The Loan Originator’s Toolbox

That title seems pretty straightforward. I think most people would interpret that phrase to be one that refers to a number of useful elements of a loan originator’s success. Things such as extensive business and social networks, effective lead generation, customer service acumen, marketplace expertise, organizational skills, etc. would readily come to mind for many. Well, for a mortgage success self-help book, that would be a good start. In reality, that list is woefully incomplete.

In order to get the challenging loans approved, the toolbox often includes a high-quality, high-speed color printer/scanner, a reliable exacto knife, an array of various sized glue sticks, invisible scotch tape, plenty of white out and a steady hand. Given the penchant for strong drink in the mortgage brokerage business, the steady hand is the only challenge. Through effective use of the other tools, the facts and figures of any W-2, pay stub, bank statement, verification of rent or divorce decree can be easily manipulated to show whatever is required to get the loan approved. Furthermore, that’s not even getting into what is possible with a helpful (a.k.a. willing to take a kick back) inside person at a payroll service or a bank who will “play ball.” So elementary, it’s scary!