This is what I look for when referring a lender:
â€¢ Well verse in products
â€¢ Familiar with local programs offered by city and state for buyers
â€¢ Good response time to clients and brokers
â€¢ Creative strategies in lending
â€¢ Prefer in house underwriting
â€¢ Sharing in brokers open houses
What I mean by creative lending strategies. Here is an example. I have a lender I like working with and at first we were going to use the IDHA program for my client because she is a first time buyer, excellent credit, not a lot saved and we thought this could help with the down payment, etc. Well under the IDHA program the rate must be 4.25%. Well rates are much much lower. It turns out giving a nice lender credit, and doing some other creative work and going conventionally lowered my buyerâ€™s monthly payment significantly which is a huge plus for my buyer.
I like working with lenders that can see the bigger picture.
I hope this helps.
1. Do they work nights/weekends?
2. Do they simply deny a borrower who cannot obtain financing, or do they work with that client to implement a plan?
3. Can they lend in all 50 states?
4. Do they offer sales tools that make your life as an agent easier?
5. Do they cater open houses/ offer marketing material?