Oklahoma OIL Blog Assignment #2

Read the below Case Study and respond the questions in the comments section below:

Tom has been a licensed MLO working for a lending company called S & L Associates for about a year now. And, over that time, Tom has been steadily locking down his own methods for closing loans. Let’s look at one of his latest transactions as an example.

A borrower named Claire comes to Tom for a mortgage loan. She was referred to him by her real estate agent Patricia—whom Tom has worked with quite a few times. Tom takes Claire’s application and sends her on her way. 

Tom knows that, given the volume of loans right now, it’s going to be a little tight time-wise submitting Claire’s application and getting the appraisal done, etc., by the projected closing date. And, what’s more, he has scheduled a remote hiking trip for the following week, so Tom will be out of cell phone range and away from the internet.

While he is gone, Tom asks his buddy and co-worker Scott to look after Claire’s file because Tom will be out of cell phone range and away from Internet access. In exchange for his help, Tom will pay Scott $200 out of the loan commission – just for keeping Claire’s loan on track.

During Tom’s vacation, Claire mistakenly sends the check intended for the appraiser to Tom’s office, instead of to a third party called On Time Scheduling that S & L uses for scheduling appraisals.

Scott does not notice the check because he is dealing with a licensing issue of his own. Specifically, after fifteen years as an MLO, for the first time, Scott’s license has not been renewed! In scrambling to deal with reinstating his license, Scott forgets to keep tabs on Claire’s loan.

So, after sitting on Tom’s desk for five days, Tom comes back, finds the check in a stack of mail, and forwards it on to On Time, along with an explanation of the situation.

A few weeks later, Claire’s loan is approved and they go on to close on time.

And, even though he nearly dropped the ball with the appraisal check, Tom decides to honor his promise to give Scott the $200 bonus for helping out with Claire’s file. After all, Scott really needs the cash right now.

A year later, seeing that interest rates have dropped significantly, Tom contacts Claire about possibly refinancing her mortgage. After two weeks of phone tag, in which Tom lets Claire know that the rates could swing back up, she finally decides to come in and talk about a refinance.

Sure enough, by the time Claire gets in to Tom’s office, the rates aren’t quite as good as they were when he originally contacted her. Even so, after running the numbers, Tom finds that Claire will still save $85 per month on her mortgage payment with the refi! So, Claire applies to refinance her mortgage (including her correct annual income and length of employment, this time) and is approved.  

Now, compare Tom’s actions with what you know about Oklahoma state law, so far. What did Tom do right? What would you have done differently from Tom? What about other details in the case? Do any stand out to you in light of the state law? 


Students should post directly to the Blog!  If you have any problems posting your assignment to the Blog (due to firewall issues etc.), you may send your answer directly to the instructor via email at oil@mymortgagetrainer.com  





www.mymortgagetrainer.com