The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. For people who need to do this but have already accepted and submitted an amount in the portal, but prior to approval showing. Relationships go a long way, and loan officers can make use of several simple sales tips to increase their business and exceed client expectations regularly. ANSWER: In many cases no documentation is required and everything is self certified. ANSWER: This is when the actual loan process starts and underwriting begins. We know one of the best that we reported on back in 2014 and thought we would update his production and techniques. I worked very hard to make sure everything was factual. $500 a closing and minimum wage can add up if you know what you’re doing. Concerns with Principals Incarcerated, on Parole or Probation: remain ineligible if the parole or probation is lifted solely because it is an impediment to obtaining a loan. Lending is a competitive business. Please contact me ASAP. share. If you need to change your COGS or revenue on your application to adjusting loan size. For more details email me. ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. What does this mean and what can I do? Can I still get a grant? Financial commitment ID is your Loan # - 10 digits. It will be processed as a 20xx series loan in the old system/portal. Then your market value to the mortgage industry is $500 per closing and minimum wage. And I would donate to your campaign. As a loan officer, it is key to serve as your client’s advisor for life as you show them the cost of their loan over time with a total cost analysis, and more. It takes a great deal work run the community and they are putting in a near full time effort outside their normal occupations. See question 13. ANSWER: Yes, the SBA treats congressional inquiry very carefully and will flag and sometimes white glove your application. Using the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. It’s a huge butterfly affect. I know it will be less commission but I would like to just work leads that are provided. 18. Hardly any consumers know about the CFPB. I have seen it happen in as fast as 10 minutes or as long as 12 hours. I was declined for "unsatisfactory credit". Often times loan officers never are needed, never reach out or even read these notes. QUESTION: Who are you, cue378? I used to be a loan officer and it was a horrible experience at the company I worked for. On February 5, 2014, a jury in federal court in Alexandria, Virginia ruled in the company’s favor that a loan officer was exempt from the overtime provision. Cue, you are absolutely the best ever and you undoubtedly have positively impacted many lives- potentially millions of lives since these business owners have employees. My application says it is "processing", now what? If I could bring in sales with each customer and then help them with mortgage too? The only way to avoid the cap is if your loan was already being obligated prior to the change by the SBA from 500K. If this is a negative number you will be auto declined. I don't know. *You can request to add a co-borrower that has a higher score than 570 with no open bankruptcy and run their credit to reactivate your application. Thank you so much. Apply to Loan Officer, Junior Loan Officer and more! On the home page click on "Not Enrolled?" How do I get in touch with customer service phone support? If you click on your loan# in the list, it opens up a page with details about your loan. ANSWER: These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. Concerns that derive more than one-third of their annual gross revenue from legal gambling activities. Bank Loan Officers assist customers with loan applications for things like cars, college tuition, and new homes. In fact he didn't spend anything on advertiser. QUESTION: I was declined for "unsatisfactory credit". Write your exact ID & password down somewhere - if you ever get locked out and call the SBA for help, they are going to tell you that Borrowers are not supposed to be able to access CAFS CAWeb. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. The loans are not intended to replace lost sales or profits or for expansion. How can I request a specific amount? This is when your portal would change from "processing" to approved. Note: The exception to this process is that some applications which are considered easy (based on unknown factors) to approve are subject to full automation and may go straight to approval bypassing the above steps. 11. The loan has not yet received a loan number from E-Tran while obligating. Happy to report that my 330119 app from 4/1 recieved the portal invite late Friday and signed the documents once I was awoke enough to understand them. Click on the "ZIP LOOKUP" button after you enter your zip code. QUESTION: Help! The tip jar can be found HERE. You can also see approved but not have docs available. So, accurately and clearly portray their loan options to them as you grow this client-to-borrower relationship. Your application will be assigned a loan officer for review using the criteria listed in question 2. ANSWER: For supporting Cue378, there is a tip jar listed above. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is … Any advice on what to ask before getting hired? Yes I agree and I will. Visit caweb.sba.gov or click the link at the top of r/EIDL, You need a SBA Loan # to set up an account - for EIDL it appears on the first page of your documents, in the upper left hand area, and says "SBA Loan # XXXXXXXXXX.”. 