What are some of the qualities that Real Estate Agents, and Brokers, are looking for in a Lender?

Asked by Maxx McDonald, Scottsdale, AZ Wed Jan 13, 2010

Other than the obvious...closing loans fast and efficiently! Is there anything specific that sets one Loan Officer aprat from another?

Help the community by answering this question:

+ web reference
Web reference:

Answers

21
Rhonda Burgess’ answer
Rhonda Burge…, , Smyrna, TN
Wed Jan 13, 2010
For me, it's being available and answering your phone. I know that sounds very elementary but you would be surprised by the number of loan officers/lenders that do not simply answer their phone or return calls in a timely manner.
3 votes
Scott Godzyk, Agent, Manchester, NH
Wed Jan 13, 2010
BEST ANSWER
For me it is answering the phone and returning calls quickly. It is updating me through each step of the process, an email saying we dont have an answer is at least something and better than not getting anything to pass to the buyer or seller. Then it is important you can prequailify buyers i send you, by simply taking time on teh phone, you can often tell whether buyers can even get a loan or not, the buyers often do not tell the realtor specific financial information that is helpful in knowing this. After that a formal prequailification anjd teh most important call saying they can or can not purchase a property. Communication is key.... thanks for the great question MAxx
Web Reference:  http://www.ScottSellsNH.com
1 vote
Mack McCoy, Agent, Seattle, WA
Wed Jan 13, 2010
Putting aside for a moment that most veteran agents know so many loan reps that if they were all were to retire tomorrow, we'd still have a dozen good prospects to re-connect with.

Back to your question. Hmmm. Spell-checkers are nice. Spelling errors signal that you may not pay much attention to detail, although a lot of very capable people are lousy spellers.

Local is essential; when I receive offers from buyers with out-of-area lenders, I pass my concerns on to my Sellers.

I need the loan rep to handle the client. I mean that. Few things frost me more than having to handle borrower's concerns - they should not leave you without having complete and total understanding and every single question of theirs answered. And they need to know that you are always available for them if they have any more questions.
2 votes
Matt Laricy, Agent, Chicago, IL
Thu Jan 14, 2010
Maxx,
I have to say the number one thing I look for is good communication. I have let go of a lot of lenders because when a deal starts to go south, they refuse to return calls or emails. Deals will fall apart. If you are in this business and think you will never have a deal fall apart, then get out now. But when the going gets tough, dont get going. Get communicating.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlamericorp@aol.com
708-250-2696
1 vote
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Thu Jan 14, 2010
I hear this line a lot "Whether it's good or bad news we like to know what's going on". Not always true,hmm.. I would say 80% of the time "NOT TRUE". Agents never want to hear this and they always get upset and then try to shop the buyer around to see if the other lender is greener on the other side. Reality is, not every buyer will get a home. Regardless of the due diligence and the desire of the Loan Officer to want to get the loan for the borrower, will everything come out peachy. This is VERY UNREALISTIC! Things happen and guidelines are changing daily. In the meanwhile, I hear this all the time. Typcially, the first time most agents hear the bad news is the last time they will do business with you. I am keeping it real.
1 vote
Michelle Gon…, Agent, Los Alamitos, CA
Wed Jan 13, 2010
COMMUNICATION would be the #1 most important quality. There are many lenders who take the loan app and then disappear. Whether it's good or bad news we like to know what's going on. We don't like the "let me check with my processor" line so often heard. The loan officer should know what is going on with the file. Being well knowledged on today's products and efficiency wouldn't hurt either.
1 vote
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Wed Jan 13, 2010
All of this valid. However, as RE Agents you also need to know that just as much that you are not able to answer the phone due to ohh, lets say we are on another call, taking an application, gathering paperwork, in a meeting, standing in line to speak to our processor or underwriter, talking to another agent, a client, a title company, we have a fire that needs our full attention, waiting on the phone until a escrow officer feels like answering, calling a collection company to clear up a client's situation. Do I need to really go on? (FYI: The list is much longer than that).

However, a Loan Officer who is that busy should have and in this day and age, an assistant or Jr. LO. I for one have a team allowing me to multi task to the hill. This also allows for all the things that an Agent needs and looks for. In fact, thanks to my team, they allow me not to originate and dedicate my time to helping agents generate more business and help them on their marketing plan.

Maxx, I say this all the time to LO's.. We need to stop selling loans and start bringing more value to the table. For instance, I can do what most good loan officers can do, so what value other than my personality and good looks do I bring to the table (I am kidding)? In this market, LO's and REALTORS alike best stop selling homes and actually make themselves unique. I am a big student on branding. If you do not dedicate the next couple of years on branding, you will have a tough time in the industry. Yes.. Branding must come with an excellent level of service and processes that compliment what your brand is.

I would be more than happy to share with you what I mean. I have spent the last 3 years on branding and I can tell you that it is working tremendously. I now have REALTORS knocking on my door for the value my brand represents and the value I bring to their business.

Call me anytime.
1 vote
Jim Mitchell, Agent, Tempe, AZ
Wed Jan 13, 2010
Excellent question, Maxx. You said it Rhonda. Here's my list of lender qualifications:

I look for a lender that will take my calls ANYTIME or at least return my call within an hour or so if I have to leave a VM.
I respect their time at night with their family, but during the day (9:00a-5:00p) it's open season, and they need to take my call.

