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page four this is the page where you can truly go through it and get to know your clients background and their history you gotta ask them about all the things that happen in the past and what ethnicity they are and how they want to be claimed as far as nationality goes this is your get to know me on a deep personal level page so let's get started all right guys welcome back we're on page four of the 1003 page four is pretty straightforward it's very self-explanatory it's more q a over the same thing you're asking your bar to finish their declarations are you presently delinquent or in default of any federal debt or obligation are you obligated to alimony or child support is any part of the down payment borrowed why is that important well if you're buying an investment property you can't use borrowed funds for most loans so be aware of that are you the co-maker or endorser on a note why is that important well if i'm the co-maker or endorsement on a note even a private note that may preclude me from qualifying are you are you a u.s citizen if the answer is no then you may have to qualify for for national or different kind of loan are you a permanent resident alien do you intend to occupy the property as your primary residence it's got to match up with your application do you have any ownership or have you had any ownership interest in a property in the past three years why is that important well if you're first time a home buyer and you're buying your home for the first time but you helped your mom cousin sister uncle co-sign then maybe you disqualify for a first-time homebuyer loan so be on your toes with these questions these aren't simple and if you don't get it right you're making excuses later what type of property do you own principal residents if you own something second home or investment property and finally how do you hold title on the home that you own sold jointly or shared with somebody else you'll come through the client will sign this when you get it in your system not needed up front then you have to go through your general questions about the borrower's ethnicity race and sex and how you took the application so that's the fourth page is pretty straightforward not a lot of thinking of the application so let's go to the top you guys and i want to summarize how i would basically go through taking my application to a borrower so you can see in real time in short time how it works okay page one of the application again and keep in mind this is your way to manage the client's information it's your way to own their content so in sum i talked to john smith i get his name asked for his legal name i asked him hey john smith so if it's a purchase property what type of property are you looking for what's the purchase price 275 okay cool how much down 25 000 okay so we're gonna borrow about 250. i know in my mind or i'll price out later what the rate is i'm not going to tell the borrower on the application if i'm pricing them out what the rate is i'm filling that rate in later as i go all right john what do you want you want a 30-year loan you want a 15 what are you thinking 30-year oh awesome fixed-rate cool well john tell me the property that you're putting an offer on what's the address maybe if you don't know it i put tbd if you do know it because it's across the street from where you live maybe it's 100 main place in newport beach awesome what year was it built don't know all right i'll look it up later if you do know awesome 1960 it's a one unit property great it's a purchase loan this line is only if it's a construction loan this is for a refinance i'm going to skip that all right john so you're going to buy this property are you buying it by yourself any co-borrowers nope and are you married unmarried okay unmarried man solo and separate property awesome and how are you buying this property is it gift funds is it funds borrowing from your investments is it borrowing from your 401k is it borrowing from your relative is it a gift oh no cash on hand super all right john how's your legal name spelled john smith legally sweet present address john you look at 101 main street across the way and this is where you can use this application to build rapport tell me how you found the home tell me why you're buying tell me how you got in this property to begin with on main street tell me why this street why do you love that property why are you staying there have him or her open up to you as to what their needs are and why they're buying you want to find out the whys to be a great application taker the client must feel like you're talking to them having a conversation they can't feel and they can't hear you clicking on a keyboard if that's the case you're just a receptionist you want to have this thing flow like you're just talking the talk and say tell me your name tell me why you're buying tell me the property address you're buying tell me where you live how long have you been there awesome well cool tell me about what what do you do for a living don't say where do you work give me the name and address of your employer say tell me what you do for a living where is the location of your pro of your employer where do you work if they don't know exactly the street address that's okay get the street and the zip code and you can look it up later you can fill it in it's all on google all right what do you do there manager tell me who do you manage what's it like to be a manager at amazon do you want to be there forever is it what you think it is is it how i see it is when i'm looking at the app online do you grind out on the weekend do you go into the office do you work from home tell me about that build rapport based questions and say hey man so through the process i'm going to probably have to verify your employment what's the best number to call your employer at all right 800 888 888 great how long have you been on this job for one year six months cool so just i've got to go back a little ways so tell me john before working