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Mortgage brokers & Loan officers. 3 most common frustrations for Realtors

I have been working on empathizing with my clients. Making sure I at least know the common reasons why they are looking to refinance.

Then I started wondering. What are the most common frustrations for Realtors when working with a mortgage broker or loan officer? Since I am a rookie I have been asking every Realtor I meet for some advice. I usually ask "what are some bad habits I should avoid, and what are some good habits I should start?"

The 3 most common answers I have received are...

Answer the phone, and return your calls
Close the loan by the closing date.
No Surprises at closing.

My first thought on this is DUH! That should be the bare minimum. But I guess a lot of lenders skipped the chapter on "first things first" in 7 Habits of highly successful people.

As a Realtor, what are your other most common frustrations with mortgage brokers or loan officers?

Posted by Drew Jelmeland on 07/09/2007 11:09 AM

Comments (12)

mortage broker, loan officer

12 Comments on Mortgage brokers & Loan officers. 3 most common frustrations for Realtors

JUL

2007

Happy to help Drew, here's the list:

1. Answer your phone or return calls.

2. Answer your phone or return calls.

3. Answer your phone or return calls.

Hope this helps.

Being both a Realtor and a Lender I can see this debate from both sides. That being the case I agree with your consensus that a Realtor should be able to expect a loan officer to be available and to communicate effectively with them.

They also have the right to expect the loan officer to do everything possible to make the dates listed in the contract. The Realtor should however realize that mortgages are complex things and that there are an amazing number of things that can happen to cause a delay. As long as the loan officer is keeping the Realtor abreast of the situation, the Realtor should understand and work with the loan officer to help overcome these obstacles.

The "No Surprises At Closing" thing is also a matter of communications. Some surprises are just that however. I had one transaction where the seller had applied to participate in a program with the city to replace the sidewalks in front of her home. The city was to pay for the sidewalks then levy a special assessment against the property. The little ole lady had forgotten that she had done this and the title company didn't pick it up until they ran a final check the day of closing. I had told the young couple buying the house that they were going to need X dollars to close, which is what they had - no more. The little old lady said that she wasn't going to walk on those sidewalks, so she wasn't going to pay. Both agents blamed me for some reason and because I was young and dumb, I capitulated and I paid for the damn sidewalks!

The house was actually right around the corner from my house and I was walking my dog and came across the wet concrete. I couldn't help myself! I figured that since I had paid for the damn thing, that it was okay for me to write my initials in the concrete! Immature, but fun none the less!

Bob Mitchell

ValueList Real Estate Services, Inc.

Drew,

Timely communication is unfortunately neglected a lot. It isn't only in the mortgage industry, but all across the spectrum. Now, that's one thing. If you become a terrific communicator, you can rise above the rest in your profession and be the star. Wouldn't that be nice?

THESE THINGS SHOULD GO WITHOUT SAYING OF COURSE

IF YOU WANT MORE REFERALS YOU HAVE TO DO THESE THINGS

RETURING YOUR CALLS GOES WITHOUT SAYING

NO SURPRISES SHOULD SPEAK FOR ITSELF-IF YOU ARE HONEST THERE SHOULDNT BE ANY

CLOSE BY CLOSING DATE-THIS GENERALLY HAPPENS BUT IF FOR SOME REASON(MAJOR TITLE ISSUE OR WHAT NOT) IT DOESNT THEN REFERRING TO THE PHONE CALLS PART WOULD AT LEAST MAKE EVERYONE AWARE

THAT BEING SAID CLOSING ON CLOSING DATE SHOULD NOT BE AN ISSUE IF THERE ARE NO MAJOR PROBLEMS WITH THE FILE

This is a good post to discuss. Maybe it will be featured.

For me communication is key -- if you find any surprises that may result in a delay let us know asap.

Drew -- About 10 years ago I got sick and tired of having Realtors say "You never return my calls" SOOOOOOOOOOO I took my office phone number off of my business card and only list my cell number. That totally eliminated any complaints and I find it well worth the effort and cost to do that. I will never go back. Aloha

George, lol got it.

Bob, thats great. Everytime I sent them something I would ask how they were enjoying my sidewalk. I would get all the milage out of it I could.

Esko, thank you and yes it would be awesome.

Dominick, thank you. FYI Caps = shouting in the online world

Tina, Thank you that would be great.

Bruce, thank you for the great advice. I like having a toll free number that can be forwarded to me cell, home, desk, assistant, or wherever I'm at.

JUL

2007

Drew,

First, thanks for your missionary service. I, too have been active in missions. In short term kind. China and Costa Rica are two places that still have a piece of my heart there...

Anyway, I find that if I make a guarantee and actually back it up with something that I am more inclined to do it. So, as an example, if I do not get back to a client within an hour, I will get them a gift card to Starbucks. There will be a time when I actually need to pony that up. So far, I have been able to avoid that. If, for example, I am out of range for an hour driving up into the mountains, I could fall "victim" to my own guarantee. That would not be my fault. However, I look at it, and I say to myself that I provide great customer service. I know that the gift card is a tax deductible expense. And usually, I make a date and we have the coffee together. So, just remember that being true to your word is a rarity these days. Impress people with your integrity. It will go far! Good luck...

Sarah, thank you for the advice.

I ran into the mountain thing a few weeks ago when I was cohosting an open house in Sandy. The house was bordered by National forest and I had no cell service for 4 hours.

JUL

2007

Thank you very much for sharing, I think number one on the list should be, tell the truth.

OCT

2007

Hey Guys, Great information here. Nowadays, another thing that may delay a response could be finding an appropriate loan product. I came across this free site that connects loan officers with a large number of AEs and helps us find a place for our loans. You can check out www.myepricer.com . Hope it is of help.

SEP

2008

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