This article is meant for both loan originators and borrowers. As a loan originator this will give you longevity in the business. As a borrower this will help you decide if your current loan originator is right for you. This article will be informative because I have spent countless hours with clients to perfect their needs. Borrowers don’t want the best rate; sometimes they want their questions answered promptly. Borrowers are choosing to trust you over hundreds of other loan originators who can provide a similar service. So, what traits separate you from the rest?
- Process Oriented
Does your loan officer have a process for you, or does he say to trust him and things will get done? It is very important for loan officers to walk the borrower through every single step of the origination process. Loan officers should never say ‘don’t worry it’ll get done rather they should talk about how it will get done. This is a stressful process for first time home buyers because they are taking on a very large loan. When they have questions, those questions should be answered promptly. That leads us into our second quality.
- Responsive
How long does it take for your loan officer to respond to your emails or phone calls? If the answer is longer than 24 hours then you need a new loan officer. As someone who services his clients with care, I reply to them within 3-5 hours. I have had borrowers excited to tell me that they like the fact that I am so attentive. I become confused because that is exactly my job. My job is to respond to all of your comments and concerns.
There have also been multiple instances when borrowers needed pre-approval letters, and the mortgage provider was not able to get to them in time. All of the loan originators should be able to get a pre-approval letter the same day, or tell the borrower why they were unable to get them the pre-approval letter. This is why all loan officers must be responsive, and if they are not, it is time to work with someone who is.
- Organized
Organized! Structured! Planned! All those three words mean the same thing, and they apply to all loan officers. Here is an example of how LOs should be organized: the borrower speaks to you on Monday regarding their concerns. The loan officer says he will call you back with final answers on Wednesday. The borrower never received a call back from the officer. The officer simply forgot about the borrower because he was busy. This is one of the major reasons why you would need to get a new loan officer.
- Transparent
Getting a mortgage can be confusing and tough, and that is why you need someone with good compatibility. Is it important for the LO to be nice and kind to the borrower. The mortgage process is not that simple, and it can get very nerve wracking.
- Not-Pressuring
One of the things I learned early in this business is that persona is everything. Loan officers will try to do and say anything so they can make commission on the loan. If the originator you are speaking to is pushing you to accept the rate, then he is not a good officer. If you sense that the person is very salesy then you should consider getting another loan officer. The rate should speak for itself, and if the loan officer is pressuring you to take a rate that you are uncomfortable with then you should run the other way. The borrower should not feel as if they are obligated to do something. It should always be the borrowers choice on what they want accomplished.