Home Buying in Minnesota>Question Details

Jerry Sather, Real Estate Pro in Minneapolis, MN

I need Agents input on this, please help. If you were to open up your own Mortgage Company, what is the one thing you would change or do differently?

Asked by Jerry Sather, Minneapolis, MN Fri Apr 5, 2013

Lets turn the tables on the Realtor/Lender relationship for a minute. I think it is vitally important for the lending industry to get the honest input from the Real Estate agent's point of view of what can be improved upon in the mortgage portion of the real estate transaction. What would you do differently from what you see in the mortgage industry if you could open your own mortgage company tomorrow?

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I know you asked for agent input, but as a motgage lender with over 20 years experience I'll share what I'd want in a mortgage company: back room support. I want one or more processors sitting around looking for a way to keep busy. When agents start writting offers in the spring and there is an increase in volume I don't want to be trying to clear conditions the day before the scheduled closing. In my previous position, we had processors making a fortune working overtime but sadly went through a 9 month steak with one on time closing. I'm happy to report things are much better with my current company. I like being able to update agents and buyers several days or more before closing that we're "done", clear to close. It's like having all your presents wrapped and under the tree a few days before chistmas, rather than shopping on christmas eve.

Also, I'm going to agree with everything Susan said, but point out that communication may not be a company issue as much as an individual loan officer issue. Or to put a "my own mortgage company" spin on things - it may be easier to hire good communicators and train them to do mortgage origination rather than hiring technically qualified orginators and trying to teach them to communicate.
0 votes Thank Flag Link Wed Apr 10, 2013
Wow, Jerry, great question!!!

I have found many more viable lenders now than I have in the almost 20 years I've been in the business.

Here are my suggestions:
1. Don't assume that I'm just going to communicate everything with the buyers or the sellers' side of the transaction. Take responsibility to do your own communicating, ESPECIALLY with me, and ESPECIALLY when there are problems that fall under the heading of "mortgage" issues.
2. Don't over promise and under deliver. Do the opposite. I had a lender last year that PROMISED me he was going to get a loan done in a short period of time. He didn't even get the appraisal done in enough time to produce the letter to meet the purchase agreement time period!! He was lame and I'll NEVER recommend him.
3. Know what our purchase agreements say and what we need from you in the way of information on how to structure the financial terms in the purchase agreement.
4. Make sure that you are as diligent about finding prospects for ME as I am for you. I'm fiercely loyal, and when I believe in someone, I do everything I can to "partner" with them in building business. It's been my experience that many lenders think the referral highway is a one way street, leading only to them.

Thanks for allowing me to post this. I may think of more later.

Good luck, Jerry~
0 votes Thank Flag Link Fri Apr 5, 2013
Susan,

Great answer!

If the pain we all went through in this industry the last few years was good for anything, it at least weeded out the people in the industry that weren't in it for the long haul. Leaving the majority of us pretty darn good at what we do, we wouldn't have survived otherwise right?

By the way, do you know Adam Benedict (MN Real Estate Team)? We are friends with him and his wife. In fact my wife was in his wedding. If you do, say hello for me.

Thanks for your response, really good points to keep in mind.

Take care,

Jerry
Flag Fri Apr 5, 2013
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