Blog 11: Mentorship 10 Hours

Content:

1.   Where are you doing your mentorship?
Reviewing the overall process of how a loan gets approved. From finding a funder to a loan broker. Then getting an ESCROW company to approve the loan as a whole. Loan processors are the middle man persay that get all the info of the borrower and find the perfect match for them.

2.   Who is your contact?
Mariana Gonzalez - Source One Finance

3.   How many total hours have you done (total hours should be reflected in your mentorship log located on the right hand side of your blog like your WB)?   
40 hours 

4.   Summarize the 10 hours of service you did.
I just finished mentoring over the weekend and finished another 10 hours. I did 5 hours Saturday December 28th and then another 5 on Sunday December 29th. My mentor first started me off easy by shredding loans processed of 2009-2010. I'm beginning to shred 2010 because it is required by law to dispose of any loans processed that are older than 3 years old. This is just to ensure the safety of the applicants and to be sure that any information on the documents may have to be updated. Afterwards Mariana, my mentor, went over another loan process, but instead she let me take over a little bit more. She was "watching me like a hawk" because any mistake I would make she would correct me right away. It was the most intense 3 hours of my life besides SAT's. I did the same thing that Sunday as well, but just finished the loan paperwork.

5.   Email your house teacher the name of your contact and their phone number confirming who they should call to verify it.  

Blog 10:Senior Project: The Holiday

Content:

1.  It is important to consistently work on your senior project, whether it is break or we are in school.  What did you over the break with your senior project?

Got familiar with the loaning process and tried to complete a loan with few mistakes. Shredding past loans processed in 2009 - 2010.

2.  What was the most important thing you learned from what you did and why?  What was the source of what you learned?

You have to look at all the little things because every little thing counts in a loan. For instance with my situation with owning a property, but never have done the taxes for it. Every since 2008 every bank has learned to be strict to ensure safety of not loosing money. My mentor is my source because the loans of 2009 were the bare minimum to get by living.

3.  If you were going to do a 10 question interview on questions related to answers of your EQ, who would you talk to and why?

My Mentor Mariana at Source One Finance because shes taking the time to show the process of how a loan goes through a broker and funder.

Additional Post 5: Mentorship

I just finished mentoring over the weekend and finished another 10 hours. I did 5 hours Saturday December 28th and then another 5 on Sunday December 29th. My mentor first started me off easy by shredding loans processed of 2009-2010. I'm beginning to shred 2010 because it is required by law to dispose of any loans processed that are older than 3 years old. This is just to ensure the safety of the applicants and to be sure that any information on the documents may have to be updated. Afterwards Mariana, my mentor, went over another loan process, but instead she let me take over a little bit more. She was "watching me like a hawk" because any mistake I would make she would correct me right away. It was the most intense 3 hours of my life besides SAT's. I did the same thing that Sunday as well, but just finished the loan paperwork. I am not legally able to show anything of the applicant, so my Mentor let me show hers with her discretion. Her private information is blacked out.

Additional Blog Post 4: Mentor Ship

This past month I've been non-stop reviewing the loan process as a whole. My mentor, Mariana, and I did a loan for a Mr. John. I can say much about the loan, but he wanted a $400,000 loan. Apparently that's just the average loan according to Mariana which just astounds me. The details I can share are that he owns two properties which confused us because in past tax returns he only owned one, so this threw off our loaning process which delayed it by 2 days. We had to get a hold of the borrower and explain that the banks were going to see that as quite suspicious how he suddenly gained a property and never filed it on his taxes yet. That's another thing that the 2008 crisis caused was that every bank started to look into every detail precisely. Any little flaw that conflicts with the banks check list on every loan causes the whole loan to come to a stop. You can't blame the banks, but they are a pain to work with I can tell you that now. We went and fixed the problem it turned out he just wrote it out wrong. *Que Face Palm*. Just a friendly reminder from your friendly Loan Processor Mentor make sure you fill out things correctly. The loan took around 2 Weeks to go through.

Blog 9: EQ

a.     What is the most important factor in healthy weight loss?

No this does not meet the rule of 3 criteria. This just presents multiple answer question and but does not make a stance by not going into specifics. “What is the most important facot in healthy weight loss for adults ages 30-40?” You have to break down the question and go into as much detail as possible.

b.    What is most important to securing a conviction in a criminal investigation?

This does meet the rule of 3 because it makes sense, goes into detail on why kind of conviction, and you can look at past criminal cases to help your research to find what’s the most important.

c.     What is most important in creating a hairstyle that best satisfies a customer?

This does not follow the rule of 3 because it’s an opinion question. Each customer is unique in a way which research is not going to available. You can ask an EQ where the business aspect of running a salon.

d.    How can an Anesthesiologist best treat chronic pain?

This does follow the rule of three where you go into depth of ancient work of Anesthesiologists and see how ancient remedies are used today. Research on areas of the body where chronic pain happens the most. Tragedies that happened when the user may have over dosed.  

