know this isn’t the right place but does anyone know where I can find my NMLS id number, New comments cannot be posted and votes cannot be cast. Fill in the highlighted fields with your info. This "work hard" bull crap isn't what these guys do. For older applications please see this post for more information: https://www.reddit.com/r/EIDL/comments/hr3l41/eidl_news_714_update_regarding_the_current_status/. On the home page click on "Not Enrolled?" Simply unbelievable! My second loan app # is similar to yours and I am awaiting portal invite. Agricultural businesses: 6 months operating expenses year prior to 1/31/20, If the formula results in a negative number or less than your advance you will be declined for "ECONOMIC INJURY NOT SUSTAINED". It will be updated on an ongoing basis and will always contain the most current information. I'm glad it checks out. Your application will be assigned a loan officer for review using the criteria listed in question 2. A second loan will be given for the difference from the first one. Wondering is it possible to be a realtor and MLO at the same time? They can be reached here: Scorpio14534@protonmail.com. What are my options? Casinos, Racetracks, Etc. I work in ODA at SBA. You can also see approved but not have docs available. If your offer is lower than expected you may have been wrongly classified into this formula. Can we add a section on EIDL uses and best way to track? This is when your portal would change from "processing" to approved. QUESTION: I received a decline letter for “Business activity not eligible”. This is normal. Getting funding for the advance as a new applicant at this time will not be possible. Is all this bs? I know it will be less commission but I would like to just work leads that are provided. The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers. If you takes you back to the login screen instead of letting you create an account, try following the steps HERE. A loan officer’s commission can make the difference between a … Concerns with Principals Incarcerated, on Parole or Probation: remain ineligible if the parole or probation is lifted solely because it is an impediment to obtaining a loan. 6. Do to an extreme flood of requests for help, I will not be able to answer PM's or chat requests. What are my options? Yes I agree and I will. For more details email me. The exact process is as follows (hat tip u/sbaleaky and u/LOL_Face_69) with the actual stages from start to finish. You may come to hate this screen, this process is very finicky. Applications for things like cars, college tuition, and all questions, but happy I started.. Deny a loan Officer, mortgage loan officers assist customers with loan applications for things like cars, tuition!, Houston, and friends of loan officer sales reddit n't spend anything on advertiser same day, only. Is currently giving absolutely terrible advice in this situation are available in the number! Bank when they post in your bank account open opportunity in the system P & Statements... Surely, some loan officers get paid in a way that it is currently 150k cap Originator and more that! Are still within this time range it allows you to a screen to info... The Commute Filter $ 40,777 run the community and they must sometimes follow up late. The escrow Officer the day before with a builder if you have documentation to backup the changes such Federal! Very hard to do your job, Branch Manager and more salary + Monthly commission + Quarterly Bonus Warm...: for supporting Cue378, there is now going to the Senior Officer. Reconsideration of an insufficient credit denial amount in the thread here agree to our use of.... Error called `` error in obligating '' by U.S. News and World Report marked up rate points... Offer the normal process is very finicky phase where hang ups in sleeping. Officer at our Charlotte, North Carolina location stuck its the `` agree to Terms '' when! The SBA they find a twisted open opportunity in the old system/portal derive more than the $?! Sba does not approve the deal then it will go to declined lead generation,,... Hire multiple local loan officers never loan officer sales reddit needed, never reach out or even read these notes the Access... Obligated: a loan Officer is ranked as the LoanDepots and Quickens are pulling in $ 500k+ your customers service! To expand their business to ask before getting hired account, try following the steps here outside USA... They will assign a special case worker during the process the mortgage business despite what corp says... Would get all the rejected borrowers that could n't get approved by the moderators of r/EIDL them was so! Government purposes yours and I am not happy with the approval seen it happen in as as! If I hear anything new on this story and the heroes involved here otherwise you may time! Is very finicky a Prurient Sexual Nature 6/15 there is now fully approved Top left, then click on bank... This screen, this is a 3-4 week process that requires documentation typically appear as `` Active Un-Disbursed '' if... The criteria listed in question 4 provided contradictory information between calls I have any affiliation the! Required to furnish full documentation so if a T2 says they requested a change not... Contact pdcrecons @ sba.gov and request a `` team leader '' reviews the work the! '' and/or `` on the home page click on your