The other HUGE thing for me is follow up and communication. I can't stand when I have to hold the hand of the lender that my buyer chose to use because it was a 'family friend' or "I've been banking with them for years" and I can NEVER get a call back or get them to follow-up with their client to get updated information that is crucial to the transaction.
I also have ran into a lot of issues with 'processors' who aren't clued in to what is going on and never return my calls or emails either. To me, there's nothing worse than a lender that turns the file over to his/her processor and is clueless when I finally do reach them for an update. It's unprofessional and I know at that point that I would NEVER recommend them to one of my preferred clients.

I want weekly email updates sent to me by the lender (the day of the week doesn't matter) before I have to prompt them for it. That shows me that they're on top of things and it saves me a TON of time and extra stress. It also shows their client, the buyer, that they made the right choice when they went with that particular lender in the first place.

The other thing is so simple, it's scary. I want honesty and integrity. If the lender can't get this loan closed, the buyer deserves to know that and so do I. And not two weeks into it either; the first or second day after the initial consult with the buyer would be perfect. Too often than not the lender is so gung-ho that he/she says they can get it done, and then we come to find out a few weeks later that they can't, and we've lost the deal.

Hope this helps!
Jim Mitchell
Century 21 All Star, REALTORS
1 vote
Jeremy James…, Agent, Scottsdale, AZ
Wed Jan 13, 2010
Maxx,

For me it is also communication, it seems to go smoothly if it is a smooth deal, but if there are bumps in the road, the lender seems reluctant to share the problem or fix it before he returns calls. Another pet peeve I have is that they may get 10 pre-quals from me in a week. They will work the deals that are easiest and wont call back clients that may need some encouragent. For a lot of these reasons I became a lender myself and did my own deals...and lastly know your products & programs if lender a has a product to do sub 620 loans, and I work with you, I want you to tell me about it and not the other way around...Oh! and if I'm throwing a lot of deals your way, offer to go in on some advertising and lets build something really big...
1 vote
Donald Keys, Agent, Scottsdale, AZ
Wed Jan 13, 2010
CURRENTLY it would be someone who is up on the new GFE and HUD-1 requirements and gives Executive Level of Service to myself and clients, treats buyers honest and fair.

Donald Keys
REALTY EXECUTIVES
where the experts are â„¢
1 vote
Jason Lyons, , Arizona
Wed Jan 13, 2010
I also think knowledge of various programs and options applicable to a buyers needs help to keep from stringing a buyer along. Keeping up to date on current programs and changes in legislature helps to cut down on time spent by all involved on a scenario that will not work out.
1 vote
Jon Hegreness, Agent, Scottsdale, AZ
Wed Oct 20, 2010
From a standpoint of working with the Realtor I am looking for someone who knows loan guidelines very well. Nothing is more frustrating to me than finding out part way through a deal or deep into house shopping that there is a stipulation in the loan that the buyer does not qualify for that in my opinion the lender should have caught at time of application. IT HAPPENS. Second if there are property stipulations in the loan (IE no exposed wires, pool must be filled, etc) I would like to know about ALL of that at the time we are working on the application. I am sometimes caught off guard by internal policy from a bank that is more stringent than the conventional guideline. And as always you can just give me money and we can forget about the work part all together. :)
0 votes
Debbie Jones, Agent, Loganville, GA
Wed Feb 24, 2010
Honesty!!!! If a buyer can't qualify or it will be a difficult loan, just tell us. If we know of problems upfront, we can structure the contract in a way that will avoid the need for multiple extensions.
0 votes
Mack McCoy, Agent, Seattle, WA
Wed Jan 20, 2010
I know of lot of excellent loan reps, so many that if my top ten were to retire tomorrow, my clients wouldn't lose a step in service.

To me, the most important thing is that I know that they're honest and forthcoming, because I can handle the truth, the sooner the better.

I don't like surprises, and I don't like the sort of surprise that has a backstory of, "Well, I didn't want to alarm you." I can deal with, "We have a problem." I can even deal with, "I scritzed up here, and I may have blown the deal."

People make mistakes, people are human. I'm not going to fire you for messing up, really, I'm not. By that standard, my wife would fire me every time I got beat out on a listing appointment! But I will absolutely tear your name off my "approved" list if you don't level with me.
0 votes
Tom and Joan…, Agent, Boston, MA
Wed Jan 20, 2010
Maxx:

Accountability when things go awry. That is my biggest complaint is that lenders through somebody else under the bus and don't stand up. I have a very small team of people I work with and want people that deal with issues by nipping them in the bud and not letting things fester. That is a great quality to look for. T
0 votes
Robert Newton, , Scottsdale, AZ
Wed Jan 20, 2010
maxx,
i am always hearing people say " i cant get the guy-lady to call me back". one of my best tips is be accessible.....the other is be accountable. good luck.
0 votes
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Thu Jan 14, 2010
Marc I totally agree 200%.
Problem would then be that I would have little left. LOL!
0 votes
Mack McCoy, Agent, Seattle, WA
Thu Jan 14, 2010
Ted, you need to get more grownup agents!
0 votes
Richard Leci…, , Tucson, AZ
Thu Jan 14, 2010
Return our phone call!!!!!!!!!!!!
0 votes
Catherine "C…, Agent, Metuchen, NJ
Wed Jan 13, 2010
Be available, answer your phone or return calls, return emails...
0 votes
Kirk Dirksen, , Sioux Falls, SD
Wed Jan 13, 2010
Communication, IF there is some thing that you need from my buyer let me know so that I can assist you in getting what you need. Also when I call or email I would appreciate a response within the next couple of hours. I know that you are busy and are dealing with outer agents and clients, but you should be able to let me know were we are at in the process and if the paperwork is looking good or not.
0 votes
Search Advice
Search
Ask our community a question
Home Selling in Popular Scottsdale Neighborhoods

Email me when…

Learn more