working with the right mortgage professional

[promortplanner]

It's always odd to find when I ask the question to realtors or mortgage professionals about what the other thinks of the other.

What do you think the first response is?

1. Realtors are @%#$*&!

or - Loan officers are a bunch of $%&*#@

Why is that?

What is it that good realtors look for in a loan officer that make the difference between teaming up or not working with at all?

What have some of your experiences been working with loan officers?

I help agents grow their business by creating "World Class Customer Service" Partnerships.

Any suggestions or preferences you feel really make a difference?

[kensmith]

Communication, fair pricing (that is being fair to the customer and not trying to make your month off of one deal), knowledge, and great customer service are the top things that I look for in a mortgage broker.

[Thesa]

Under promise and over deliver - I have worked with a lot of Realtors and Loan Officers that will promise the moon and never be able to deliver.... that causes more stress than there needs to be.

[CitizensChoices]

I think you guys hit the nail right on the head. It is great to see that mortgage and real estate pros can exchange useful information in a peaceful environment.

There are so many topics that should be discussed because there are so many options. Who you choose to do the loan with can also depend on what company you are with, their size and their policies.

[promortplanner]

Building your business today relies heavily on putting together the right team and leveraging the right technology.

You are all right - communication, fair pricing, knowledge, great customer service, and under promising while over delivering are all key components.

So what is this business?

The real estate business - wrong!
The loan business -sorry, wrong again!This is the people business. Your focus is the needs of your referral partner and clients first. The byproduct of that is your reasonable commission and not your numbers for the month.

I recently started having scripting parties with my realtors and other partners to better cross sell ourselves and position us as a team that delivers superior service.

There are countless mortgage companies and loan officers that claim to offer superior service but how do you measure whether or not a mortgage company, realtor, or loan officer can deliver this type of exemplary service.

Three things must be present -

Knowledgeable loan officer - the ability to handle difficult situations.
Reputable Mortgage Company - the ability to handle difficult transactions and fast closings.
Tools and technology to help agents sell more propertyI see myself as a extension of my realtors. You're only as strong as your weakest link - meaning I have to be a better service provider for my clients and my referral partners.

Some people think I'm crazy for pitching my realtors listings at caravan when they've got to be somewhere else at the same time.

I'm the pig in the eggs breakfast?
What does that mean?

Anyone care to chime in.

[Thesa]

Today I had a loan blow up on the closing table - the lender over promised... cost my buyer about $2500 and now we are back to square one with finding a new lender - which I have a lot of great leads... but always willing to work with more.... and a new home....

All because the mortgage broker lied through his teeth for 4 weeks... then could not deliver.

[audiokat]

This brings to mind a question for you Mortgage pro's out there. I am not even licensed yet although very close. I have about 3 customers waiting in the wings to go look at homes. I was recommended to someone who was pitched to me as very together. I called here and she seemed very nice. I told her I going to send here two referrals within an hour. I sent her both and went about my night. This was about 6pm. The next day I spoke to my customers and asked them if they had heard from her. "Nope they say" This is at around 11am. So I send here the 3rd referral and ask her to reply to my email to make sure I have the right email address. She does and that's good. We are going now on 28 hours since the first referral with no call to my customers.

I currently work in a boutique sales industry. We sell high end recording equipment with price tags up to 1 million. In my industry even when obtaining a lead for 10k sale a 24 hour turn around for call back is out or order.

My long explanation brings the question. Is this more normal in the mortgage industry? In my type of sales and what seems like real estate you better call now before you lose that lead. My attempt is not to judge it is more in the vein of knowing how aggressively I can push this woman to call my customers.

Thanks,

Steve

[promortplanner]

I'm afraid in some cases this can be the norm for some realtors and mortgage pros. After years of working in this business I've developed the "2hour rule". If I send you a client or call you regarding some business related issue that came from a referral partner and you don't call me back within 2 hours - I won't do business with you. I have found in too many cases that if you can't call me back within this timeframe -most likely you won't call me back when something pops up in the 11th hour and the borrower is distressed. Usually an agent that calls back within the 2 hours - is on there game. Plain and simple!! They hustle for there clients and hustle for their referral partners.

My advice - send your clients somewhere else. If you can't get service now - chances are you won't get it later.

