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.