Question for Agents

[OregonLO]

Let me start off by saying that I'm a Loan Officer and still pretty new to it. I'm working and being mentored by a great group of people so I'm very excited for this.

My question for agents is what do you look for when being approached by loan officers? What are some of the qualities you want when selecting them to partner up with? I'm trying to network with agents locally and trying to get a feel for how I should approach them.

any suggestions?

[Cedar City Utah Realtor]

Return Phone Calls!!!!
Respectful to Clients
Acually Close On Time

Thats about it.

[Chief Tutor]

I would agree with the above statement, but expand on it. In approaching a realtor, make sure that you know the process like the back of you hand. If they see you have the knowledge, then they might use you as an information source first. If you are able to be available to answer any question they throw at you, then they start to feel comfortable.

Second, know your competition. What are you providing other than service that makes you better.

Third, return calls to agents...or clients they recommend ASAP. Also, be proactive in the loan process. Call them as much necessary so they know you are on top of their application. Don't wait for them to call and ask how things are going. From the day they contact you to the day they close, they are your number 1 priority every day.

Just my two cents.

[Thesa]

I will second that... I am working with a lender that has closed 9 loans with me in the last six months on time or early... I quit referring to another that closed more loans late than not...

Here is what some of my buyers look for

prompt returned calls
multiple programs to choose from
less stress

[OregonLO]

Thanks for all of the comments guys, I appreciate the help in getting a better understanding of what people are looking for. You all have great advice and I will definitely keep these things in mind with my approach.

[CalCoast Realtor]

Answer or return calls promptly on the weekend. I know quite a few lenders who don't answer on the weekend. This is crazy. The weekend is when REALTORS show property and sit open houses!
The lender I refer quite a bit of my business to almost always answers.
And what they said above too!
:rolleyes:

[OregonLO]

I've come to realize that the weekend is a very important time to answer the phone. Which my phone is always open for. I mean, that is why I give out my cell phone number. I learned that trick from my last job when I basically took a deal right out from under someone because I answered on a Sunday and talked to the clients for 20 minutes. Thank you for the advice!

[judyo]

Even though I absolutely love my loan officer, I still give my clients 3 to choose from. I've recently had to find 2 more as the 2 I had didn't keep me happy enough to keep them on my short list.

Of course, I point clients to my favorite guy and tell them why. I never have to call him, he calls me first with updates. His company is quick and efficient. Even when not necessary, they've had first-time buyers ready to close 10 days after loan app.

He returns client phone calls promptly - well, there's nothing bad to say about him. He's been in the business for a long time and I know he's very successful. Yet he keeps up with his work like he was brand new & still trying to impress us. I've never worked with any other loan officer that came close to the service he provides.

[Thesa]

I too have a loan officer like that... and struggle to find others. Communication is key in all aspects of service, after all we are all service providers with a lot of competition.

If you can profect the contact you will be very successful... my favorite lender sends me an email update once a week and always calls upon anything new.

[Cedar City Utah Realtor]

Its amazing to me that basically realtors want 3 very simple things from a lendor yet we have such a hard time finding good ones. I also have one prefered lendor but for legal reasons i always give at least 3 names yet stear my clients to my prefered one. I also regularly delete lendors from my list of 3 for poor preformance ect. So basically i just wanted to reiterate what everyone has already said.

ANWSER YOUR PHONE
CLOSE LOANS ON TIME (or have a dang good reason)
Be Professional

Do that and you will be a very sucessful loan officer.

[OregonLO]

Well let me know if you need any help out here in Eugene as I would love to have a chance to make it onto your list of "worthy" loan officers. My phone is always open for calls and I'll work nights, weekends, holidays or any other day needed to get the job done.


I too have a loan officer like that... and struggle to find others. Communication is key in all aspects of service, after all we are all service providers with a lot of competition.

If you can profect the contact you will be very successful... my favorite lender sends me an email update once a week and always calls upon anything new.

[OregonLO]

Its amazing to me that basically realtors want 3 very simple things from a lendor yet we have such a hard time finding good ones. I also have one prefered lendor but for legal reasons i always give at least 3 names yet stear my clients to my prefered one. I also regularly delete lendors from my list of 3 for poor preformance ect. So basically i just wanted to reiterate what everyone has already said.

ANWSER YOUR PHONE
CLOSE LOANS ON TIME (or have a dang good reason)
Be Professional

Do that and you will be a very sucessful loan officer.


Thank you, that's what I've noticed is the general idea from Realtors. Thanks for the input guys. I hope I can do some business with some of you in the future.

[STVP]

well.... I would have to say.

1. dont lie... i mean dont say you have the best rate for them when
you dont. people are always surprised when they find out someone
else has one better. Be forward and honest with your clients and you
will go far.

