Blog 17: Interview 4 Questions

1.) How does Home Funding Corp. process loans quicker?

2.) What sites do you use to advertise?

3.) How is your experience so far as a Loan Officer?

4.) During the year 2008-2009, What was it that kept your business alive?

5.) Where there any changes that effected your business after the 2008 Crisis?

6.) What seems to be the common mistake when people file for a loan?

7.) What experiences have you encountered while working in Home Funding Corp.?

8.) What is the difference between a mortgage broker and a direct lender?

9.) How important is the loan to value ratio?

10.) What is the difference between interest rate & APR?

11.) Why should I refinance my home?

12.) How are you able to lock an interest rate?

13.) Do you personally think a broker is easier then a direct lender? Cheaper?

14.) How much money will I have to come up with to purchase a home?

15.) What are major consequences on defaulting on a loan?

16.) Is a VA Loan better than a conventional loan?

17.) Why doesn't your company affiliate with Escrow Companies?

18.) As a first time borrower does credit score really matter?

19.) Does having an insurance title beneficial in a loan?

20.) How are rates determined?

Additional Post 7 - UNDER NEW MANAGEMENT

I finally started to mentor at Home Funding Corp with my mentor Maria Paez and Ofelia Prieto 2 experienced loan officers. I got to meet her along with her co-workers that all help each other out processing loans. Funny thing is that there is a sign that does not allow escrow companies or 3rd party companies to enter the building. Even when escrow companies are needed to finalize loans. Maria just showed me the place and introduced me around the office as well as showed me another office which is a Century 21 agency that helps bring in her clients for a loan. She courteously gave me a folder to help answer any common questions that brings up during a loan and shows ways on how she gets her name known around town. Plus some awesome tricks to draw in clients because family is not always going to get you business. Can't wait for the rest of the year to get to know her.

Blog 16: Advisory Meeting #2

Answer 2: Communication

1.) In order to get a referral so your business can thrive off of commission, you need a strong communication between the customer and service provider.

2.) As Loan Officer you do not only manage a business, but a team of processors and handlers in which communication is key to running the business smoothly.

3.) Having communication in a business with not only your employees, but also with your customers upgrades your business to a whole new level.

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Blog 15: Independent Component 2 Approval

1.) For my 30 hours of independent I'm going to be working with Juana Maria Paez at Home funding corp. She is a certified loan officer that specializes in home loans as well as a previous business owner of her own loan firm. I plan to mentor with her because she has the experience of showing a past alumni the ropes she's glad to do it for me.

2.) I plan to show my evidence with photos mainly because obviously I can't show loans we have done over that internet.

3.) I plan to explore my topic by mentoring with Maria and her superiors on how it's like running the business. Obviously it's quite the challenge with the housing market currently and how stubborn banks are to accept loans, so I want to see how they are able to make a living and work with the banks to get loans approved.

Blog 14: Independent Component 1

LITERAL
(a) "I , David Lara, affirm that I completed my independent component which represents 30 hours of work".

(b) Cite your source regarding who or what article or book helped you complete the independent component
My source is Mariana Gonzalez from Source One Finance in Pasadena, CA. She taught me the ins and outs of being a loan processor. She gave me dummy accounts that I was able to practice off of. As a final test I did her old loan all over again as my final independent component.
(c) Provide a digital spreadsheet (aka log of the 30 hours).   Post it next to your mentorship log.
(d) Explanation of what you completed.  

INTERPRETIVE
Defend your work and explain how the significant parts of your component and how it demonstrates 30 hours of work.   Provide evidence (photos, transcript, art work, videos, etc) of the 30 hours of work.

My final perfected loan represents my 30 hours of work. All other loans were terminated because they weren't done correctly and I can't really show loans that present false information.  

APPLIED
How did the component help you understand the foundation of your topic better?  Please include specific examples to illustrate how it helped.

This helped with my first answer on referrals because all loans that go through Source One Finance are based on past costumers or friends and families of employees. It also showed how much stress and paper work goes into a loan because of the 2008 crisis. Banks are stubborn to work with now a days and paying off a loan is way harder then trying to start one.

Lesson 2 Reflection

1. Positive Statement

What are you most proud of in your Lesson 2 Presentation and why?
I am proud that I got a lot of feedback from my presentation because yes I do know that Loan Officer is not a fun and exciting life, but there are many benefits and lessons to teach.

2. Questions to Consider
       a.     What assessment would you give yourself on your Lesson 2 Presentation (self-assessment)?


Solid P

       b.     Explain why you deserve that grade using evidence from the Lesson 2 component contract.

Siting your sources seems to have a big failure among the seniors. I cited 3 of my sources investopedia.com, American Psychological Association, and my interview.   


3. What worked for you in your Lesson 2?
Creating the hook activity and my actual activity that made people get out of their seat and move around.

4.  (What didn't work) If you had a time machine, what would you have done differently to improve your Lesson 2?
Giving a little bit more of a background on what the benefits are to being a loan officer.
5. Finding Value
What do you think your answer #2 is going to be?  
Communication

Additional Post 6

So there was an error that occurred with my topic which lead to a topic change. I assume it was for the best since as a loan processor you just work with clients all day, pushing pens, and making dough. My topic change was kind of an upgrade actually from the working force of loan processors to the mangers of the industry which are the Loan Officers. Loan Officers are "Representatives of banks, credit unions and other financial institutions that find and assist borrowers in acquiring loans. Advise borrowers on financial status and methods of payments.

1. Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
2. Meet with applicants to obtain information for loan applications and to answer questions about the process.
3. Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans."

-investopedia.com 

Hopefully this topic change leads to the best for my future 2-hour as SECOND TO LAST. #toolatetoswitch