Home Buying in 44460>Question Details

William Dawes, Real Estate Pro in 44460

What is your top concern when working with a new Mortgage Loan Officer?

Asked by William Dawes, 44460 Sun Apr 17, 2011

What is your primary concern?

Are you more concerned with closing costs, fees, and rates? Or do you put priority on his/her availability, honesty, integrity, professionalism, and knowledge?

I'm aware that Rate and Fees are almost always the primary concern, but if you 'like' a loan officer more is it worth paying .125 more on an interest rate or $100 more on Closing Costs?

What does it take for a Loan Officer you've never met to become a part of your business and someone that you will refer customers too?

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Answers

3
My number one priority is that they are easy to contact and return calls, texts, and emails promptly. Also, if deals start having problems the week before we close, that means they weren't paying attention - and then I am the one who has to run around fixing things. That will get them crossed off my list for sure. I also don't like surprises - meaning I want to be kept in the loop and don't want the lender to "play realtor".

I explain this all to my buyers and encourage them to use someone I trust, even if they have to pay a little bit more - because they won't have to pay ANYTHING AT ALL if the loan doesn't CLOSE!
2 votes Thank Flag Link Wed Apr 20, 2011
As a 19 year veteran of the industry, I have a few good lenders that I have used for years and I have a very good understanding of what a lender should know and should do. If one of my guys left the business I would look for someone that can intelligently answer my questions, and that has been successfully used by someone else whose opinion I respect. The market is too tough right now to trust a transaction to an unproven lender, in my opinion. Costs aren't as significant for me as my clients will call one or more of my prefered lenders and make their choice relative to those items.
1 vote Thank Flag Link Sun Apr 17, 2011
I agree with Dee. If I email a lender and I don't receive a response within a few hours (assuming they aren't on vacation and it's not a weekend, of course), they're out and I'm back to looking for another lender. I think promptness is worth paying a little extra for (as well as friendliness and helpfulness).
0 votes Thank Flag Link Tue Jul 9, 2013
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