3.  Based on your review of the rule of 3 and your experience with assessing four EQs, please write another draft EQ for your senior project.

In today’s housing market, What is the most important factor for an average income family when applying for a loan?

Additional Blog Post 3: Mentor Ship

"Filling away past loans of 2012"

I finally started to mentor at Source One Finance in Pasadena, CA. My Mentor and I went through all the loans of 2012 and started to file them in alphabetical order. As you can see there are huge filing cabinets filled with huge amounts of loans. I was looking through one and saw a check of 200,000 Dollars. It just shocked me how much people are able to borrow these days. I was mostly in the back for the entire day going through my stack. Then after my Mentor went through the loan process baby steps so I don't just listen to the entire process at once or else that would literally take 2 hours. Maybe thinking about going through an entire loan for my senior presentation by myself to show how everything is done and give tips to future Ipoly-citizens getting student loans.

Blog 8

1.) What is the best way for an average income family to refinance their homes?

2.) EQ: What is the best way for an average income family to refinance their homes?

• Great Credit. Multiple ways to get Good Credit. Show benefits. Show how you are able to mess up little things that matter the most on your Credit Score.
• Moderate Housing because with older buildings show lower value. Bad nieghborhoods show lower value, but in greater functioning communities values are high. 
• Company Trust. Be able to provide all info within a month to benefit yourself. Don't go with companies that just say," Sign Here". Have a finance company that is able to guide you throughout the entire process.

3.) My Mentor because she's been doing this for 13 years and has seen the best to the worst cases.

4.) Mariana Gonzalez at Source One Finance. What I am doing is going through step by step on the loan process right next to her the entire time. First couple loans I have to learn where goes where and how the filing is done. Once I get the hang on it as my senior presentation I want to show how an entire loan is done.

Blog 7: Independent Component 1 Approval

1.) For my 30 Hours I plan to learn the overall process of what a loan processor does in a loan. In a loan a broker needs to know if the borrower qualifies. They need to check if they can still qualify making their payments. Verify the value of the home is there and if it is then an appraisal is ordered. We open what is called an ESCROW and TITLE that’s when you pick an ESCROW and a TITLE company. The ESCROW companies are a 3^rd party that they are the ones that disperse the money and neutral towards the borrower and lender. Then run credit. Run it through a Desktop Underwriting which is a software system and if it goes through and is approved then it’s a good loan for the bank to take. Then you get documents from the borrower like income documentation because the banks and brokers like to see that they have money basically. Then you submit it to the bank for approval. Once it approves the bank sends the documents to the ESCROW company for the borrowers to sign. Then it goes back to the funder for them to review and if everything is good the loan gets funded.

2.) I plan to mentor at Source One Finance where my mentor, Mariana Gonzalez, and her 2 mortgage broker bosses will show me the ropes. This will be no easy task. My mentor is willing to show me everything and so are her bosses which I am thankful for.

3.) To explore deeper into my topic I plan to research deeply into the housing market, explain how the 2008 housing bubble effected the market, and easier ways for people can get a loan.

Additional Post 2: Back to the Books

“For the things we have to learn before we can do them, we learn by doing them.” 

-Aristotle 

This week I plan to follow up on some studying to do before I start my mentor-ship. My mentor Mariana recommends that I study on how the current housing market is doing, able to get rejection from mortgage brokers, and have the ability to find lenders quickly. I plan to start my mentor-ship this week and see how a loan is processed for people who refinance their homes. Another source that Mr. Purther helped me with research are here.

The loan processes is basically the work finding you. If a person is interested in refinancing their home, taking money out for personal reasons, or maintaining their current home.  Then find a lender that is going to lend their money the person of interest. In other words its finding a needle to match another needle in a haystack. I just hope my ankle injury doesn't slow me down. 

Blog 6

1.) Who is your mentor and where do they work?

Mariana Gonzalez and practices on her own time.

2.) What five questions will you ask about their background?

•       How long have you worked as a loan processor?
•       What made you become a loan processor? Were there other choices?
•       What do you think stands out as a loan processor from your past jobs?
•       Is this job better to learn on the go? or better to have prior experience?
•       Do you have any personal goals that you wamt to achieve in your career?

   
   

Blog 5 Project Reflection and Working EQ

(1) Positive Statement: What positive thing happen as a 
result of what you have completed so far?

My recent topic was on Accounting for a CPA Firm, but getting down to brass taxes I was able to knock off Accounting and settle for Real Estate Financing since I wanted to somehow be involved in business as a career.

(2) EQ Content:  Pick a piece of research or your interview.
How has it helped you improve your understanding of your topic?

I would say my 6th and 7th piece of research have been most informational. Its because they both break down the language that everbody can understand and comprehend on what options are available to home buyers who want to refinance their homes. 

(3) What has worked for you so far in the senior project?

Information wise I would say. I need to at least study on whats going on behind real estate financing before I get the chance to work along with my mentor and see how things get done.

(4) What hasn't worked so far?  

