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REALTORS - What are your most desired qualities in a Loan Officer?

By Nick Pakulla

Mortgage and Lending with Nick Pakulla Mortgage Team Maryland, Virginia, District of Columbia NMLS#: 728211

April 18, 2010 01:33 AM

It baffles me the numbers of agents I talk with that are nervous about the possibility for a settlement to be delayed, even after the LO knows when the settlement date is, and agrees to do the loan. In my opinion, ALWAYS closing the loan on time is the number one most important goal for any loan officer!

When seeking a mortgage, you don't want clients to be stuck in-between two homes having to stay in a hotel for a week because your loan package has been delayed. Or even worse the deal falls through...

The hardest part about trying to gain a Real Estate Agent’s trust and business really seems to be that they already have something that they know works most of the time, although it may not be the best, and they are hesitant to try something new. aka: Why fix it if it isn't broken?

In my (Loan Officer’s) opinion, the top qualities of a loan officer and lending institution to meet the most important goal, the ability to ALWAYS close the loan on time, are:

Timely response to all requests from clients and agents
Upfront about fees and expectations
Accessibility of underwriting and processing staff
Ability to connect with clients and provide a high level of service
Specific subject knowledge and expertise about the loan process and programs
Competitive interest rates
Delivery of loan package early
Unique loan programs to meet certain clients’ criteria
Ability to make business decisions on loans that don’t fit the exact mold
LAST: The very best interest rates

mortgage_loan_officer_qualities

If you noticed, everything relating to physically ensuring that there will be no mistakes and the loan WILL in fact close on time is near the top, with the very best interest rates being at the bottom.

What are your top qualities / goals for a Loan Officer?

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Lydia Puller, Realtor

Vanguard Properties - San Francisco, CA

Homes for Sale in San Francisco, Marin & East Bay

Following up is important to me, being proactive and a part of the transaction AND making sure that the client completely understands what type of loan they are getting and the fees involved. I can't tell you how many times I've had a client say to me "I don't really understand the loan or the fees associated with them" or "My broker is never around to answer questions."

Apr 19, 2010 01:36 PM

Donna Harris

Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com - Austin, TX

Realtor,Mediator,Ombudsman,Property Tax Arbitrator

My top priorities of a mortgage professional is someone who reciprocates and helps build my business as much as I help build theirs. If you can't be a "partner" in my business with me to work with my clients, I don't really care about the rest of what you have to offer because I come together as a package with my clients as well.

Apr 19, 2010 01:42 PM

Dave Roberts

Healdsburg Sotheby's International Realty - Healdsburg, CA

Based on a couple of recent transactions I would move the ability to guarantee the loan will fund (barring buyer fraud or other catastrophe) to the top of my list. I've seen properties appraise fine with strong buyers and the banks are still looking for reasons to deny. I need a lender who understands how to avoid those situations. Service, of course, is still critical, but I will take performance over communication these days. Don't call me every day and think everything is fine unless the answer to "is the loan funding on time" is a "yes".

Apr 19, 2010 02:43 PM

Anonymous

Tish Thompson

Must return phone calls

Can not leave follow up to the customer, must be proactive

Is not afraid of a challenge

Referrals are not one sided

Does what he or she says

Explains everything and matches the client with the best product and not the one that results in higher commission

Apr 19, 2010 02:44 PM

#61

Delaware Junk Removal Residential And Commercial Hauling Clean Outs

Delaware Junk Removal 302-530-9186 - Wilmington, DE

Whole House Clean Outs, Basements, Garages, Attics

I have one who runs credit the same day and another that takes several days. Guess who gets my business?

Apr 19, 2010 02:47 PM

Pam Miller

Realty Associates - Conroe, TX

Broker Associate - Water Crest on Lake Conroe

Close the loan on time.

Return my phone calls in a timely manner.

Stay on top of the transaction and keep me informed.

If you are having problems with our client- I want to know so we can close on time.

Remember that we are a team and are trying to get our client to the close table.

