Yesterday, on my first day back from our out of town week of training, I locked my very first loan. Locking is the first step in the arduous path before funding. Basically, locking is the customer agreeing to the terms of the loan and sending you their inital documets. Being brand new to the industry, I haven't experienced the pitfalls prevalent on the path to paycheck, but from what I've been told, lots can still go wrong before a lock to becomes a funding.
For one thing, she could simply change her mind. This deal is a refinance, and so there isn't the sense of urgency like there is with a purchase agreement. The borrower cashes in on the equity on the home while paying off her car and a few nasty bits on her credit report. She's also getting a nice chunk of cash to use to visit her family in Nigeria. She bitched and moaned about the interest rate, but then I found out that we're actually lowering her interest rate by a 1.5% compared to what she just refinanced for 16 months ago. Still, making a $250,100 (why the extra $100? Take a guess in the comments) comittment to a financial institution shouldn't be taken lightly. In any case, I feel good about my first ever real borrower, and if all goes as it should, I'll be earning my first real commision in about 15 working days.
It's taken a month to get a locked loan. I was told a month agot that I should average 7 loan fundings per month. I know I'm good enough at just about anything to do better than average, and so my personal goal is 10 per month. In May, I had zero, but that's okay. We didn't even really open until June 1st, and I spent all of May technically still in training. If I hadn't been at Ring Ring last week, I would have locked this loan last week. If I get 5 loans in June, I'll feel okay, because I'm only going to get better.
I've also been told I should get about a 10% funding rate. That means that only 10% of the files that cross my desk should turn into funded loans. My Nigerian friend was about the 11th.