A New Game

Putting together loans can be kind of fun. It's a numbers game. Increase the interest rate, and you lower the closing costs. Add points, and you can lower the rate. Lower the monthly payment by offering interest only, but then give up any equity building unless the price of the property goes up. What kind of pre-pay penalty period do you use? All these balances and tradeoffs. The possibilities are endless! I've always enjoyed puzzles, and thats what a lot of this is about.

I am still very much in training. I've got a lot to learn, but one of the nice things about our office is that we're brand new, and there's already business coming in. I've been the loan officer for half a dozen or so deals. No takers. So far, I haven't booked a single loan. Every one has fallen through. Given we are only expected to have about 10% of the files that hit our desks actually become funded loans, I'm not too alarmed by the fact that I haven't made any commissions yet, but it certainly would have been nice to have booked at least one.