Having the chance to work with my Mentor since her and I are on conflicting schedules we must make the most out of our time together as much as we can.

(5) Finding Value: What is a potential question you would like to 
study this year?  (working EQ)

What is the best way an average income family can refinance their homes?

What do you plan to do for mentorship? 

I plan to work with my Mom's friend. She is an Agent for Century 21 Real Estate in her home office in Pasadena, CA. I want to be able to see if I am able to see how all the paper work goes down and how the financiers determine the value of homes and such. 

Research

Hey guys!!! I found an interesting piece of research. Many people don't know anything about real estate financing besides seeing people flip old houses new on t.v.. Frankly that is only one piece of the pie in the Real Estate overall.
In this specific piece of research "Carrie Lowe" posts about several options of financing your home which in English terms is to change the rate of interest on your home loans.

(click here for research)

Blog 4: Interview Preparation

1.) Who do you plan to interview?  Why?
My aunt Mariana because she's my mentor for my senior topic of Real Estate Financing. I'm really interesting in a career related to Accounting and Real Estate.

2.) You have to ask 5 questions.  What additional questions do you plan to ask?  Ask open-ended questions.  What are open-ended questions?

a.) How did you get into the position of becoming a Real Estate Financer? 

b.) Is there any tips you recommend to current home owners that will help them receive loans?

c.) What is the most difficult part of your job when people want to refinance their homes? 

d.) What does it mean to refinance your home?

e.) What are the steps of refinancing homes? 

Blog 3

1.) Business of Real Estate
2.) iPoly Citizen - I am showing growth in becoming a better iPoly Citizen by effectively showing my leadership skills at Southlands Christian Highschool that I-Poly taught me and as I-Poly ASB President.

Effective Learner - "The common eye sees only the outside of things, and judges by that, but the seeing eye pierces through and reads the heart and the soul, finding there capacities which the outside didn't indicate or promise, and which the other kind couldn't detect."
MARK TWAIN, Joan of Arc
I open with that quote because this year as ASB President I have to learn to look through different views of a situation instead of being hard headed. I hope that God will give me situations to test me throughout the year.

Effective User of Technology - One way to improve on this subject is to expand on my sources of getting reach to. With my current smart phone I am able to get reached on a multitude of social websites from Facebook to a blog online. I am also trying to improve this subject by upgrading my parents with smartphones that are connected to their emails and other applications so communication within the family can grow much stronger.

Effective Communicator  - With the experience of my summer mentorship at a CPA Firm it showed me teenagers were definitely not ready for the real world. I know I act a lot older for my age, but in this office it showed me that I still have to improve on professionalism and being able to communicate with large scale office projects. The reason why was because my mentor ended up calling me the day after my mentorship ended and asked me to explain where I had left off. The reason for the call  was because I basically said Thank you for this opportunity and left the office without telling my mentor where I have left off.

Summer Mentorship Component

1.)https://docs.google.com/spreadsheet/ccc?key=0AvWMHldBwtI5dGZDZWtKUDRndm5Ua2JuR050NkFxSFE#gid=0 

2.) Henry Desai (909) 971-1000 Extension. 102
     Email: henry.desai@khopatel.com

3.) What makes a small business thrive compared to other large corporate ones?
     With so little people hired in a small business, what does a small business look for in an employee in order to hire them?
     How does a small Certified Public Accountant Firm get recognized by big companies such as Mercedes Benz, Porche, and Chevy Dealers? 
     What can I do right now that can help me prepare myself for this kind of career?

4.) Mentoring at a CPA Firm was quite the experience since you see how everybody's work is tied in to each person's work as well. It finally showed me how working as a team, like the I-Poly way, really does help in a company. From filing invoices on Excel to photocopying 4 Binders for a client by the end of lunch. How fast and correct you do everything in a company truly does effect the pace, outcome, and overall status of a company. No matter how big or small it is.

5.) The reason I chose this topic of an Accountant in a CPA Firm is because of my mother and I love math compared to any other subject. Its just one of those jobs I can see myself succeeding in.

2013 2-Hour Presentation Reflections

1.)The presentations I viewed were:
Jorge - Electronic Dance Music
Jessica - Making an Album
Marilyn - OBGYN
Dominic - All Star Cheerleading (safety) 
Nicholas - Automative Repair
Alyssa - Yoga
Ariana - Machine Programming
Emma - Yearbook
Ricardo - Drifting
Darlene - Cancer Survivors
Daniel - Car Audio
Cheryl - Veterinarian Oncology
Alex - Running a Bike Shop
Jeanette - Wedding Dress Design

2.) How are the individual components like during the year? How many essential questions should i make before making a final one? What kind of activities should we have and what is acceptable?

3.) The most important things I saw is how you are able to express so much into your topic, creating valid answers, and most of all an EQ where you can make 3 answers out of.

4.) I am thinking along the lines of real estate because it ties into one of my career choices. I believe doing real estate I am able to talk for 2 hours about my subject and create an life filled lesson.