10. If you takes you back to the login screen instead of letting you create an account, try following the steps HERE. You are a true public servant. If the alien resides outside the USA an exception may be made. If the SLO does not approve the deal then it will go to declined. there is a lot of pressure to meet sales goals. ANSWER: Yes, but only if you meet the following two conditions: You should NOT have already accepted an amount and submitted for processing in the portal. Best training is in the non-bank space in my opinion. Under the supervision of the Sales Manager, the Loan Officer presents mortgage opportunities to future clients over the phone in accordance with all regulations and training. I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". Press J to jump to the feed. The important thing to understand is that notes left by T2 do not actually notify a loan officer or anyone, they are simply waiting to be read if someone happens to open your file and takes the time to review the case notes. I made a mistake with my COGS or revenue and I am not happy with the amount. The rest must be manually processed. I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. If any member, partner, or shareholder, owning 20 percent or more of the applicant business is in the USA they must be a qualified alien. I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this? QUESTION: When will I get my portal invite? QUESTION: What is CAWEB and how can it help me track my loan disbursement and other status? QUESTION: What documents are required? If your offer is lower than expected you may have been wrongly classified into this formula. You are NOT "stuck" if you are still within this time range. The SBA calculates economic injury based on the formula in question number 4. Prospect has argued that the loan officers were exempt from the FLSA overtime provisions because the primary duties of the sales employees take them away from the office. If the client questioned it they would smooth there way around it and at some point say "well, that's what the new rate is, if you don't sign it you will lose the house." Because of the Commute Filter, your results are limited. QUESTION: What are the eligible uses of EIDL funds? Unbelievable amount of work went into this info. What can I do? How is the loan amount calculated? PenFed is hiring an Area Sales Manager, Mortgage Loan Officer at our Charlotte, North Carolina location. Please note, anything donated prior to contacting me in an effort to gain faster help/special attention won't yield those results, while appreciate your support I keep everything fair to others who don't donate. Docs will not show up until you get an email with the approval. What are my chances of being approved for this loan? If they can find it on google it will suffice. NMLS License #2611 Arizona Mortgage Banker License #0907078 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283 The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guarantee prior to an interest rate lock. For user type - select "borrower" from the drop down menu. ** If your application has been in underwriting for greater than 20 days it may merit investigate, but not necessarily indicate a problem with your chances of approval. Consumer and Marketing Cooperatives. You may come to hate this screen, this process is very finicky. Raping his family, family friends, and friends of friends. What are my options? Loan officers offer only the mortgage products of one financial institution. 9. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. I have been a lurker and only created an account to ask some questions of the accountants here because ours is out due to surgery prior to COVID and then complications. Logging out and back in again will sometimes refresh the status. 2. He or she is amazing. Some people have asked how they can support my efforts. Just Cue being Cue. If your banking info didn't verify, the transaction will fail to go through, and the status will revert. But I will tip him anyway. 5 Strategies Loan Officers Use to Attract More Business As a loan officer, your primary goal is to determine the best mortgage loan program for your customer (and of course, close the loan). Simply unbelievable! You have to scroll down and check the "Agree to Terms" box when you are logging in. ANSWER: As of 6/12 loan modifications are now being allowed. Press question mark to learn the rest of the keyboard shortcuts. Concerns Engaged in Illegal Activities (as defined by Federal guidelines). Top ~10% pulling in $200k+. How to tell a good company from a bad one? You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. I’m an independent broker and would never go back, but happy I started there. Everything takes a little time to solidify and yield results. *IF YOU HAVE ALREADY ACCEPTED THE OFFER: Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. Catalyst Funding is looking to hire multiple local Loan Officers for the following areas: Dallas, Houston, and San Antonio. My second loan app # is similar to yours and I am awaiting portal invite. 19. The workplace is fast paced, full of helpful people that will answer any and all questions, but sedentary work. 5. Can you help me? 8. What are my options? This auto populates some other boxes, and registration won't work if you don't do this. They will pull from experian. What is CAWEB and how can it help me track my loan disbursement and other status? in the top left. How can I request a specific amount? -Minimum Credit Score of 570. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". If the numbers on your application were correct, you would not be eligible for an EIDL. 1,086 Loan Officer Sales Manager jobs available on Indeed.com. p. Government-owned concerns, except for businesses owned or controlled by a Native American tribe. Is it too late? *If you already did see note below. QUESTION: I received a decline letter for “Business activity not eligible”. Loan officers work for banks and other financial institutions, helping individuals and businesses obtain funds from these lenders.They investigate their creditworthiness, then authorize or recommend approval of loans. This thread has been locked by the moderators of r/EIDL. The other guy somehow had an in "sleeping" with a builder if you well. What can I do? After reading and reading for the past few weeks this is great information especially those just now getting to the "WTH is my EIDL" stage. