Focus on borrower’s ability and willingness to repay. Focus on the borrower’s income and collateral.
“Put all of the pieces together like a puzzle,” he says. “Does it fit or does it not make sense? Focus on what’s not normal and investigate the heck out of it. Ask your underwriter, ‘what will you look for?’”
7. Provide a complete application
Compile all necessary information in the application to ensure underwriters can make a loan decision.
Common stumbling blocks include inconsistencies between the application and documentation, and calculating variable income.
8. Consider words ending in 'ability'
Focus on stability and future dependability.
The strongest indicator of future behavior is past behavior, Rada says. “If you ever struggle to decide where someone is going, look back.”
Build the mental discipline needed to make decisions and know how to justify these decisions.
Focus on what’s probable. “Because we can’t predict the future, we deal in probability,” he says. “If you stray from what’s probable, you’re probably not making the right decisions.”
10. Be a lending rock star
The five traits of top originators or “rock stars” are expertise, discipline, transparency, communication, and passion.
“Those who rise to the top love this business,” Rada says. “If that’s not you, find something else that juices you up.”
11. Think before you communicate
“I’m all for casual communication, but I don’t take it casually,” he says. “I take it seriously and give thought to what I’m saying. Too often, we don’t. Think before you hit ‘send.’”
12. Take a new road
Don’t stick to business as usual.
“Try something new, think creatively, and find ways to be better,” Rada says. “Find ways to make loans work.”
Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
