Financing in 95630>Question Details

Benjamin Joh…, Real Estate Pro in Roseville, CA

What is the #1 quality you look for in a mortgage loan officer?

Asked by Benjamin Johnston, Roseville, CA Wed Jul 17, 2013

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From a Listing Broker standpoint these are things I look for either when referring someone out or reviewing an approval letter on a deal:

1. How often does the LO provide updates, some of the best local LOs have systems that update all of the parties when they get to a stage. IF I have to follow up more than a few times during a transaction instead of vice versus, probably not going to use those LOs again.

2. Is the LO working for a Mortgage Broker, if so, probably not going to accept or use. Will usually affect the borrowers ability too on a deal where I see one versus a Mortgage Banker.

3. Does the LOs company have in house underwriting and processors? If not, probably not going to use them or recommend them.

4. What is their social media presence? If I don't have them on my Facebook, probably not going to use them. I find LOs with less than stellar reputations and performance are not on social media because they will be called out for bad performance. Good ones are on social media because they have confidence in their ability.

5. I value LOs who do much more work before issuing the loan approval letter, if they have only based the letter on verbals with the buyer, probably not going to use them. Their reputation and performance would affect mine as well if they cannot perform.

6. They need to know their programs, not "we'll try"...the reality is I am not willing to try with someone who will "try".

7. How involved are they in the local REALTOR board, do they attend regional meetings and events, are they involved in finance forum etc...these all shows signs to me of them being involved in their business.

These are just a few of the criteria I use and it works for me and by agents and buyers.

Bruce Slaton
Realty World eCurb REALTORS
0 votes Thank Flag Link Wed Jul 17, 2013
Thank you for your feedback.
Flag Wed Jul 17, 2013
Free tickets to Giants games. Nothing else really matters.
3 votes Thank Flag Link Wed Jul 17, 2013
Love your answer! Thanks for the chuckle on a Monday morning!
Flag Mon Jul 22, 2013
1# Attention to detail. LO should know the real underwriting guidelines for products offered, including (especially) the "odd" stuff.- like what kind of stuff is going to cause a condition, or twenty conditions.
Cause, you know what, every deal has something odd about it.
1 vote Thank Flag Link Wed Jul 17, 2013
Jim Walker, Real Estate Pro in Carmichael, CA
The #1 quality should be the ability to close loans at disclosed and agreed upon terms to their borrowers. However, agents cannot determine that because they use a limited set of loan officers for most situations and rarely stray to find new, better ones. Agents often dissuade clients from using perfectly capable loan officers that offer better terms in favor of their "known" sources that don't have the same pricing options.

The #1 quality is actually 3 of them.
Reliability, affordability and availability.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Fri Jul 19, 2013
#1 quality I look for is like ability. If I send an email to you email me back.
0 votes Thank Flag Link Fri Jul 19, 2013
Thorough knowledge of the products and services
0 votes Thank Flag Link Fri Jul 19, 2013
She is quick in replying with your questions and concerns and following up with you.
0 votes Thank Flag Link Fri Jul 19, 2013
Flag Mon Jul 22, 2013
The #1 Quality!
Deliver what you say, on time, under budget and without the drama.
Let your Yes be Yes and your NO be NO.
OK, that's WAY more than one. Isn't that the actual reality?
NOTICE I did not say, fastest, cheapest, better marketing budget, opulent office, with the most perks or providing some shade of kickback or rebate to the buyer. These are Red Flags that shout "FIRE, FIRE!"
Finally, you want to earn/keep my business?
Show me YOUR skin in the game.
If you 'burn' one of mine,
make them whole,
you owe me a bigger one.
It's not rocket science.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Wed Jul 17, 2013
Great Awesome Communication! Beyond that knowledge of many mortgage products.
0 votes Thank Flag Link Wed Jul 17, 2013
Exactly what Keisha said

Mortgage Brokers in our industry is in my opinion lender suicide. The mortgage brokers who have to place their files, underwriting with a 3rd party versus having in house underwriters, document drawers and funders traditionally have longer timelines and you can never believe any answer they give you in regard to where you are in the transaction because essentially they have to call their rep NOT their underwriter etc.

Mortgage Bankers with in house or locally based underwriters, doc drawers and funders perform much better and have much more reliable performance than Brokers traditionally in my opinion. If I have one buyer who is approved with a Mortgage Broker and one with a Mortgage Banker (of course I ask the above questions regardless), I am going to recommend to the Seller to go with the one with a Mortgage Banker.

This isn't even going into the real estate agent/loan officer scenario of which I would NEVER recommend to one of my Sellers to consider.

That's just my opinion of course and I tend to like smooth transactions.

Bruce Slaton
0 votes Thank Flag Link Wed Jul 17, 2013
I wanted to address mortgage bankers (indirect and direct funders) in general. Using the venacular "broker" excludes direct funders. Using the venacular "banker" is all inclusive. Nothing more. Guess I should have clarified. Guess I just did!
0 votes Thank Flag Link Wed Jul 17, 2013
What is the distinction between a mortgage broker and a mortgage banker that has its own underwriting doc drawing and funding, yet must obtain "investor approval" - meaning the file undergoes a second review to get a gotcha on a previously "approved" loan?
0 votes Thank Flag Link Wed Jul 17, 2013
Jim Walker, Real Estate Pro in Carmichael, CA
Correction, "mortgage bankers take the time...", not broker. :)
0 votes Thank Flag Link Wed Jul 17, 2013
Hi Ben!! Mega ditto's to Bruce's response.

I will add to his item #1 - Communication is key - in lending, silence is deadly, not golden. If you don't communicate, your buyer may/will make an assumption and make a decision about you and their transaction with you that may be detrimental. All because you didn't call them back with an update. Being proactive and having "steps" can help this process go smoothly. I've seen it done and have been overwhelmingly pleased with the results.

I think it's imperative that mortgage brokers take the time to ensure their lending professionals have people skills and communication skills. It also aligns them with their real estate counterparts in core values.

(stepping down from the podium)

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
SAR Masters Club Member 2012
SAR Masters Club Steering Committee
Mathews & Co. Realty Group
@ Century 21 Landmark Network
(916) 370-1803 cell
lic#: 01439130
0 votes Thank Flag Link Wed Jul 17, 2013
Looking for the "like" button, Ben! Fantastic!! =)
Flag Wed Jul 17, 2013
I agree! I update every other day if not every day during a transaction.
Flag Wed Jul 17, 2013
Smiley face for the Giants tickets John.

Since we are doing comedy here. I'll ask for the ability to deliver 90% LTV for investor purchase.
0 votes Thank Flag Link Wed Jul 17, 2013
I have 85% LTV for Investors Jim, how about that!
Flag Wed Jul 17, 2013
Jim Walker, Real Estate Pro in Carmichael, CA
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