2. please return calls.... or even better answer the phone... :D

3. work hard at understanding all the loan programs available and know
what is available.

thats my two cents.....


STVP

[HMiller]

I'd agree with everything mentioned above, doing right by my customers is the ultimate priority. It would be nice, however, to get a lead from you every now and again. I have two LOs I like to send customers to and they are great but I made it clear to them when we began our relationship that I expect some decent leads back from them.

[OregonLO]

I would expect nothing less as the stand point from a Realtor. That would be a part of networking. It just wouldn't seem right for me to send my clients elsewhere if agents are sending me leads. I'd at least have to shuffle them around to my agents. My mother won't be too thrilled about that one since she is an agent, but it's smart business! Thanks for the input.

[THills]

HMiller, that was the point I have been waiting for someone to make!! I am like OregonLO a Mortgage Broker, Ironically enough in Oregon as well. I have been doing this a long time and have found what works best for me when approaching agents in my market, is to bring them business plain and simple! Woudn't you agree? I whole heartadly agree with the rest of what you want from and LO, but that should come with the territory as a professional in any industry.

I have built my business around bringing a tremendous amount of value to my clients, and referral partners by way of education, professionalism, and a superior level of communication and customer service then they are used to. Above all the number #1response I get as to why they work with my is because I bring them business.

What if you all worked with an LO who could assist in increasing your income 20-30% just by working with him/her?

My other question is this... To the agents that employ the "rule of three" I have heard mention of the "legalities". What legalities, I have spoken with many real estate attorneys on this matter and all have concoured there is no law regarding this subject. Is this put in place by your broker? Is it office policy? Or are these attorneys I have spoke with behind in the times?

Everyone have a wonderful Memorial Day weekend!!!

Cheers,

Timothy Hills

[Chief Tutor]

Timothy,

Check out our new mortgage forum. The link is on the right hand side. Let me know your thoughts. We will be building out the threads in the coming weeks. We worked with a local mortgage broker to come up with categories which directly relate to your industry.

Thanks for any input.

Chief Tutor

[THills]

Lendertalk right?

I do believe I am one of the 1st members there. A new forum is always good. You might want to add a closed loan scenario tracking sheet. That way newbies will have referrance guide. Make it open for members to add there scenarios and watch it grow to a useful database.

[judyo]

My other question is this... To the agents that employ the "rule of three" I have heard mention of the "legalities". What legalities, I have spoken with many real estate attorneys on this matter and all have concoured there is no law regarding this subject. Is this put in place by your broker? Is it office policy? Or are these attorneys I have spoke with behind in the times?

I don't really have a "rule" of 3, just seems like a good enough choice for my clients. I have been in a situation many years ago where I gave a personal friend of mine all the business I could. Well, one of my clients was very unhappy with the loan processor & boy, did I have to hear about it.

This was a very friendly client that I actually had a lot of laughs with, but the processor was making him very angry. Maybe some of it was his fault, but this processor was showing her anger to him and it sounded like unprofessional behavior.

After that, I always gave a choice of lenders and home inspectors. Not for any legal reason, but just so I don't get blamed if they choose someone that they were less than happy with and point the finger at me because I sent them directly to one source.

[tina]

I feel first they would be interested in the rate of interest that you have to offer, if that is in line with what they are looking for then you just need to follow up with them.

[ChristianOC]

In the beginning, be available and stay in contact with agents even if they say they already have someone because sooner or later their loan officer is going to drop the ball, and then they'll give you a shot.

Try to team-up with an agent for their open houses and be there to answer any finance questions potential buyers might have. The agent will appreciate it.

[joe harris]

I am a LO, and rather succesful at it. The best practice is do what you say you are going to do, at the time that you said you were going to do it. That is the best advice. Also, never tell someone you can do something, unless you know you can do it. It is OK to tell a client you can not pre-qual him (as long as you have exusted every resource trying to do so). It is much better than telling your referring partner that you can get the client a loan, and then the deal falls apart a day before closing. Again, manage expectations, be up-front, and get the job done. Good luck!

[Deana]

We have a loan officer in our brokerage but I have partnered with one from GMAC. Hate to mention companies, but they have a referral program and on-line system where buyers can track and record homes they are shopping for. The loan officer and the agent can watch and see what the buyer is doing. The buyer can request a showing right from the on-line search program which arrives right in my mailbox.

I love this arrangement because I also typically get their home for sale. You can view a 60-second clip here: http://www.macombcondoguide.com/buyer_home.htm


I'd agree with everything mentioned above, doing right by my customers is the ultimate priority. It would be nice, however, to get a lead from you every now and again. I have two LOs I like to send customers to and they are great but I made it clear to them when we began our relationship that I expect some decent leads back from them.