working with lenders..

[lyndon136]

Just a question about working with different lenders.. I work for a company that has their own "inhouse" lender and of course they would prefer we use them.. Since i am a newer agent i am finding that it is hard to schedule a time with her because she is so busy with the more established agents.. I can understand why but its also making me look bad when i just need some support or have a quick question.. So im going to talk to my broker about using someone else.. So i was just wondering how other agents, new or not, work with their lender?. Clients, marketing, etc..
Just what is the ideal realationship like? Im hoping it is better than what i have available right now?

[LoanDoctor]

I know there are a lot of choices, but make sure you do your homework, because finding the right lender can make your life so much easier. Most in-house lenders only capture around 10% or less of the business from their own agents. They usually offer Vanilla, or Chocolate. And the good ones offer Strawberry. You need to work with someone that can offer 1000 flavors and even mix them if that is what needed.

Communication, experience, operational support, are all things to look for.
Interview them over lunch and make sure your long term goals are in line with theirs. There are a lot of people who came into the industry out of the refi boom, that will not be around a year from now, make sure you filter them out right away. Be very careful of the over promise and under deliver. Make sure you avoid excessive fees, aks them what the average charge is per loan. Anything over 1.5 front and back is excessive, especially when working as a partnership. We are not in a get rich quick market anymore, and you need to build a strong "Customer Service" oriented partnership today more than ever. You need to look for three things:
1. Experience- someone who has worked in the purchase market, not just specializing in refinances; two completely different animals

2. The backing of a strong mortgage company that has exceptional operational support to get your loans closed on time, and has leveraged it's size to build strong relationships with other lenders, title and escrow companies, etc. They need to have a strong reputation in your real estate community, if they don't, move on to the next.

3. The technology and marketing to help build your business. Do they offer marketing and support to help build your business?

I hope this helps!

[OregonLO]

Loan Doctor put it very well in my opinion. I love the ice cream analogy. haha...But what he said is true. One thing to think about is if you send clients to that in house lender are they going to send you clients back? I'd use them every now and then but this is YOUR business that you need to make grow. I'd find someone you can trust to work with so you know your clients are in good hands but someone that is on the same page as you like LD said. Also someone who will send you referrals. I wouldn't send my agents referrals if I never got anything in return. At the same time, I wouldn't expect an agent to keep sending me their clients for financing if I never sent any in return.

My fiance is finishing up and about to become an Agent. I told her to interview a few loan officers much like LD mentioned to find a couple to work with. Sure, I'd love to finance every one of her clients but I understand the importance of having a team of people to work with. But at the same time she knows that I work on a consistant basis with 2 other agents in my local community and a couple in other cities.

I'd say definitely have a team set up, interview them and make sure you have similar ideals. You don't want to send your client to someone who is going to take advantage of them. That'll reflect poorly upon you as well.