I’m new to the business and don’t want to ask others in my office for fear of feeling uneducated:
- I’ve completed a 1003, submitted to lender and received approval.
What’s next as far as taxes, escrow account set-up, insurance? Is that my job?
Do I contact a title company and request certain things… I know I’m on the right track, but just confused.
What is impounds?
Any tricks of the trade would be appreciate as well.
Impounds are taxes and insurance. Your best bet is talk to your branch manager or team leader. Thats why they are there. To help guide you through the process so you become a seasoned loan officer.
You should never be afraid to ask questions. The only stupid questions are the ones you don’t ask. Every loan officer had to start somewhere even guys like Barry Habib and Jim McMahon. A tip I received when I first started concerning impounds is to find the web-site for your local tax appraisal district. If the property you are handling is pre-existing; then you can look up the actual tax numbers online. As for insurance, after you have done a couple of deals you will start to get a feel for insurance rates. I am in Texas so my rates are ridiculous, but wherever you are located find a local insurance agent and form a business relationship; that way if you have questions or need a quote that person is only a phone call away, and they will love to have a crack at all the business you can send their way. Hope any or all of this helps.