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Will a Realtor do business / refer business to a lender or loan officer out of state?

By Jeff Belonger

Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

October 09, 2006 03:46 PM

I just wanted to throw this question out there. Again, I have been in the mortgage industry for over 14 years. I have been with large lenders, a few mid sized lenders, and some smaller brokers. Even though I am based in Cherry Hill, NJ; I can do loans in any state with my current company. Ever hear of Cendent Mortgage (PHH/USA Mtg)? They are one of the top 10 lenders nationally and located in NJ. They do business in every state and very successful. But it helps when you are buying business also. LOL (long story)

I get my business from various places….. local realtors, I even have a realtor in another state (SC, and no, it’s not a friend….lol Just from NETWORKING online), from my web page, internet leads, referrals, etc, etc.

Just looking for feedback since there are so many realtors on Active Rain. I even received an Internet lead back in June 2006. I pre-qualified the client over the phone, sent them a pre-qual letter, and told the client to have their realtor call me if she has any questions. I then asked for her name, number, and e-mail address. I decided to call her to introduce myself. We talked for a little and during the conversation, I could sense that she was uneasy because I was in another state. This client was in Virginia. And I could sense this from years of experience. I came right out and assured her. Told her my years of experience, a little about myself, and why I was even telling her all of this. I basically said that I could understand why you wouldn’t be easy, because I hear it often from local real estate agents. This apparently made her feel a little better and she even told me so. But maybe she was just trying to please me also???? Well, I closed the deal and all were happy. But it doesn’t look like I will get business in the near future. Just a gut and maybe she doesn’t do that much anyhow. And this was even a difficult deal, which the client went to two local people who couldn’t help him. Hence the reason why he tried his hand at the Internet, in which he won. !!!!!

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Jeff Belonger

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888-835-1663

jbelonger@nationalfuturemortgage.com

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Jim Quinn

Quinn Appraisals - Bridgeton, NJ

Very good topic and I can see that Kristal did a spin off on this. I would agree, the handshake is is key and golden.

Oct 10, 2006 06:21 AM

Tracy Thompson

Rite-Way Realty - Phoenix, AZ

Jeff,

Great question. The bulk of my business is out of state and they found me online. I do not have a problem using an out of state lender and many times must because it is the clients decision.

If the client is using their local lender, it gives them a certain feeling of comfort even if I am uneasy. Normally they will close in their home state at a local title company. I do ask, or beg if need be, the lender to please attend the signing. There is a good chance I won't be attending and I always believe it is essential for both agent and LO to be there if at all possible.

If you were licensed in AZ and I had a client from your area, I would call you. I like your blogs, read your profile and would be infinitely more comfortable working with you because of this.

Also, I've been developing an obsession with the fruit thing myself. I fear next month might be exotic animals.

Oct 10, 2006 08:18 AM

Jeff Belonger

Assured Lending Corporation - Philadelphia, PA

Dave...... again....I agree....I don't know why everyone keeps missing my comment, that I totally believe in the actual handshake. I was just basically trying to make a point.... don't view all out of state lenders as just that....well, the loan officer. There is a bad rap and I am tired of it.... sure, it comes with the territory..... I understand this, but there are still a few good apples. The one thing I can say is that I think they are in this group...both realtors and loan officers. The ones that would be the bad apples are the ones that signed up 3 months ago and still have 400 points. It's what you put into it at times also.... this is just not an ad and you walk away from it. My main purpose is to network, possibly give insight that one might never have viewed before, to educate, and yes...possibly get a referral or so. And I know this is from a long lasting, trusting style of relationship.

Robert...... thanks for the input. And my fruit right now... PASSION. ;o)

Jim......thanks for the compliment.

Tracy........ I appreciate the input and the kind words. And I do understand about the comfortable feeling.... it's not easy out there to trust. But I guess another twist out there is that these loan officers also know the meaning of local and will sometimes sell it against the out of state person. And then they get the client comfortable, but they still might not be getting the fair shake of things.... yes, this happens also. You client is taken care by the loan officer because he/she is available personally. But how many of them take care of the client in regards to program and rate? Just food for thought.....everyone needs to make money, but how much?

Tracy... I am licensed to do loans in Arizona.... and I actually have a loan officer that lives in Delaware who is moving to Arizona. I am not 100% sure, but in the area of Scottsdale...??? I'll e-mail you with her info. She'll be in my office tomorrow.

Thanks to all for their input.... now typing in my fruit... PASSION. So fitting to the type of person that I am in in regards to this business.

Oct 10, 2006 08:48 AM

Tracy Thompson

Rite-Way Realty - Phoenix, AZ

Jeff, thank you for the email. Rich Jacobsen did a great blog about the fruit awhile back.

Oct 10, 2006 09:23 AM

Kristal Kraft

Novella Real Estate - Denver, CO

Selling Metro Denver Real Estate - 303-589-2022

OK Jeff, I know it's hard to believe, I responded to your blog, wrote a blog then went to work! I actually do go sell stuff now and then...

I like Brian's idea and future blog. I do actually work with more than one lender. In fact there are several I like and each has a different style and personality.

