The Fear of a Realtor
In our business, we all depend on each other to succeed. Every aspect of the loan process relies on each person to do their job. Once a person doesn’t perform to the best of their ability, the loan falls apart. Here is one realtor’s story. A Realtor recommended her loan officer (LO) to her client, and her client told her she already had a lender. Working with another LO started out fine. The realtor received a pre-qualification within two business days from the LO. He explained to her that it was typical to the industry, but she was used to receiving her pre-quals the same day.
The Power of Follow Up
Even though I wasn’t handling the loan for the realtor, I would ask her how the loan was proceeding, and how was the experience of working with another loan officer. Her most frequent answer was, “Honestly, I don’t know. The Loan Officer won’t return mine or the borrower’s phone calls!” The most important attributes of a successful loan officer is having constant and continuous follow up with your realtor, even if there is nothing to report on the loan. The more informed you are about the status of your loan, the less stress you will have in your life. Then, you will be able to focus more on your new business.
Relieving the Realtor of the Responsibility
This lack of communication continued on throughout the loan process. The realtor had to instigate all aspects of the loan, whether setting up the appraisal or making sure the loan documents were sent to the title company for closing. The biggest fear that a realtor has is that their loan is not going to close. The loan ended up closing a week after its second scheduled closing date. The LO was too ashamed to show up to the closing. At the attorney’s office, the borrower told the realtor that she should have used Ramsey for her home financing.
Always Keeping the Line of Communication Open
Through my experience with realtors over the years, I have found that the biggest problem that realtors have with their loan officers is lack of communication. Ask yourself, how many times your loan officer has made you feel left in the dark about the status of your loan? Have you ever felt that you continually leave voice mail after voice mail with your loan officer with no response? When was the last time you were a few days away from closing, and still did not know if your client was going to close?
Be Successful in Our Partnership
The success of my business depends on the success of your business. No one can make a promise that all your homes will close. But, I will make the promise that the line of communication will never be broken. I accomplish this by always being accessible to my clients and realtors. No matter what time or day, I am working for you.
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