Financing in Los Angeles>Question Details

Dinece Carmi…, Real Estate Pro in Mid City, Los Angeles,...

As a real estate professional, what characteristics do you want in a preferred lending partner?

Asked by Dinece Carmichael, CDPE, RFC, Mid City, Los Angeles, CA Sat Jun 15, 2013

Services offered: Marketing support, In-home appointments, 7 day a week availability, Open house co-hosting in L.A., Orange, San Diego, Riverside and San Bernardino Counties, Pre-qualification letters within 2 hours, 3% down program for First Time Buyers, FHA, FNMA, Homepath, High Balance and Jumbo loan amounts.

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Honesty. Explain to buyers the market they are in. Some don't have a realistic picture of the market.
Not just show them all the qualifying programs, but give them the workflow of getting a loan. Pay stubs, tax returns, appraisal fee, etc. Some people still get shocked when loan docs come in and are upset about closing costs. Also, give accurate time frames when the loan is going to fund.
1 vote Thank Flag Link Sat Jun 15, 2013
SF RE Guy, you never have to work about communication. I take the time to properly explain the process; request documentation immediately and can anticipate lending issues based upon credit, income or other factors.
Flag Sat Jun 15, 2013
For me, the thing that is almost always missing is communication. If I had a dollar for every time a lender has said "30 days, sure, no problem" only to be late....I'd be retired by now.

That said, this is NOT the place to advertise your services...it is to answer questions from consumers.
2 votes Thank Flag Link Sat Jun 15, 2013
Cindy, I am not advertising my business. What I am soliciting are answers to building key relationships. Over the past few months agents have seemed unwilling to talk about lender support. Their only response has been, "I have a preferred lending partner" then they hang up. Really? Why are we so rude to one another in this industry? When I was strictly buying and selling properties 8 years ago my goal was to align myself with key and several standby relationships. As a result, when others lost their shirts - I survived the tossing and turning of the industry. Now, rates are low and agents are complaining about lenders they used to rely upon never returning their calls because they are going after the big fish loans and not the staples (below $417k). Cindy, good luck in San Diego. That's my home town. Thanks for helping me figure out the secret to success.
Flag Sat Jun 15, 2013
What would be nice is if the loan officer would be there when the buyer is signing loan docs...I am always there for my buyers when they sign loan docs, but I can count on one hand how many times a lender has been there during the signing. Usually I get stuck in the middle when the buyer has questions about the loan. Sometimes I think the lender has something to hide that's why they aren't there.

James
1 vote Thank Flag Link Sat Jun 15, 2013
James, I completely agree with you. Whenever a home owner is within a reasonable driving distance I will be available at the signing. If I am providing the product discussed then I should be there to assure it, explain it, confirm it and your expectation is completely reasonable. If you are seeking that type of ethical service - call me.
Flag Sat Jun 15, 2013
Thank you for allowing me the opportunity to provide you whit feedback to your question.
When I think of a world class preferred lending partner the following characteristics are a must. :

1. Open house co-hosting
2. lending partners that are structured to exceed expectations on all deadlines
3 lending partners that have strategic partnerships to manage all credit/ lending challenges from a-z
4. Lending partners that understand that delays in funding loans will have a direct impact on the realtor relationship. ( good /bad )
5.Lending partners that operate with a sense of urgency so that we exceed expectations .They know that if we exceed expectations we will build a long term business relationships
6. lending partners that are current on all lending programs on the market and are able to meet those needs.
I am sure there are other things to include, but this is a good start..
1 vote Thank Flag Link Sat Jun 15, 2013
Charles, thanks for your feedback. I agree that every mortgage professional should have more options than a strict A-paper bank. I pride myself in having non-prime wholesale and Hard money options for all of my clients. And I agree, if a lender wants your referrals they should put in the work, co-host an open house, to develop those prospects into qualified buyers with money in waiting.
Flag Sat Jun 15, 2013
Hi Dience

Exactly the services you offer, and the important fact:

" Can you get a client a loan when things get rough.
Do you have source to private funding or is your company well capitalized and can
write and fund the loans?
Can you get nuisance requirements waived
Are you honest and fair in dealing with your Clients and Realtor Business Partners "

Good luck
Perry
1 vote Thank Flag Link Sat Jun 15, 2013
Ruth and Perry, I can honestly say, "yes" to each one of your questions. I even have a source for purchase loans with a buyer coming out of foreclosure or bankruptcy within 3 years after event. I agree. A mortgage professional should be more capable than just collecting documents. We should be analytical, strategic, aware of the programs we are promoting and have relationships with alternate options. Thanks for the feedback.
Flag Sat Jun 15, 2013
A survey comes in handy to build your business. Whenever you close a loan referred by a real estate agent, give a survey to your borrower and one to your real estate agent to evaluate your service. If they rate you high, they refer you more business.

Good luck,

http://douglasperez.pw
0 votes Thank Flag Link Sun Jun 16, 2013
What a great idea Douglas!! I will put that one into immediate action!
Flag Mon Jun 17, 2013
explain everything accurately. respond quickly. deliver on your promises.
0 votes Thank Flag Link Sun Jun 16, 2013
Lance, you are absolutely correct. I had a client complain about another Rep within our company who she felt was "rushing" her and failed to address her questions. Needless to say, she decided to move forward with me as her loan officer because I spent the time on the phone, via text and email to address her questions. She is very satisfied with my service and has referred four of her neighbors to me already!
Flag Mon Jun 17, 2013
Neat topic. This is great and constructive feedback.
0 votes Thank Flag Link Sat Jun 15, 2013
I agree. This is great feedback. And what they are seeking is fair. We should be able to provide options.
Flag Sat Jun 15, 2013
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