I received a decline letter for “Business activity not eligible”. 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). 16. Apply to Loan Officer, Junior Loan Officer, Mortgage Loan Originator and more! They do NOT use FICO. I finally got a portal invite and accepted and submitted an amount. Be Ahead of the Curve With Client Contact. This post will be a master thread with everything we have collectively learned on r/EIDL about the loan and the application process. My application says it is "processing", now what? 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. Just Cue being Cue. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". yet the average guy in my office was pulling in 250k and 2 guys were 1mm+, I have seen their pay checks for myself. The problem is that once you accept you set the process in motion and then it gets obligated by treasury it is impossible to adjust. My loan as obligated or already funded, I made a mistake with my COGS or revenue and I am not happy with the amount. For user type - select "borrower" from the drop down menu. You know understanding details like property type, loan amount, credit score etc., is the key to providing your customers great service. The tip jar can be found HERE. This estimate is based upon 104 Bank of America Loan Officer salary report(s) provided by employees or estimated based upon statistical methods. For people who need to do this but have already accepted and submitted an amount in the portal, but prior to approval showing. 276 Loan Officer Inbound Sales jobs available on Indeed.com. If the SLO does not approve the deal then it will go to declined. Thank you so much. DO NOT ACCEPT THE OFFER as per advice given by Tier 2. Please read the following. I know it will be less commission but I would like to just work leads that are provided. On the caweb homepage, login (if you aren't already), it will be personalized and show your name. The following applicants are not eligible for EIDL assistance. QUESTION: What documents are required? Overall, based on your post, I do not feel you are a good fit for the mortgage business. See CAWEB question. Things change frequently at the SBA with policy and you should check back on this thread on a regular basis. QUESTION: I now understand that processing really means "underwriting", but how long will it actually take? They will pull from experian. I do not work at the SBA nor do I have any affiliation with the SBA. QUESTION: I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! ANSWER: There is no way to request a specific amount, the eligible amount is calculated automatically by formula based on your inputs. Approved: T2 Rep can now see your loan is approved on their screen. My second loan app # is similar to yours and I am awaiting portal invite. Businesses whose purpose for being is gambling (such as casinos, racetracks, poker parlors, etc.) Thoughts? Not knocking on doors, going to networking events, or taking realtors out for lunch. 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. Can we add a section on EIDL uses and best way to track? On the home page click on "Not Enrolled?" Been trying to reach you but unable to send pm. I am in VA if that matters to anyone. He wasn't spending 900k in advertising. UPDATE: As of 6/15 there is now a way to fix this. This will not change anytime soon and there will be no way to request more at present. How to tell a good company from a bad one? Do to an extreme flood of requests for help, I will not be able to answer PM's or chat requests. It’s a huge butterfly affect. 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. What can be done? Apparently we still can, so don't make this a big deal or maybe that will change! Loan status will say "Active Un-Disbursed" until Treasury send the funds to your bank, then it changes to "Disbursed Current". Mortgage Loan Officer salaries at PENFED Credit Union can range from $50,042 - $85,226. A second loan will be given for the difference from the first one. Wondering is it possible to be a realtor and MLO at the same time? The important thing is when your local congressional office reaches out they do NOT contact the local district SBA but this email: focwcongressionalinquiries@sba.gov. There's even a box at the bottom to check if you want electronic account statements only, but if you check that, a warning pops up about "all attached to this loan will be affected by this change", so we recommend not selecting that option just yet. The loans are not intended to replace lost sales or profits or for expansion. QUESTION: What are the eligible uses of EIDL funds? there is a lot of pressure to meet sales goals. 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." How do I show support for the volunteers and moderators for r/EIDL. Are you a loan officer? This "work hard" bull crap isn't what these guys do. 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. How is the loan amount calculated? We know one of the best that we reported on back in 2014 and thought we would update his production and techniques. What are my options? QUESTION: How do I get in touch with customer service phone support? Job Title Education Requirements Median Salary (2019)* Job Growth (2018-2028)* Insurance Agent : High school diploma or equivalent : $50,940 : 10%: Loan Officer What is CAWEB and how can it help me track my loan disbursement and other status? Fill in the highlighted fields with your info. There is a lot of calls and training and sometimes it is hard to do your job. Would like to give it another shot. What is the normal amount of time? There may be a delay between when your offer is obligated to when it actually shows approved. The typical Bank of America Loan Officer salary is $40,777. 2. Financial commitment ID is your Loan # - 10 digits. 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. Then your market value to the mortgage industry is $500 per closing and minimum wage. QUESTION: I received my portal link, but when I go to create an account it just takes me to the login page or I get the error: "The user account has not been confirmed yet. If all these blogs above inspired you at all, check this one out for some blog topics ideas of your own. Is it too late? The only way to avoid the cap is if your loan was already being obligated prior to the change by the SBA from 500K. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. -Minimum Credit Score of 570. It's a pain. Click on the "ZIP LOOKUP" button after you enter your zip code. Please contact me ASAP.". This email is NOT for use by applicants but only official government purposes. I work in ODA at SBA. Funding: Docs are signed and the loan is automatically moved to funding stage to have treasury issue an ACH. While there are many good lenders, there are fewer good lenders that are superior salespeople in banking. Guidelines, reading credit reports, how to take a mortgage application.... did your place do anything for you? Establishments primarily engaged in subdividing real property into lots and developing it for resale on their own account. You pass underwriting master thread with everything we have collectively learned on r/EIDL about the loan is now to! Use of a co-borrower who is a lot of pressure to meet Sales goals 2019 or &! The approval help but think if I had better support and leads provided daily being reported ’ t main! Everything takes a great deal work run the community and they are telling people to accept offer! 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