Thread: How do you know your client can qualify for financing?

Hey everyone, New and Old. I'm a seasoned Loan Officer here in Orlando FL (if you couldn't tell by my name) and I'm wondering what type of loan services big and small brokerages use?

I've read on the forums most brokers have in-house lenders but that new guys don't usually get the help they need from Loan Officers that are too busy working on files for more active agents.

What Broker houses allow agents to choose their own lenders for their clients? And what I'm really interested in, How do you agents look for a mortgage brokerage/lender?

I personally work with 2 friends of mine I met when taking Florida licensing classes, but haven't gone out to look for more realtor referrals since. What is the best way to find and approach you guys as an LO to start establishing a working trustful relationship?

We all know how beneficial for both parties a good realtor/LO relationship can be!

Originally Posted by OrlandoLO

Hey everyone, New and Old. I'm a seasoned Loan Officer here in Orlando FL (if you couldn't tell by my name) and I'm wondering what type of loan services big and small brokerages use?

I've read on the forums most brokers have in-house lenders but that new guys don't usually get the help they need from Loan Officers that are too busy working on files for more active agents.

What Broker houses allow agents to choose their own lenders for their clients? And what I'm really interested in, How do you agents look for a mortgage brokerage/lender?

I personally work with 2 friends of mine I met when taking Florida licensing classes, but haven't gone out to look for more realtor referrals since. What is the best way to find and approach you guys as an LO to start establishing a working trustful relationship?

We all know how beneficial for both parties a good realtor/LO relationship can be!

Last week I went to our Realtor Association Board's Annual Awards Dinner. I won a doorprice sponsored by a Lakeland, FL based mortgage broker. She hand delivered the gift basket the following week but I wasn't in my office. I called her to thank her and we now have an appointment later this month to get together and "deepen" our business relationship.

I have a LO friend in San Diego and he takes Realtors out for lunch on a regular basis. He's busy busy busy with clients, all referrals.

On edit: LOL, I'm not soliciting gift baskets or lunches from you!

do sales agents actually "get their own" mortgage brokers to work with?

i'm guessing that most sales agents use their RE Brokers referral/contact list.

I was wondering about that too and my first guess is we have to work with what our clients show up with. And if they don't show up with a lender in place already, we have to work with what they accept.

i don't think that's the case Fla. i think real estate BROKERS have the contacts and mortgage brokers/lenders right in place for potential buyers.

it's the SALES AGENT that works for the BROKER. the sales agent probably uses the BROKER'S resources.

most real estate brokerages offer financing to potential customers through their contacts.

I have always found it works both ways -
realtors get leads on homebuyers, and refer to their mortgage guy
& mortgage brokers get many leads & pass the mto realtors

Many real estate companies, escpecially the larger ones have locked in their own lender and push their agents to use them.
However this usually has no benefit for that individual agent or at least very little.

Having been in the mtg biz in the US for over 6yrs I have often found the agents at the bigger companies like C21, Coldwell & ERA, keyes the easiest to recruit as there 'in house' are usually not that competitive in the market and often lazier as they recieve a lot of leads and don't seem to work them that hard. This also results in agents losing many deals that could have been saved, especially for new agents who don't have other contacts.

I think it is important for everyone to create a 'mastermind' group of referral partners. see 'the millionare re agent'
Why are you going to give deals to your inhouse mtg co. that only benefits your broker, when you can build a relationship with someone who will really take care of your clients and work with you to build more business through giving you leads & co branding marketing together, etc

But back to the original Q- OrlandoLO:

I think you need to get out knock on doors, join the real estate association & go to the networking events.

Show the realtors you can give them 'value added service', not just another LO, you have to show them that you want them to succeed in their business (if for no other reason than it will help you later);

• That basically all lenders have access to the same programs & rates if they look hard enough, but that you are going to work harder to make sure that their deals close.
• It always helps if you refer them business 1st
• Coop marketing together or hold joint open houses
• & yes Fla Girl, I guess the odd (legal) gift & a couple drinks always helps smooth the way (but don't lose your shirt)
• If the deal starts going sideways, is the in house realtor going to get on the phone to the client & sing the agents praises and keep the client in the deal - I don't think so.
• Once you have an agent, make sure you get referrals to other agents in that office, re is a revolving door sometimes - you have to keep adding new realtors to your referral group if you want to keep growing your business.