Still I am loyal to the lenders who basically MAKE ME LOOK GOOD. There I said it! They get the job done, on time, are honest and I can count on them to keep me in the loop.

Now, if there are good lenders elsewhere that do a good job for my people, I do remember then too. In fact I have people who are actually loyal to their current mortgage company, if that is the case I love to refer them to someone who happens to work there, be it Wells Fargo, Countrywide or whoever.

BTW my dear Brian if my leads are heading to Stapleton it's to buy a house ~ there's NO AIRPORT there anymore! :)

I really do like your plan. It would be nice to have all the regional lender guy/gals in my plastic business card holder. So when the time comes to refer, I have a visual. the reality is I haven't visualize where you lender guys are located nationally...just in general. Some of you even speak Spanish, Ole!

Jeff ~ please refrain from eating too much fermented fruit. It will affect your blogging...

Oct 10, 2006 09:45 AM

Kristal Kraft

Novella Real Estate - Denver, CO

Selling Metro Denver Real Estate - 303-589-2022

OK Jeff, I don't know why the hell I got a star and you didn't...but I have more comments.

When I started to write my blog this a.m. I did my usual "snow white" thing.. You know the saying, "I used to be Snow White...But I drifted."

I started to write a different blog then what it is. Tomorrow or later I will write the original blog. So if I stepped on your toes, I do apologize. It was not my intent.

Mango? Tango...they don't grow in Colorado, that's for sure.

Oct 10, 2006 09:48 AM

Kristal Kraft

Novella Real Estate - Denver, CO

Selling Metro Denver Real Estate - 303-589-2022

P.S. I had yet another BRILLIANT idea.

we need a lender MASH Map, so I can see where you are...

I am stuck on Mangos

Oct 10, 2006 09:50 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Kristal.... not at all, you weren't stepping on my toes. I like this.... I was reading a blog yesterday that gave me an idea for a blog tomorrow. That almost sounded like Whimpy... "I'll gladly pay you Tuesday for a hamburger today"

Kristal....in regards to the lender that makes you look good....again, I couldn't agree more. But I couldn't help you there, because I can only make you look GREAT. lol Talk about sales.... but there is truth in that. Because if you look bad, then I look bad also.

In regards to the star that you received, you had that after the 5th or 7th comment..... and it became a featured blog around the 5th comment also. Hey...I am not being negative on this.... I just think your tone was a little different and more appealing than mine. I am just curious who reads all of these blogs.... damn, my eyes would be popping out.

Anyhow....the fruits of my labor.... hey, Banana again...

Oct 10, 2006 10:17 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

And back to Kristal's PS>..... a map? Just head East and keep going East until you hit water....I am about an hour before the water though.

Anyone else....on another matter.... the very first comment from Bill. Can anyone clarify this for me?

Oct 10, 2006 11:41 AM

Kristal Kraft

Novella Real Estate - Denver, CO

Selling Metro Denver Real Estate - 303-589-2022

Jeff, I have no idea what Bill means. You should ask him....maybe he can explain.

Glad to hear you are OK being starless...I think the stars do help with the comments.

It's getting harder and harder to keep up with all the blogs. Many times I don't get to walk all through the neighborhood.

Mash map of lenders would be people in all areas. I do know where N.J. is!!!

I've graduated to grapes. May I have mine fermented? It's after 6:00 o'clock!

Oct 10, 2006 12:06 PM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

HI Jeff,

just dropped in to read your blog. Guess you got your answer. A good blog, in my opinion, has a lot of back and forth comments, and you have that here.

Oct 10, 2006 12:11 PM

William J. Archambault, Jr.

The Real Estate Investment Institute - Houston, TX

Jeff,

You’re right I am apposed to out of state lending.

I make exceptions for service areas that cross state lines, I used to run an office in Incline Village, Lake Tahoe and I loaned money in both NV and CA. The difference was that I was in and at the location.

I believe in mortgage brokers, and their mortgage banker derivatives for two simple reasons.

1. They can help more people at better rates.

2. Because the good ones are closer to their clients and can provied more help for the nevorus and troubled!

Yes we're all lend money, but ours is a people bushiness! Bluntly, you can’t give great service with out pressing the flesh and getting face to face.

The sophisticated, well qualified can get good loans maybe even great loans remotely. But a lot of the rest can get as good or better loans face to face with a good lender.

The client must come first! If your company works in several states refer them to someone in your local office.

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii

Oct 10, 2006 12:38 PM

Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

I think I might be the angriest loan gu o n Active Rain today. Sorry Kristal, my comments aren't coming out correctly. My brain-finger continuum is all discombobulated today.

I'll blog the business model idea I have tonight and let all of you see it.

Bill, I hear you but who is better equipped to help a client when they move to Incline Village from San Diego? the answer is, bluntly...me. Why do you think that is? I live where he is located and has trust.

I have my securities account in Philadelphia; I moved from there 15 years ago (and haven't been there this millenium). I still have banking relationships in Phoenix. I have an insurance relationship in San Antonio.

People are about networks because networks engender trust. Networks transcend geography through the efficient and correct use of technology.

