Recently, I wrote a post about my loan officer friend moving to a new office, which prompted a question regarding what she did to get such a nice post just about her.
Let me preface this by saying that I do not recommend only one loan officer to my clients. I’ve got four that I routinely recommend, so my clients have the freedom to compare and contrast, and select the person that will work with them best. Whether my clients call one or call all four, they’ll have selected a competent, trustworthy, excellent loan officer. Everyone has different personalities and different programs - I don’t subscribe to a ‘one size fits all’ approach.
So what do I want out of a loan officer? How do they make my recommendation list?
- They communicate regularly with my client and me, without being prompted. A good loan officer initiates calls/emails to both me and my client to let us know when an appraisal will happen, what it comes in at, when the loan is going to underwriting, when all supporting documentation has been received, and so on. I rarely have to call a good loan officer - they’re calling or emailing me to let me know the progress.
- They take the time to listen to my client’s needs and concerns, address those issues up front, and will always make time to explain a myriad of loan programs, how they work, the implications of each, and really educate my clients so that they are comfortable with the financing side of their transaction.
- They know their business inside and out and have access to a large variety of competitive loan programs. If one of my loan officers says my client can get a loan, I can bank on that. If my loan officer says we’re good to go, then we’re good. Period.
- They play well with others. We all get angry or have bad days, but we are never rude or condescending to a client. I expect that from my loan officers, my title and escrow people, my home inspectors, from everyone who provides a service to my clients.
My preferred loan officers aren’t the cheapest in town, neither are they the most expensive. They deliver value, they perform to what they say they can do, and they’re nice, interesting people who are enjoyable to work with.
What kind of loan officer do you want to work with? How do you select?
November 3rd, 2007 at 6:40 am
Great post. The “communication without being prompted”is what led me to rise above the pack. Having been a realtor, I know it’s frustrating to watch the wheels fall off the deal.
I email clients, listing and selling agents each morning, and I only work with clients that permit communication with the listing agent (think about this for a minute). I’m toying with Rss feeds and scripts so all parties can be emailed each time anything is updated on a loan.
The other thing I do is only write approvals for REALLY approved buyers.
What is the fallout % in Tuscon? In Ohio, it’s like 26%.
Pricing matters, but to a point. We have the “price leaders” who only take 780+ credit scores with 30% down. They also don’t communicate, and never close on time.
Finally–good post–do you think it’s sane for a Realtor to let her clients work with an unknown lender? I don’t.