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Nicholas Flo…, Real Estate Pro in Las Vegas, NV

Realtors "What are the Top 3 things you need from your Lender?"

Asked by Nicholas Flores, Las Vegas, NV Fri Jan 31, 2014

"With your current lending relationship, what could be better?"

Help the community by answering this question:


My NC Homes Team’s answer
1. Pre-approve the buyer (This doesn't mean pre-qualify)
2. Suplly a firm mortgage commitment before the end of the diligence or mortgage contingency period.
3. Close on time or notify me no less than a week in advance that you won't be able to and let me know why and what you're doing to resolve the problem.

That's it, sounds simple and yet I know from over 25 years of experience in dealing with lenders that over half of them can't do it regardless of what they may say. Just like in real estate, experience counts more than the public imagines.
0 votes Thank Flag Link Tue Feb 11, 2014
1. Competitive rates and put it in writing.
2. On time and be accountable.
3. Skip the hysteria. Only present solutions, not problems.
4. Really, really, really important. I as a REALTOR, and my buyer and the seller need to be protected from the ambushes of Chase, Bank of America, and Wells Fargo. Make certain the FUNDING SOURCE is LOCAL and holds. You should be able to articulate to buyers and their agent the incredible benefit and agility this provides.
And without saying, you have to do all the other stuff proactively also. No one should work with a lender or mortgage broker who fails to understand the importance of communications.
4 votes Thank Flag Link Sat Feb 1, 2014
Great question! I am satisfied with my current lenders because they do the following:

#1 Close the deal if you say you can. Do not issue preapproval letters that you have gathered all the documents for and fail to follow through at closing.

#2 Keep me in the loop as to how the preapproval is going as well as if there are any red flags on the deal I should know about.

#3 Keep me in the loop as to any new loan programs that maybe useful to my clients or myself.

Best Regards,
Robert Adams
Dual Licensed Real Estate Broker NV#62827 MA#9530304

NV Broker & Team Leader of The Adams Team at Rothwell Gornt Companies
2 votes Thank Flag Link Tue Feb 11, 2014
1. Closing on time.
2. Do what you say you are going to do.
3. Know your underwriters so there are no surprises.
2 votes Thank Flag Link Sun Feb 2, 2014
1. get the loan approved and closed
2. get the loan approved and closed
3. get the loan approved and closed

ps...... be responsive, on top of things...... and patient, especially with first time buyers!
2 votes Thank Flag Link Sat Feb 1, 2014
The important things in life rarely require many words. Six covers it very well.
Flag Sun Feb 2, 2014
You want to compare their fees, interest rates, each lender their own loan origination fees, and you wish to know what they are getting in the back end .... which is called a yield spread. This is tied to the interest rate they charge you. Ask to see a GFE (Good Faith Estimate). You may want to know how long they have been in the business and how long with their present company, In addition ask them what was their hardest file and did they compete it an how.

I am more than welcome to assist with any other questions. 702-236-6266

Dawn Houlf
Exit Realty Number One
10655 Park Run Avenue #100
Las Vegas, NV 89144
2 votes Thank Flag Link Sat Feb 1, 2014
1.) Honesty - do what you are going to do when you say your are going to do it.
2.) Clear concise communication with everyone involved.
3.) Knowledge/Experience
1 vote Thank Flag Link Tue Feb 11, 2014
Be honest with clients and Realtors
Deliver on time (close on time)
Be on top of the file
Weekly update both clients and agents
Keep in touch system after closing

Rena Levy
Global Broker/Associate
Realty Executives
1 vote Thank Flag Link Wed Feb 5, 2014
It is perfect. I work with several lenders and I use their services for different situations and different types of clients. There is no one person suits all.
1 vote Thank Flag Link Mon Feb 3, 2014
Close when they say they will.. Be able to work with government agencies...Anticipate issues and address them before they become crises
1 vote Thank Flag Link Sun Feb 2, 2014
All great replies but my biggest priority is that my lender now how to deal with difficult issues. They need to know when to make sure I know there are problems that may not be resolved but that the lender take care of things without me needing to deal with every little issue. They need to deal with my clients well and always be my advocate and support me in talking to my clients. I can't work with a lender that is second guessing me to the client I referred to them.
1 vote Thank Flag Link Sat Feb 1, 2014
Answer the phone, read your email messages, and most importantly, please don't have last minute conditions,

Phyllis McArthur
1 vote Thank Flag Link Sat Feb 1, 2014
Quick response, getting things done on time, flexibility with the clients' needs.
1 vote Thank Flag Link Sat Feb 1, 2014
Hi Nicholas,
As an agent, the top three items I desire from a lender for my clients are:
1. A timely "clear to close".
2. Excellent communication between all parties.
3. Best terms and interest rates.

Best wishes to you!
1 vote Thank Flag Link Sat Feb 1, 2014
As an agent I look for a lender that is able to go the distance - someone who knows enough to figure out any potential problems well in advance, someone who doesn't make promises they can't keep. Experience and depth of knowledge are hugely important. Excellent communication is key as well.
1 vote Thank Flag Link Sat Feb 1, 2014
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