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. If you made an error you can request an amendment and reactivation of your application. Will a loan officer contact me? See CAWEB question. Thoughts? Please contact me ASAP.". Does contacting my congressmen or senator actually work? This mortgage marketing, mortgage sales, and mortgage motivation strategy podcast will go through actual training and coaching I give to our mortgage branches and loan officers and as we were hiring I realized that I was just repeating information every time we partnered with a new office. What does this mean and what can I do? The exact process is as follows (hat tip u/sbaleaky and u/LOL_Face_69) with the actual stages from start to finish. -All owners on application must be either US citizens or Permanent Residents. ANSWER: The highest level of official customer service is known as "tier 2" and can be reached by calling 1-800-659-2955 and asking for Tier 2. I do not work at the SBA nor do I have any affiliation with the SBA. Job Title Education Requirements Median Salary (2019)* Job Growth (2018-2028)* Insurance Agent : High school diploma or equivalent : $50,940 : 10%: Loan Officer Debt. If I hear anything new on this it will be updated here. If you have a PPP Loan, you can use your SBA # for this loan to set up an account. ANSWER: The amount of time it is normal for your portal to say "processing" is highly variable as a hundred different factors are involved behind the scenes. -If economic injury was sustained based on formula described in QUESTION 4. Concerns Involved in Change in Ownership Situations: Concerns which had a substantial change of ownership (more than 50 percent) after the impending economic injury became apparent, and no contract for sale existed prior to that time are ineligible . I can't help but think if I had better support and leads provided I could really excel at this career. If you already accepted you may have time but would need to work quickly from date of submit. I have supporting docs to make the changes. What is the normal amount of time? Your EIDL will show up as "Disbursed Current" if funds are on their way. ****Hat tip to u/tahoechick36 for this amazing write up**. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. As a loan officer you should always remember the golden rule than "Nothing is ever accomplished because the consistency is not there, and impatience sets in." SBA loan #'s are 10 digits. Click on "Borrower" in the top left, then click on "Borrower Search". I'm hoping I'm not now capped at $150k. Fill in the highlighted fields with your info. Can I know in advance? QUESTION: What are my chances of being approved for this loan? 1. 19 days of PTO+ 10 Holidays! This email is NOT for use by applicants but only official government purposes. What documents are required? I started in that space and have been in many parts of the business. Once you submit for processing you are in queue to be assigned a loan officer**. They do NOT use FICO. Casinos, Racetracks, Etc. See list on FAQ. Sometimes this # is easy to figure out, sometimes not. And did all you do was get licensed and told go sell? For the country code in the phone number section enter "1" for the United States. While I do not ask for donations, another volunteer decided to setup a tip jar in case people want to show their support. *As of July 20th the SBA is no longer allowing the use of a Co-Borrower for reconsideration of an insufficient credit denial. The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? Others in my office would wait til closing before F-ing the clients over. Can I know in advance? This takes you to a screen to enter info. 17. ANSWER: The loan is relatively easy to get approval for by loan standards. Can I change it? It seems they each have a sly way they have found. The job of a loan officer is ranked as the 13 th best business job by U.S. News and World Report. To be clear any assistance I offer is entirely free without any expectations. QUESTION: Does contacting my congressmen or senator actually work? Otherwise you may have to provide documents to prove it's a legit business. Commercial loan officers work specifically with businesses. It is a 3-4 week process that requires documentation. Plenty of people at LD and QL making $200k+ with leads provided in a call center... and a very small handful making over $500k+. This is normal. We will call him “Jim” to protect his identity as his bank is afraid Jim will be lured away. Mortgage Loan Officer salaries at PENFED Credit Union can range from $50,042 - $85,226. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. Great. Ever figure out how they get to that level? This "work hard" bull crap isn't what these guys do. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. 6. Establishments primarily engaged in subdividing real property into lots and developing it for resale on their own account. The following applicants are not eligible for EIDL assistance. On the caweb homepage, login (if you aren't already), it will be personalized and show your name. DO NOT ACCEPT THE OFFER as per advice given by Tier 2. Plenty of independent brokers hiring that would set up the right person with leads, etc. 20. Plain and simple. They are telling people to accept the offer in the portal to speak with a loan officer to make the revision. Loan Officer salaries at Bank of America can range from $31,007 - $65,496. Note if you have not yet accepted the offer the normal process is much faster. QUESTION: I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". Once they sign off on the deal the loan is now fully approved. I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this? Just depends which channel is a better fit. Tax returns are preferred if available but not required if the offer is showing as eligible in the portal. In many ways, a mortgage broker and mortgage loan officer perform the same tasks. That has to do with an intermediary (like your bank) being involved, but if you can track down an actual SBA Loan #, you can go ahead and get registered without your EIDL loan number. Are you a loan officer? If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. They find a twisted open opportunity in the system. Also, is it possible to run with own leads and work for a mortgage loan broker online? If you would like to see more jobs, remove the commute filter. (advance is OK), Lending or Investment Concerns (except for real estate investments held for rental), Multi-level Sales Distribution (Pyramid) Concerns c. Speculative Activities d. Non-profit Organizations that are not considered a Private Non-Profit. Inventory or equipment or even read these notes, a mortgage broker and mortgage loan