Oct 10, 2006 02:47 PM

Kristal Kraft

Novella Real Estate - Denver, CO

Selling Metro Denver Real Estate - 303-589-2022

OK Brian, the moon is full afterall...

Oct 10, 2006 03:17 PM

William J. Archambault, Jr.

The Real Estate Investment Institute - Houston, TX

Brian,

You’re wrong on two counts.

I’m not angry, I’m extremely opinionated!

You and I normally sing off the same sheet of music, so I was concerned that I may have offended you. I looked at the question again. I was right!

So how could we disagree?

The answer is simple, you personalize a generic question. If you look at the question with regard to either of us, and we could included Jeff we’re talking about lenders with 49 to 63 combined years of experience. If you ask should your client who knows you, work with you on Nevada financing the answer could be and probably is different!

I have investor clients that I’ve done 20 to 30 loans for should they work with me on San Diego property? Possibly? But my knowledge of San Diego are 40 year old memories of sitting on a cement wash rack, at the USMCRD, in the middle of the night watching airplanes take off. That won’t help much getting the loan closed, even if I’m the best source for getting an approval!

In general, my answer remains, out of area lenders are normally bad for the client and that’s bad practice. But, Winston Churchill said it best: "never, never, never, say never!"

Personal, I don" have to worry about clients / students doing business in San Diego, I know how to get a hold of you. If you need money in Las Vegas write me I’ll introduce you to my son Eric.

I hope you’re very wrong about the anger, it would be a great loss if we can’t express our considered opinions here among peers.

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

Oct 10, 2006 06:26 PM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Bill, First off...I just had to ask you roginally what you had meant.

2nd.... opinions are great. But I slightly disagree in regards to your SD example. If you actually have a client investing in SD, but you work out of....let's say, Florida. And this client has done business with you before. And you have taken care of them before. They are still better off with you, even though you don't know the area. That's why there is a realtor and an appraiser involved. That's their job anyhow. Sure...would you like to know the area so you could give your opinion in what property that they are purchasing and the area. To make it look like you are really caring and looking out for their best interest.... But that's all it is, your opinion. Your main job is to take care of them in regards to the financing. It's almost like my other blog... Part Time Realtor & Part Time Loan Officer : All in one. How is this possible? Someone that is actually doing two jobs at the same time in the same industry per se.

Besides.... even if I didn't know the area, but I am a great networker.... I know of other loan officers and realtors throughout the US, that I could go to them and tell them I have a client in that area.... if I am licensed in that state, I'll still do the loan, but I will pick their mind for my client in that respected area. Or.... if not licensed in that area, I give them my client, knowing that they will be handled correctly.

I have a person that I have networked on myspace with..... he works in Cali., but has a client in VA. He is not licensed there. Even though we have only gotten to know each other online, he gave me their client in trust. And this client of his had 3 other bad experiences with other lenders....not getting the job done. I have been in contact with her.... call her back promplty when she leaves me messages....etc etc. I am taking care of her just like I would my own client and she is very happy. Just like if a realtor would refer me business.... I treat it like it was family.

Anyhow....Bill, thanks for the good comments and your insight.

jeff Hey Kristal.... Pineapple.... yippie.... pineapple is my favorite.... and this is my first pineapple

Oct 11, 2006 01:06 AM

Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

Bill,

The "angry' comment was directed at me (and Jeff as a private joke). I don't think you are the angry one; I was in the nasty mood yesterday. I need to remember that the written word doesn't express sarcasm or irony very well. Please forgive me if you felt I directed it at you.

You and I almost always sing from the hymnal. I know that we disagree on this issue. I recognize that proximity to the client is desirable but don't think it is always the best choice. I believe that technology has replaced the need for personal meetings when it comes to lending.

Are personal meetings still the best way to handle a lending problem? You betcha! Do I think that you, or Jeff, or I have risen to the proverbial pinnacle that our advice on the telephone combined with useful information on our websites, blogs and e-mails surpasses 90% of the personal meetings a borrower could have with a generic loan officer? I emphatically answer (perhaps a bit arrogantly) YES.

Jeff's question, while posed generically, has to be answered specifically because lending is a highly personal profession. In some cases, the best relationship for a referral is local, in many cases, it's not. Your answer and mine are specific opinions to a general question.

I would venture a guess that your advice to a young E-6 seeking a home in Fallbrook, CA may surpass mine because of your shared experiences. In my opinion, experiential advice surpasses geographical advice every time.

Oh, what the hell, Bill? Sparring with you is fun but we're both on the same team. And I'll want a 60's Beach Marine on my side in any alley.

Oct 11, 2006 03:11 PM

William J. Archambault, Jr.

The Real Estate Investment Institute - Houston, TX

Bryan,

I think we are agreed.

But, before we go down that alley you better know I’m no longer 21 and I’m rather dilapidated.

Obviously, we all agree with Churchill.

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

Oct 11, 2006 04:49 PM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Bill & Brian.... everything is good. Bill, how long were you in the Marines? I was in the service for a few years, the Army. '86 to '88

Oct 12, 2006 12:12 AM

Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

Bill,

I'll take my chances; let's hope we don't need to go down that alley.

Thanks for the response.

Oct 12, 2006 12:37 PM

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