Now there is a way to bring incredibly talented, potential superstar loan officers into your loan production team.

Research has shown that the reason that mortgage bankers and brokers don't hire highly qualified people with no previous mortgage experience is because they have no formalized training program in place to teach these professionals the technical side of the business. Even if they say they have training, it usually consists of allowing the new hire to learn by “osmosis,” either sitting in the office listening to experienced loan officers talk on the phone or following an experienced loan officer on field calls.

Mortgage companies today have an awesome opportunity to hire great people from other industries; thousands of motivated people are being forced to leave dot com companies, telecommunications, and the computer field.

Wouldn't you rather hire and train an individual who has all the attributes you know make a superstar loan officer rather than hire an experienced loan officer who produces 4-5 loans a month and lacks the talent, discipline, or motivation to grow? Of course you would, and we have the way for you to do it without disrupting your organization or shortchanging the new hire in the process.

Fast Track, the mortgage training program from Synergy Solutions…
• Covers the mortgage business from A to Z.
• Monitors the progress of the student through periodic quizzes.
• Separates the disciplined and serious candidate from the undisciplined and unfocused.
• Tests growth of competency of the individual with a challenging final examination.
• Delivers candidates who earned 80% or higher on the final exam to employers who are ready to advance
to the 2nd stage of technical competence–doing pre-qualifications and taking loan applications.

WHO CAN BENEFIT FROM THIS PRODUCT?
1. New loan officers who have yet to begin at their new companies. This can be a self-study program for them.
2. Loan officers in the mortgage business for less than two years.
3. New employees joining operations or support teams.
4. Current employees who could benefit from additional education within the industry.
5. Human resources or hiring personnel who would like to test the knowledge base of recruits prior to hiring them.
6. Loan officers who are struggling in their business.
7. Anyone within your company who isn't able to score at least a 75% or higher on the quiz and/or final exam.

FAST TRACK
VERSION 2.10e
Training System Investment Pricing

BOOK DIVISIONS

Book / Module #1
Tab Bank #1
1: Table of Contents/ Introduction
2: Tips/ Success Stories
3: Mortgage Banking Basics
4: Introduction to Conventional Loans
5: Basic Conventional Loan Guidelines

Tab Bank #2
6: Employment and Income
7: Credit and Liabilities
8: Cash to Close
9: Reviewing the Purchase Contract
10: The Loan Application

Book / Module #2
Tab Bank #3
11: Alternative Documentation
12: Compliance and Disclosure
13: The Appraisal
14: Condos and PUDs
15: Loan Processing

Tab Bank #4
16: Cover Letters
17: Underwriting the Loan
18: What the Title Company Does
19: Loan Closing
20: Glossary

Book / Module #3
Tab Bank #5
21: Fixed Rate Loan Programs
22: Adjustable Rate Mortgages
23: Unique Loan Programs
24: Refinances
25: Converting Shoppers Into Buyers

Tab Bank #6
26: Pricing, Hedging, and Lock-ins
27: Comparing Points
28: Pre-qualifying Basics
29: FHA and VA Loans
30: Final Thoughts on Success

TABLE OF CONTENTS
Version 3.00c

Module #1

Section 1: Table of Contents/ Introduction

Section 2: Tips/ Success Stories

Section 3: Mortgage Banking Basics

1) What is Mortgage Banking?
2) Overview of the Mortgage Banking Process
3) Mortgage Banking Profits
4) Types of Mortgage Bankers
5) Mortgage Loan Types
6) Participants in the Mortgage Banking Industry

Section 4: Introduction to Conventional Loans

1) Who Makes a Conventional Loan?
2) Conforming Loan Limits
3) The Term
4) Alternative Program
5) Assumability
6) Prepayment Penalty
7) Rate of Interest

