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.