wants to do that.
Century 21 Tenace
I also feel terrible if I refer a client to a lender and the client feels like they were not treated with respect. The biggest headache can result from a lender who baits and switches on terms and costs with last minute surprises.
They hurt the client, my livelyhood and themselves.
Long story short we got a new broker and are scheduled to close next Friday.
The good stuff? The mortgage brokers I work with have all proven themselves to be honorable, timely in locking, and are an extension of my own high level of customer service. They make me look good to my buyers and that goes a long way. Another positive aspect to my 'most favored mtg brokers' is that they have the ability to shop from hundreds of different lenders and can almost always find something attractive for most buyers.
It is so nice having total control. The extra income doesn't hurt either. The referrals, the repeat business, the refi's... I consider it gap insurance for Realtors. I have been originating mortgages since 1995.
You prequalify your buyers anyway. If you don't you are spinning your wheels. You might as well be getting paid for it. It doesn't take that much more time. I spend @ 10 - 12 hours on a loan, start to finish. My loan processors do the rest. Total peace of mind and easy money. $300 - $500 an hour to do a loan is not bad pay. I did 67 loans last year and I will do over 100 this year.
Now I understand that I am not lighting the world on fire but with the slowdown in Real Estate sales, it is definately suplementing my income.
So many people need the help of a good loan agent right now. There are so many opportunities if you know where to find the money. And it is out there.
Why shouldn't that loan officer be you?
Everyone in the Realty and the Mortgage Industry Would Agree:
I offer invaluable Marketing resource that keeps clients, agents, and funding resources communicating more effectively with higher profitability.
Whether this is staying current on what types of conditions underwriting is imposing of funding loans.
Or Communicating and Educating in all aspects of this ever changing home market.
Another lender actually FUNDED the loan, before my buyers even signed escow paperwork. All of my sales this year have blessed me with working with awesome mortage folks.
To all of you, thanks very much!
If the mortgage broker or lender will not invest in the front end, collect and verify the critical information, I truly don't have much use for them.
I need to KNOW the buyer who has invested their trust in me, will not be compelled to go outside the community. You will surely be black listed if they end up with a call center in Utah.
As stated by others...COMMUNICATIONS regarding the four steps and the progress or achievement of each.
What's working for me is that mutual investment shared by the mortgage broker and myself for a common goal. This, like all relationships of trust, is acknowledged with reciprocity.
It's a competitive and complex environment in which we find ourselves. We don't win the all, but the one's that get away will not be because of a lack of effort or objective. That's what I like.
Most of the time the relationship is ruined because the expectations that were set by the realtor were unrealistic. The best relationships that I have with realtors are the ones who say, "I'll leave all the financing up to you." Most times when a realtor tries to watch fees and don't know all the circumstances you end up alarming a customer that does not need to be alarmed. The running theme in most broker offices is bring your client, sit back and wait on your 3%/ In almost every occasion, Realtors are going to make more than the loan officer, and in almost every occasion realtos are trying to play loan officer.
Instead of working with multiple people, work with 1 person and learn how you guys work together.
I don't know if these sorts of things still happen though.
Of LO's that I do keep a relationship with, I have no complaints.
What works well is when I reccomend a broker, they respond right away with the customer, and I am able to put the property under contract easily.
It is all about speed, accuracy and building trust from the buyers perspective, and for the buyer to understand the relationship and that these two entities are going to work hard to make the deal happen.
My ideal LO needs to put my clients needs above theirs. The LO needs to partner with us for our Open House follow-ups on Monday mornings. (Calling the leads from the sign-in's) Follow up and follow through with all potential (6 mo's to a year) clients, not just waiting until 45 days before they want a loan.
You asked, "What's working really well for you?" Well, a LO that IS doing all of the above. That is working well for us. Good Luck.
No baiting and switching. Don't promise 'free money' explain what you mean.
GFE's that are accurate.
Returning phone calls in a reasonable time.
Counseling buyers about their loan options, not just saying sign here.
The best mortgage brokers I've worked with, have air tight GFE's and COMMUNICATE with brokers and buyers consistently.
Glad you asked, I wish more loan officers cared to.