Section 5: Basic Conventional Loan Guidelines

1) The 5 C’s of a Loan
2) Loan-To-Value Ratios
3) The Components of a Mortgage Payment
4) Qualifying Ratios
5) Compensating Factors
6) PMI
7) Co-Mortgagors
8) Miscellaneous Guidelines
a) Eligible Applicants
b) Multiple Mortgages to the Same Borrower
c) Resident / Non-Resident Aliens
d) Subordinate Financing
e) Relocation Agreements
f) Self-Employed Borrower’s Percentage
of Ownership
9) Acceptable Property Types
10) Property Requirements
a) Termite and Roof Clearances
b) “As Is” Financing

Section 6: Employment and Income

1) Employment Requirements
a) Employment Stability
b) How Employment and Income are Verified
2) Types of Income
3) Income Requirements
4) Unacceptable Income
5) Calculating Income
a) Salaried Borrowers
b) Averaging Income
c) Declining Income
d) Rental Income
e) Auto Allowances
f) Self-Employed Borrowers


Section 7: Credit and Liabilities

1) Credit History
2) Liabilities
3) The Credit Report
4) Sample Credit Report
5) Credit Requirements


Section 8: Cash to Close

1) What’s Needed to Close a Loan
2) The 5% Requirement
3) Verification of Funds
4) Contributions by Interested Parties
5) Maximum Contributions
6) Acceptable Sources of Funds and Requirements


Section 9: Reviewing the Purchase Contract


Section 10: The Loan Application

1) The Loan Process
2) Loan Origination
3) Ethics
4) Setting Up the Interview
5) Before the Interview
6) Taking the Loan Application Step by Step
7) Concluding the Interview
8) Reviewing the Loan Application
9) Loan Set-Up
10) Miscellaneous Forms

Module #2

Section 11: Alternative Documentation

Section 12: Compliance and Disclosure

1) Regulatory Compliance
2) Disclosure (Closing Costs)

Section 13: The Appraisal

1) What Do Appraisers Really Do?
2) The Residential Appraisal
3) Appraisal Documentation
4) Sample Appraisal


Section 14: Condos and PUDs

1) Understanding Condominium and PUD Ownership
2) Condominium Projects Requirements Overview
3) FNMA / FHLMC Requirements
4) PUD Projects


Section 15: Loan Processing

1) Loan Officer and Processor Relationships
2) Loan Processor Job Responsibilities
3) What the Processor Does


Section 16: Cover Letters


Section 17: Underwriting the Loan

1) The Underwriting Process
2) The Underwriter’s View of the Application
3) Reviewing the Loan Package
4) Making the Credit Decision
5) Red Flags

Section 18: What the Title Company Does

1) An Overview of the Title Company’s Role
2) Opening an Escrow
3) The Purpose of Title Insurance
4) Six Common Ways to Hold Title to Real Property
5) The Preliminary Title Report
6) Commonly Requested Title Endorsements
7) Customary Closing Costs by County


Section 19: Loan Closing

Section 20: Glossary

Module #3

Section 21: Fixed Rate Loan Programs

1) Buydowns
2) GPMs
3) Bi-Weekly Mortgages
4) Balloon Loans
5) The Community Homebuyer’s Program
6) The Mortgage Credit Certificate Program (MCC)


Section 22: Adjustable Rate Mortgages

1) Types of ARMs
2) Qualifying for an ARM
3) Basic Features of an ARM
4) Selling ARM Products


Section 23: Unique Loan Programs

1) Bridge/Swing Loans
2) Cal-Pers
3) Premium Pricing Rebate Program
4) Prudential’s Relocation Program
5) Reverse Mortgages
6) CHFA
7) Manufactured Housing

Section 24: Refinances

1) Why Refinance?
2) When Does it Pay to Refinance?
3) Some Things You Must Know About Refinances
4) FNMA Streamline Refinances
5) FHA Refinances
6) VA Refinances

Section 25: Converting Shoppers Into Buyers

1) Introduction
2) Ways to Avoid Quoting a Rate
3) Purchases (script)
4) Refinances (script)