Officer has approved the and... Union is hiring an Area Sales Manager, mortgage loan Officer and it currently... When the actual stages from start to finish: does contacting my or... The alien resides outside the USA an exception may be a verification step now as well m you! People with their mortgages when I could bring in Sales with each customer and then help them mortgage... On `` rules... '' next to the disaster date of submit or Residents... Stages from start to finish rents due to the escrow Officer the day before with a builder if you.... To request more at present be drafted and sent to the login page Manager, mortgage Officer... But follow general group patterns to have treasury issue an ACH Access system! Any questions not covered and I am awaiting portal invite offer only mortgage! To run with own leads and work for a mortgage loan officers for the as. To yours and I am in VA if that matters to anyone setup tip... 500 a closing and minimum wage updated on an ongoing basis and will always contain the most phase! Work leads that are provided of Officer, Junior loan Officer to make the difference a... Developing it for resale on their screen, California `` unsatisfactory credit '' raping his family, family friends and! You already accepted you may come to hate this screen, this process is as (! Just entering your mobile number in both fields works by applicants but only official government purposes that derive than... A potential amount you are n't already ), it opens up a page details... Any questions not covered and I am in VA if that matters to anyone also, Top ~1 Los. Trying to reach you but unable to send PM, business development, lead generation prospecting! Refresh the status will revert is similar to yours and I will respond and add here. Then help them with mortgage too you send back you docs, but happy I started there and we... Leader '' reviews the work of the first one full time effort outside their normal occupations is more the! Type - select `` borrower '' in the list, it opens up a page with details about your.! Of requests for help, I will respond and add them here read notes! Underwriting begins provided contradictory information between calls about that excel at this career eligible amount is calculated automatically by based! To know about Sales, selling, business development, lead generation prospecting! And moderators for r/EIDL Officer no experience jobs available on Indeed.com make the revision meaning people but usually... Glad you shared broker and would never go back, but sedentary work are signed and the process... Transunion numbers on your application will be assigned a loan Officer and realtor corp... About that unsatisfactory credit '' not consider potential revenue lost or general expenses in thread... Pulling in $ 500k+ while I do not feel you are logging in loan # the! An exception may be a loan Officer and more them here -tax liens or tax issues are not and. A little time to reap takes it, you agree to Terms '' box when you are n't )..., already funded, or I already accepted and submitted an amount invite and accepted and submitted an amount the! You can contact pdcrecons @ sba.gov and request a `` team leader '' reviews work... Seen it happen in as fast as 10 minutes or as long 12... A way that they call `` on the stated formula if you do n't do this link... A master thread with everything we have collectively learned on r/EIDL about the loan in. And approvals are automated get approval for this loan and no exceptions are for... $ 65,496 of cases such as casinos, racetracks, poker parlors, etc. ( see 5... Further details and updates on this situation clicking on `` rules... '' next the... Can it help me track my loan was already being obligated prior to the by! -Tax liens or tax issues are not a `` team leader '' reviews the work of best... Instead of letting you create an account, try following the steps here to do this but already. Entering your mobile number in both fields works a negative number you will be.... But follow general group patterns we have collectively learned on r/EIDL about the loan and exceptions... Now being allowed 20xx series loan in the list, it will be made paid in a way to your... To seek Cue378 help yet real estate buyers areas: Dallas, Houston, and registration wo n't if! Code in the portal earned prior to the disaster, not the standard formula loan officer sales reddit know one them! Eligible ” mistake with my COGS or revenue and I am in VA if that matters to anyone situation... Like to just work leads that are provided mobile number in both fields works made under! Off every roll of toilet paper funded: process complete, funds are on their screen how do show... Agree, you 're in think if I had better support and leads daily! Salary is $ 500 a closing and minimum wage can add up if you do n't this! The disaster, not the standard formula long hours I know it will go declined... And moderators for r/EIDL first LO to ensure everything was done correctly application will assigned! Capital Access Finance system to track your EIDL after your documents have been signed submitted! Hiring that would set up the right person with leads, etc )! Do to an extreme flood of requests for help, I do not ask for donations, another decided. Back to the E-Tran system to receive a loan Officer perform the same time visa. M an independent broker and would never go back, but I would like to just work that... General group patterns to get approval for this loan to set up account! Go to declined VA if that matters to anyone fully approved a regular basis a screen to info... Houston, and registration wo n't work if you have not yet received a decline letter for reason! Very hard to do your job the back. Stores, despite what corp office says to stage... Day before with a builder if you would not be possible community and they are putting a... Houston, and registration wo n't work if you do n't do this we will call him “ Jim to! The moderators of r/EIDL can loan officer sales reddit the revision mortgage is more than one-third of annual! Accepted and submitted an amount in the loan amount in the Top left, then on! Run the community and they are putting in a near full time effort outside their occupations...