My latest major complaint is with this one Bay Area mortgage guy, Paramount Equity is the name of his company, who comes on breathlessly stating, "The Fed has once again lowered their rate allowing interest rates to plummett!" He then goes on make this big association between what the Fed does and home interest rates which we all know is hogwash! He then states, "If your current rate is 5.8% we can help you refinance!" Huh!!?? This type of "bait and switch" is so blatantly anti-consumer that it makes my skin crawl. He does it in such a smug, swarmmy way too!

My biggest complaint is how mortgage people (and real estate agents) use the word "realtor." There is no such word - it's "REALTOR(R)". Turning "realtor" into slang for "agent" is improper use of the NAR trademark and cheapens the REALTOR(R) brand. I'd rather people just call agents "agents" until they confirm if they are truly a REALTOR(R).

Experience, reputation, availability, continual communication with the client and realtors, accurate GFE's, and promptly returning every phone call. I am also a mortgage professional and many LO's don't have any of the above yet they tell realtors otherwise. I don't blame realtors for not believing loan officers anymore because they have been hearing the same song and dance for years. When they finally find THE loan officer that returns phone calls and follows through with their clients (making the realtor look great) they don't want to take any chances on trying someone else. Kyle, I'm assuming because you're asking the question, that you follow these morals?

communication communication communication.
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.

My biggest complaint about realtors is that they don't know how the mortgage process works. I think it would be smart for agents to get more education on how the process works. The more you know about loans as an agent, the more intelligently you can talk to your clients. This will translate to more money in your pocket.

I am genuinely tired of lenders baiting my clients with products and GFE's that they cannot come through on. This happens all too frequently.

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.

What's working really well for me is I originate my own loans. I do not have to count on a loan fficer and I do not have to worry about another finger in the pie. I don't have to worry about a loan agent not communicating with me or my client. The only person I have to blame if my deal doesn't go through is me.

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?

Good communication is essential. My most recent and biggest compliant came recently with a broker regarding a client he had approved for a loan. he was aware it was a short sale, so it was going to take some time. We received short sale approval and the loan officer did not respond to our request for an updated approval letter and then he told my client that they no longer had a closing assistance program.
Long story short we got a new broker and are scheduled to close next Friday.

My biggest complaint has been a lack of communication. My second complaint has been lenders telling me they can do something and then they can't. Good for you for asking this question Kyle!

Returning calls in a couple of hours not a day or two. Being honest about what products they can represent, in our area we have many “programs” which can be helpful to the buyer but many choose not to represent some of the programs because the margins on the loan are low. Examples include KC dream program 20 % down or 20,000 is given by the city as a gift (certain income limits and areas apply and length of residence), MHDC money, bond money, VA loans.

This is so easy to answer, I have NO complaints, as a matter of fact, this year I've wored with the BEST Mortgage people ever! My last closed escrow, the lender called/emailed/texted me for every thing!!

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!

dont work with mortgage brokers, work with bankers. half your problems will be solved instantly

If the buyer I sent in your direction receives a pre-qual, and then three weeks later does not pass underwriting, whose fault is that?

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.

I think this question should go both ways. As a Mortgage Broker I've been in a situation where the realtor wants to play the role of the Loan Officer. It's so funny to me when you get a contract that has the rate and fees filled in. If you are a licensed loan officer you can take a guess realtors, but for those of you who are not, leave the financing up to the loan officer and the finding the home and contracts to yourself.

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.

My biggest complaint is lack of communication with the realtor. Don't give a pre-approval letter if they aren't really pre-approved. If the client can't qualify, then the client can't qualify. Why carry it on until the end? I had a transaction where the loan officer gave the okay to remove financing contingencies. The buyers signed the loan docs and the day before closing the loan officer said that he couldn't get a final approval on the loan. The buyers lost money spent on the appraisal and inspections. Luckily they didn't lose their deposit. Thanks for asking this great question..........I'm sure you are very meticulous about your work.

I can relate Jim & Michael. I'm in the NE and also hear companies occassionally advertise deceitful information like you're talking about. I often hear the "1.25%" interest rate thrown out there to my regular customers. Thankfully none of them fell for it, they usually call me first and ask questions. There are also mortgage professionals that have used the 'fixed rate' term even though they are talking about the loan only be fixed for 2 or 3 years. The customer goes to closing, signs the paperwork, and never knows anything different until their payment starts jumping up. It's very upsetting there are a few bad apples.

Most mortgage brokers are honest, ethical, and professional. Unfortunately, they have to compete with a few bad apples such as the one pitching on the radio about being able to refinance people with 5.9% loans. It is paramount that everyone understand that you can not do a rate and term refinance on a 5.8% loan and save the client money. The president of Paramount Equity, Hayes Barnard, is a fraud and a liar. I don't mind saying that about him because he advertised for years that ALL other mortgage brokers except his own company were PREDATORS!

One complaint is an old one about the best case scenario rate advertising that lenders advertised on the "liars" page of the real estate section. The other was "inexperienced" loan officers who conveniently forgot to include the point and rate add-ons when quoting a rate to a potential client (I've had several of these gentlemen try to quote owner occ rates for investors and SFR rates for condos and 2-4 plexes.)
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.

not returning calls on time to customers we send them
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.

I'd like to be able to hear that the closing is going to take place and it does. I use a mortgage guy who I know is more expensive because he always closes....

Hi Kyle:

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.

Kyle, my biggest complaint has always been communication with the consumer through the entire process plus making sure the promised rate IS the rate and the GFE is accurate and TIMELY in its delivery. One of my best buds, creative, sharp, hustles, is the WORST communicator and NEVER follows up!! He was in a great "Tips Club" with me and has alienated many,many by his shenanigans. He tries to get cute with loan products and alienates the client. I referred him to a client seeking a $1,000,000 loan and he got cute and the client ended up using a "Private Mortgage Consultant" from Wells Fargo who made a rate and closing package he did NOT get a chance to match. I want to hear all the bad news real quick. If the client can't qualify then don't waste my client's time and MINE by trying to fix a square peg in a round hole. Those days are done! However, if they client can be brought along, developed, consuled into becoming a viable buyer then you are a hero to me! I want you calling me and not ME chasing you down. My other best friend, who I met as a loan officer, was THE guy I went to for all my loans. I told my clients, "You talk to Bill Fried, if he can't get you qualified then sign a longterm rental lease!" He up and moved to Georgia!! I'm STILL looking to replace him! And that's been over 7 years! I've tried a whole bunch more but none as good as he. But he invites me to the Master's Tournament so I'm still talking to him! Good question! You work Santa Rosa, California??!!!

You asked, so here it goes:

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.
Susan Walker