Again, I'm not in the practice of offering my services to anyone who I don't feel I've earned the business from. If it's time sensetive and I'm licensed in that state - I can flag for a rush and get things wrapped up quickly for you. If not, I can certainly give you sound advice and direction to help you end up with the right lender. Let me know I'm always here to help. Good luck!!!

[audiokat]

I'm afraid in some cases this can be the norm for some realtors and mortgage pros. After years of working in this business I've developed the "2hour rule". If I send you a client or call you regarding some business related issue that came from a referral partner and you don't call me back within 2 hours - I won't do business with you. I have found in too many cases that if you can't call me back within this timeframe -most likely you won't call me back when something pops up in the 11th hour and the borrower is distressed. Usually an agent that calls back within the 2 hours - is on there game. Plain and simple!! They hustle for there clients and hustle for their referral partners.

My advice - send your clients somewhere else. If you can't get service now - chances are you won't get it later.

Again, I'm not in the practice of offering my services to anyone who I don't feel I've earned the business from. If it's time sensetive and I'm licensed in that state - I can flag for a rush and get things wrapped up quickly for you. If not, I can certainly give you sound advice and direction to help you end up with the right lender. Let me know I'm always here to help. Good luck!!!

Can you PM me your info. I'm not quite sure what to do with these particular customers but would love to get in contact and establish a rapport.

Steve Mabee

[OregonLO]

Under promise and over deliver - I have worked with a lot of Realtors and Loan Officers that will promise the moon and never be able to deliver.... that causes more stress than there needs to be.


"Under Promise and Over Deliver" that is my favorite saying and I agree completely. Nothing is worse then promising everything and then failing to deliver. That can go both ways as well. The less stress for everyone the better life is and the smoother that transaction goes. There is no need to make things harder than it needs to be.

[kensmith]

Steve that wouldn't be acceptable in my book. Find someone else.

[Thesa]

I'm afraid in some cases this can be the norm for some realtors and mortgage pros. After years of working in this business I've developed the "2hour rule". If I send you a client or call you regarding some business related issue that came from a referral partner and you don't call me back within 2 hours - I won't do business with you. I have found in too many cases that if you can't call me back within this timeframe -most likely you won't call me back when something pops up in the 11th hour and the borrower is distressed. Usually an agent that calls back within the 2 hours - is on there game. Plain and simple!! They hustle for there clients and hustle for their referral partners.

My advice - send your clients somewhere else. If you can't get service now - chances are you won't get it later.

Again, I'm not in the practice of offering my services to anyone who I don't feel I've earned the business from. If it's time sensetive and I'm licensed in that state - I can flag for a rush and get things wrapped up quickly for you. If not, I can certainly give you sound advice and direction to help you end up with the right lender. Let me know I'm always here to help. Good luck!!!

Just one thought - make sure you leave the message on the phone most often checked. For example - my voice mail at work says... if this message is time sensitive or you want your call returned before the end of the day please call my cell phone. Checking my voice mail at the office is often not done as frequently as my cell phone. Just my 2 cents worth

[LoanDoctor]

If they are not getting back to your referrals that same day, then find someone else. Simple as that. Refrerrals are gold in this industry, and when giving them, you should be given the respect and courtesy of a same day call back. You should not settle for anything less. That referral is counting on you for direction and are giving you their trust, and that trust cannot be taken lightly! This is just a glimpse of what it will be like to work with that person. Better to learn that at the beginning, then to have to learn it through a botched closing.

[promortplanner]

I just wanted to add on what others have reiterated. Communication is key. Even in a under promise and over deliver situation - so much is helped and problems avoided when their is good communication and follow up.

[OneFeePlus.com]

I read a report in the beginning of my career that said Mortgage originators have the highest level of call reluctance of any industry. I decided at that point I would never end the day with calls in my voicemail or important emails not answered.

Communication is so important to me that I purchased an automated loan status system that calls, emails and/or faxes a complete list of outstanding items every couple of days to everybody who needs the info (realtors, buyers, and sellers)

On top of that I make sure that I over estimate closing costs (nothing is worse than coming to closing and finding you need extra money) I provide a written guarantee that rates and fees won't change because I need more money that month. I also work with realtors to make sure I do whatever it takes to make the deal happen (Since i only charge a flat fee I have the ability to contribute up to 2% towards closing costs to help the buyer get into the house)

Thanks
Danny