Exit Interview

Title:  Exit Interview
Label:  Exit Interview
Due Date:  Tuesday April 29 by 8AM

Content:

(1) What is your essential question and answers?  What is your best answer and why?

Answer 1 - Referrals help maximize profit by promoting their business over others.

Answer 2 - By having an effective communication between the loan officer and borrower, your business can process loans more efficiently.

Answer 3 - Loan officers choose to advertise in other local small business to show that their business has affordable rates and accepts any loan. 

Answer 1 - because it answers my EQ of maximizing profit. Referrals help significantly when trying to expand your business.

(2) What process did you take to arrive at this answer?

It probably took me until January to find my answer 1. When exploring for the actual definition of loan officer on investopedia.com, there referrals was the one word that kept appearing everywhere. Then towards my second interview my mentor mentioned referrals are a way she receives many loans.

(3) What problems did you face?  How did you resolve them?

The problems I faced where mostly topic changes. My changes when from Accounting>Real Estate>Loan Processor>Loan Officer. I resolved them just by adapting. They were generally in the same field, but adjusting the first time was the worst experience because I am interested in the field of accounting. 

(4) What are the two most significant sources you used to answer your essential question and why?

Mentors - Mariana and Maria because they actually have experience in the field. 
Interviews #2,3,4 - Interviews were the most informational because it was the only time where I was able to sit one on one with mentor and ask questions about things I've seen at my mentorship 
The United Small Business Administration - this source helped by showing techniques of how to increase referrals and going to the specifics of running lending business all run my an official government website 

Bronco

After many conscience decisions I am going the same path way of my cousin as an accountant and staying with Cal Poly Pomona. I love how I constantly call for my application get a call back that things are missing and dealing with all that shenanigans. I'm just happy to get the good news because I was literally working at Burger King and my dad pulled up to the drive through window to tell me that I got a call of acceptance from Cal Poly. I wanted to hug him personally, but I was at work and honestly my boss doesn't give 2 cows on what's going on with your life. That's a check on my bucket list, " Get into dream school".

Blog 19: Independent Component 2

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
1.) Pandeloglou, M, Pelettier, R 2009, Communication in the workplace, DEEWR, Canberra.

2.) Stiglitz, Joseph E. "Interpreting the Causes of the Great Recession of 2008."Financial System and Macroeconomic Resilience: Revisited. Bank for International Settlements (2010).

3.) Pitrelli, Nico, Federica Manzoli, and Barbara Montolli. "Science in advertising: uses and consumptions in the Italian press." Public Understanding of science15.2 (2006): 207-220.

4.) Gordon, Jason, and Rosanne L. Hartman. "Affinity-seeking strategies and open communication in peer workplace relationships." Atlantic Journal of Communication 17.3 (2009): 115-125.

5.) Carter, Sara, et al. "Gender, entrepreneurship, and bank lending: the criteria and processes used by bank loan officers in assessing applications."Entrepreneurship Theory and Practice 31.3 (2007): 427-444.

6.) Ivashina, Victoria, and David Scharfstein. "Bank lending during the financial crisis of 2008." Journal of Financial economics 97.3 (2010): 319-338.

7.) Broadbent, David F., et al. "Method and apparatus for a mortgage loan management system." U.S. Patent No. 6,985,886. 10 Jan. 2006.

8.) Tashman, Heather M. "Subprime Lending Industry: An Industry in Crisis."Banking LJ 124 (2007): 407.

9.) Mendling, Jan. Detection and prediction of errors in EPC business process models. Diss. Wirtschaftsuniversität Wien, 2007. 

10.) Iossa, Elisabetta, and Giuliana Palumbo. "Over-optimism and lender liability in the consumer credit market." Oxford Economic Papers 62.2 (2010): 374-394.

(c) Provide a digital spreadsheet (aka log of the 30 hours).  

https://docs.google.com/spreadsheet/ccc?key=0AvWMHldBwtI5dEoxUWVUcWJmSWlSVnB6V0hJeDVNUEE&usp=sharing

(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.  
APPLIED

 For my independent component I used 10 additional pieces of research as well as mentor-ship as evidence for my 30 hours of work. My answers 2 and 3 came based of the interviews, mentor-ship, and experiences I had working with Mrs. Maria Paez.
My research consists of resources backing up my answers 2 and 3 that Maria helped me with. I took 30 hours from my mentor-ship and put it as my independent component 2. During mentor-ship Maria had me organize clients information, clock in some data into their lending software, and update clients information. I was able to see how everything was processed in the office, but not allowed to take photos or share any information due to privacy issues. Throughout the course of mentoring she gave me great advice and encouraged me to see the potential I can be as a loan officer. I am blessed because Mrs. Paez has had the experience of being a mentor with students from other high schools and  is able to show me every aspect from management to the process itself.

How did the component help you answer your EQ? Please include specific examples to illustrate how it helped.

My answers 2 and 3 (communication and advertising) came during the first couple of weeks of mentorship. Mrs. Paez gave me the whole break down of how her team of processors and other loan officers get the job done for their clients. One major incentive she uses that is successful drawing in clients is advertising," every day that goes past a week of when the loan is being put together, Home Funding Corp. pays you 100$". I was astonished at first because coming from a previous loan, that is not easy at all. Maria knew that as well, so that is why she has her team do different stages of the loan so its all split up evenly and can be quickly approved for the clients. That's how my answer, communication, was founded.
My answer 3, advertising, was finalized when Maria explained her 100$ payment each day and my 4th interview she had showed me different methods Home Funding Corp. chooses to advertise their business.

Monthly Post

This month of March acceptance letters are coming up soon. I've been so far accepted to Cal Poly Pomona, St. John's University, Menlo College, and La Verne. Thinking about going out of state to St. Johns in New York. My parents however don't think of that option at all. There was an incident in my house already in which I'm getting calls from St. John congratulating me on my acceptance and telling my valuable information for incoming Freshmen and my parents just delete them in front of me. I thought it was cute at first, but now its ridiculous. I saw 3 mailed letters to me from St. John in the trashcan conviently when I was chosen in my house to take out the trash. I don't know where I'm going yet, but its my conscience decision on where I choose to lead my future.

Blog 18: Third Answer

EQ: What is the best way to maximize profit as a loan officer?

Answer #3: Loan officers choose effective ways to advertise to local evidence by proving that their business has affordable rates and accepts any loan.

1.) Using past loans as evidence - Using printed sources and mailing to local residents
2.) Forming a relationship with banks to gain more business - If applicants cant afford the bank's rate, they can be referred to us so they can still receive a loan.
3.) Using small local businesses to advertise - By advertising in other small businesses you spread the word of your business without spending a penny.

Research:


29 - "Advertising: The Basics". http://www.sba.gov/content/advertising-basics. Web. 22 Jan 2014.
30 - Ward, Susan. "Ten Low-Cost Ways to Promote Your Business". http://sbinfocanada.about.com/cs/marketing/a/bizpromotion.htm. Web. 22 Jan 2014.
44 - Flew, T. (2005). Advertising cultures. Australasian Marketing Journal, 13(1), 68-70. Retrieved from http://search.proquest.com/docview/199329333?accountid=10357

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.