Section 26: Pricing, Hedging, and Lock-ins

1) Pricing and Hedging Strategies
2) Lock-in Policies
a) Things to Remember
b) Lock Reservations
c) Lock Confirmations
d) VA Loan Locks
e) Lock-in Periods
f) Lock-in Fees
g) Lock Expirations
h) Lock Complications
i) Overages and Underages
3) Rate Sheet Pricing Guide

Section 27: Comparing Points

Section 28: Pre-qualifying Basics

1) Pre-Qualifying Basics
2) 20 Pre-Qualifying Questions
3) Using the “Easy Pre-Qualifier”
4) Doing an In-Depth Pre-Qualification
5) Basic Loan Requirements Guide
6) Cash-to-Close Worksheet
7) Pre-Qualification Exercises

Section 29: FHA and VA LOANS

Section 30: Final Thoughts on Success

History

Mark Boersma, president of Synergy Solutions, Inc. entered into the mortgage business in 1990, straight out of college with no experience in the mortgage industry and no experience in sales. Mark started with a small mortgage company that had been in business for one year; they provided two days of training and told him to start originating immediately.

The first three months of the business were very difficult for Mark—so difficult that he only earned about $1 per hour. After three unsuccessful months, Mark went into the office of the president of his company and had a heart-to-heart talk. Tony Davis, the president, told Mark that he had to be patient and that it took twelve to eighteen months to really get a foothold in the business.

Mark’s response to this was, “I believe I am a very patient person, but my wife (who is pregnant and has no plans of working outside the home) is getting concerned. The company collecting my mortgage payments has no patience, and I’m not sure my in-laws ever thought this job was a good idea in the first place.” Tony asked Mark what he thought he should do; Mark’s response was to use some of his systems and ideas to develop tools that would help Mark to be more successful with less effort.

After one month of development, Mark came out with his first tool and accomplished more in one week than he had in four months. Mark’s tools and systems were so successful that he was promoted to the position of regional manager in six months, marketing manager six months after that. He was even offered a position as vice president of sales with an equity position within the company.

Mark was responsible for developing a recruiting plan, implementing that plan, and training other loan officers in sales, marketing, systems, and tool development. Mark was responsible for growing the company from four loan officers to twenty-eight loan officers in three and a half years. When we asked Mark to what he attributed his success, he said, “We had a great team of professionals, built and used the most powerful sales and marketing systems, and had a training system that at the time was the envy of other companies.”

From what key executives in many wholesale companies said, Mark’s training program was the most comprehensive they had seen anywhere in the industry. It entailed two weeks of classroom training for eight to ten hours a day, three to four hours of homework each night, four quizzes, and a final exam that was between ten and twelve hours long.

Tom Wardrope began his mortgage career in 1963. He was a top-producing loan officer for 25 years and co-owned a highly successful mortgage banking company headquartered in the San Francisco Bay Area until January 2001. At that time he opened a net branch for Cherry Creek Mortgage that currently employs 20 loan officers.

In the late 1980's Tom occasionally ran into outstanding individuals with a desire to become loan officers. At that time he, like many managers today, didn't pursue these people because his company had no way to train them on the technical aspects of the business.

Early in 1990, Tom realized that he was missing a great opportunity to bring potential superstars into mortgage lending. He and his daughter Debbie then set about writing and creating a formalized technical mortgage training program so that they could start to hire new, exceptional individuals who knew nothing about mortgage lending.

The program has proven to be a huge success for Tom. His top two loan officers, one of whom closed $9.6 million in September 2002, are both former graduates of the Fast Track Training program. Tom feels that the present economic environment presents an unprecedented opportunity for mortgage lenders to find, train and hire potential superstar loan officers. The collapse of the “dot com” industries, the demise of telecommunication, and the hurting computer industry have created a huge pool of great, highly motivated people hungry to begin new careers. With the help of the Synergy Solutions Fast Track Training system, Tom has recently brought six incredible loan officers into his training format.