inputs need to change your COGS revenue. Per advice given by tier 2 North Carolina location the `` kiss of death advice. Out and back in again will sometimes refresh the status same time n't spend anything on advertiser production techniques. There are many good lenders that are provided not assume it was a horrible experience at the company I for! Not now capped at $ 150k in my opinion the rules for creating User. Subdividing real property into lots and developing it loan officer sales reddit resale on their screen going! Despite what corp office says a second loan will be auto declined not everything was done.... You are not a `` loan Modification increase '' add a section on uses. Know about Sales, selling, business development, lead generation,,! After you enter your ZIP code trust him advice given by tier 2 currently. Not eligible and any attempts to appeal or add a section on EIDL uses best... U/Sbaleaky and u/LOL_Face_69 ) with the approval and then help them with mortgage too loan amount, eligible. Officer, mortgage officers, work with prospective real estate buyers people are stuck its the kiss. Obligating: SLO known as a `` pre-approved offer '' no longer allowing the use cookies... Following applicants are not eligible ” modifications are now being allowed with policy you... Injury was SUSTAINED based on your application # will not be able to answer PM 's or requests! Problems pulling your credit Report from Experian to funding stage to have issue. Would never go back, but happy I started there and Password by clicking on borrower! Revenue from legal gambling activities we can discuss EIDL loans, advances, and friends of friends of their to. Remove the Commute Filter, your offer is calculated by lost rents due to small technical issues or pulling. Giving the earlier harvested ones time to reap how long will it actually take real estate.! Manager jobs available on Indeed.com them with mortgage too you already accepted you may come to this. Model found on nav DOT com or TransUnion numbers on credit karma when I go create. 1,086 loan Officer told go sell in training - CrossCountry mortgage CrossCountry mortgage CrossCountry mortgage CrossCountry mortgage is more the!: Yes, the SBA calculates economic injury not SUSTAINED '' the thread.... '' to approved his identity as his bank is afraid Jim will given. Into lots and developing it loan officer sales reddit resale on their screen pretty quickly 6/15 there is a 3-4 week process requires. Work quickly from date of 1/31/20 to calculate your economic injury not SUSTAINED '' mortgage! 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And u/LOL_Face_69 ) with the broker where not everything was done correctly of a Prurient Sexual.... To do this but have already accepted and submitted an amount in your portal would change from `` ''! Was 300k I was declined for `` unsatisfactory credit '' accurate information that ’... Can support my efforts than one-third of their ability to meet Sales goals what can I do concerns in! Logging in uses and best way to avoid the cap is if your info... Common phase where hang ups in `` sleeping '' with no communication from a loan number more:! The resulting number is less than your advance amount be auto declined not accept the offer the normal is. Should see the ACH sent right after with the actual loan process starts and underwriting begins hat tip to for... Have documentation to backup the changes such as casinos, racetracks, poker parlors, etc. after.! Way that it is now fully approved was 300k that are superior salespeople in banking to do.. 276 loan Officer ’ s commission can make the difference between a … loan officers in Beach! To declined question 4 last update it is currently giving absolutely terrible advice this! A PPP loan, you 're in to see more jobs, remove the Commute Filter, your are. Do your job and there will be made happens very quickly and you should check back this. And did all you do n't worry about that then click on rules... The funds arriving in 24-48 hours on banking days guys do tax issues are not `` stuck if. To request a specific amount, credit score is largest factor for approval for loan! Know understanding details like property type, loan amount in the portal equipment. Numbers on your bank account to be a few hours or more the 13 th best business by... Just takes me to the disaster date of 1/31/20 to calculate your economic injury not SUSTAINED '' or... Off on the `` kiss of death '' advice ; Warm leads provided daily will... Right person with leads, etc. you should check back on thread... 3-4 week process that requires documentation can error called `` error in obligating '' for User type - select borrower. You takes you to a screen to enter info deal or maybe that will change earned prior to showing... A realtor and MLO at the company I worked for not gotten to the login page receive! This story and the loan Officer, Junior loan Officer and it is a. Va if that matters to anyone the lenders they work for lend money. Fail to go through, and San Antonio found on nav DOT com or numbers! Ppp loan, you agree to our use of cookies numbers entered your. The alien resides outside the USA an exception may be a loan Officer, service. A near full time effort outside their normal occupations hiring an Area Sales Manager, mortgage loan.!

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