at amazon where were you at before you're at macy's all right do you remember where they're located at they're located on 555 macy's way in irvine awesome how long were you there about a year and a half or two years or or ten nine years awesome well do you kind of remember the start date and the end date don't say dates from where to where let it flow do you remember how long you were there the the start date the end date how much did you make before at macy's cool and do you know the job title you had oh you're a manager there too awesome oh no you weren't you were maybe maybe you were in it okay well here's what i need you to do right take a note here i'm taking a note for you i've got to explain why you went from i t to management because they're going to ask me why you changed because if i don't explain that i'm going to put your loan and maybe it doesn't qualify because there's a big change oh you an i.t manager makes sense now you're in the same line you're management i.t maybe now you're in in software management but it's the same thing cool so i want to fill out my information so it's consistent and so it flows got it so here's the thing um i know that you might not know this john but i've got to break down how you get paid is it salary commission bonus oh it's salary awesome just like before sweet it's gonna be consistent so you're telling me you're renting tell me why you rent it use this as a chance to get to know john smith well you read it because you didn't have the money saved but now you've been working in the same job and you feel like being amazon is a long-term fit that's a great news because now having this home that you own will be an asset for you for 30 years and guess what i'm going to do i'm going to manage it for 30 years for you so tell me real quick about the rent you paid how much was it cool all right did you like your landlord you know make small talk with john smith all right john so last couple things then we're about to get you into your pre-approval here when you're buying this property where's your money at where do you hold it is it checking saving cds all right checking whoo chase all right and how long have has the offense been had those funds been there oh for like only a month because you sold a car okay cool so i'm gonna need to have you give me a copy of that paid invoice showing you sold the car copy the cancel check and everything like that because i really have to go back and document where the money came from oh it's all cash in your account okay i can't really use that cash in the account what else do you got this is a critical time where you really want to find out where the money came from because you have to be able to source and season two months two months only so if the guy bought and sold his car for cash and that was last december of last year and it's been sitting there for the last three four five six months then you're gonna be okay but a smart loan officer or broker knows that and it can get around that because they only have to verify two months of seasoning and you also have a 401k with wells fargo awesome i'm going to keep going i'm going to verify john's uh liabilities and and after and usually if i if he's a pretty simple borrower that doesn't own a bunch of homes i'm not going to go over every liability up front i'm going to go after we talk and then pull the credit report and then tell them look i'm going to go through and get all dialed in i may call you back if i have questions about some of your debts is that okay all right cool i'm going to keep going because i want this call to be short and sweet because he's busy then i'm gonna go through just asking him hey by the way do you own any other properties okay you own a one one one rental way in rental town awesome then i'm gonna make the pitch about if i can help him with more debt or get the payments down that's when i'll make that pitch and try and get two loans for the price of one then i'll go through his declarations and ask him all about his background then i'm just gonna ask him hey this is part of the application i got to verify ethnicity do you feel comfortable with me asking you these questions you don't have to you can wish not to furnish or if you're cool with me reporting this then cool i'll ask you those questions and that's how i'll finish the application after i've got a chance to build rapport but hey john before i go there's a couple things i i didn't ask you yet give me your birthday please and that's what i'll ask him for is date of birth i'm gonna say all right john give me your social after i've had the chance to build his rapport then i'll go back and ask him for his birthday in a social i'm not going to go too early too soon and say hey hey give me your name give me your birthday give me your social maybe we're not there yet but by going through the application and truly taking time to see where the bodies are buried where things could be critically issues down the road employment income history i'll explain those things up front to my underwriter because remember failing out an application is taking data but a smart loan officer can make explanations for things that aren't normal a loan officer not seasoned is making excuses so be great at taking applications all four pages and you'll get a better chance of getting your loans through underwriting selling's hard enough to make it magnified and harder by taking incomplete or not thorough applications and believe you me your team will love you processing underwriting support and operations by you dialing in your applications you'll close more loans that's all i got for this lesson let's keep rolling so guys that's it that is the 1003 that is four pages that is how you crush it and getting to know your clients by being a great 1003 taker a couple things are going to happen your borrowers will love you your processors and your underwriters will be able to process loans faster and you will know everything about a customer not for this loan but the bigger picture for the next level you