Review of The Mortgage Originator Success Kit
By PAULA PARISOT
3/6/2006

A mortgage industry veteran has written a training and reference manual for loan originators designed to help them skip the rigors of on-the-job-training and begin making money right away.

The Mortgage Originator Success Kit: The Quick Way to a Six-Figure Income (McGraw-Hill 2006) authored by Darrin Seppinni gives an overview of the mortgage business, loan types, program guidelines and an outline of how to become a knowledgeable loan originator.

The 434-page hardcover book includes sample documents pertinent to real estate finance transactions and the application process along with step-by-step instructions of how to complete the paperwork with an explanation of the purpose of each document.

The book also defines mortgage terminology and loan lingo from "Actual interest rate" to "Zoning ordinances", and has chapter-end quizzes to test the reader's knowledge on subject matter from loan program types including conventional and nonconforming, to credit concerns and borrower qualification issues.

Seppinni lists commonly asked questions from borrowers and the questions a loan originator should ask in order to make an accurate assessment of the borrower's needs.

"Mortgage math" is explained in a 39-page chapter that explains calculations for income and qualifying ratios, how to a read rate sheet, use a financial calculator; and it includes a payment factor chart. Closing costs, how the lender generates revenue and how the loan officer/broker gets paid are also discussed in the book.

Seppinni devotes a 14-page chapter of the book to the "Laws and Ethics" of mortgage financing and another that includes licensing requirements by state. An eight-page customer service chapter covers what characteristics a successful loan originator should possess, telephone skills and sales techniques.

His suggestions on becoming a great salesperson include being adaptable to the varying personalities that originators encounter, being articulate, enthusiastic, sincere and patient.

"A good salesperson in a conversation understands how important it is to put the client at ease while developing a relationship," Seppinni writes. "Making your client comfortable will enable you to determine what your client's wants and needs are. To do so you must listen very carefully to what your client says."

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