Apr 19, 2010 03:00 PM

Fred Cope

Reliant Realty in Nashville, TN - Nashville, TN

Looking For Homes With A Smile

Nick,

Good post--good approach--good responses.

I spent 25 years in morgage finance, and often heard REALTORS® express every concern mentioned here. I hope mortgage loan officers are listening. I learned early on that REALTORS® expect their calls be returned promptly, that they are your best ally when problems arise, and your greatest fear when you cross them up! Now I am one of THEM!!!

Communication and Honesty should be the hallmark of any professional, and that includes the REALTOR® and the LO! I saw the REALTOR® as my partner, fellow-traveller, greatest confidant. While it was necessary to not violate the client's right to financial privacy, it was vital to be up-front with the agent about risks and liabilities. I encouraged my agents to introduce me personally to the client, stay engaged in the process, and work with us in determining WHEN & HOW MUCH HOME THEY COULD BUY. I discouraged the REALTOR® from putting anyone in their car until we had a viable prospect with the income, credit and assets documented.

I was fortunate to work closely with organized, knowledgable, and invested processors, underwriters, appraisers, and closing agents. I was part of a Team of professionals--all independent and motivated to get the client across the goal-line on time. Those professionals remain my heroes to this day.

Homebuyers should walk out of the initial application meeting with (1) the confidence that this Team knows what it is doing, (2) the understanding of the fundamentals of the process, and (3) the assurance that they will not be abandoned. Further, every applicant should leave that meeting with a list of items they must provide immediately, an accurate Good Faith Estimate & Truth-in-Lending disclosure, and a documented disclosure of the loan program, lock-in agreement and the agreed upon terms.

Finally, may I, as a REALTOR®, stress to other REALTORS®: (1) Don't dictate to others what their work habit must be; (2) don't LIE to the LO or the Client; (3) don't procrastinate; and (4) don't presume to know more about the loan process than the lender. Most of you wouldn't; but I've seen too many agents not keep other down-line agents in the loop. I've told agents on day one that the homebuyer was "iffy" and some detail was critical--then learn they were "sugar-coating" it to agents involved in down-line deals. I've had realty agents "ignore" or "minimize" property issues that would come to light on an appraisal or home inspection--you know what I'm talking about. To all this, I say "HONESTY IS THE ONLY POLICY." It is amazing how many times "undisclosed" information comes to light at the last minute.

Loan problems are most often due to a sloppy loan application, a rushed deal, or a pre-mature purchase; but generally the blame is placed on hard-working loan processor, a diligent & knowledgable underwriter, or a conscientious appraiser. Don't be guilty--choose the LO carefully, and get to know the production manager up front. Happy Home Sales!!!

Apr 19, 2010 04:02 PM

Nick Pakulla

Nick Pakulla Mortgage Team Maryland, Virginia, District of Columbia - Rockville, MD

Nick Pakulla Mortgage Team, Lender in MD DC VA

Wow! Thank you all for the responses. Some very interesting comments, a few that didn't come up in my list or cross my mind when writing this post.

But if I had to summarize: it seems like communication is at the top of everyone's list. Followed by a close second of honesty which involves upfront about what is OR what isn't possible.

Thanks again, and for those of you that have trouble finding a consistent lender (and aren't in the Maryland / DC / Virginia metro area.. :) ), Keep trying! I'm sure they are out there.

Apr 19, 2010 04:24 PM

Chris Olsen

Olsen Ziegler Realty - Cleveland, OH

Broker Owner Cleveland Ohio Real Estate

Hi Nick -- You nailed it, there is nothing worse than having a 3, 6, or even more months relationship with a client only to get a flat tire because the lender and title company are not on the same page.

Apr 19, 2010 04:32 PM

Julie Baldino

Front Door Realty - Vancouver, WA

Opening Doors to New Chapters...

Underpromise, overdeliver, and send me weekly updates! Even if I am the listing agent :)

Apr 19, 2010 05:56 PM

Bill Dean

Haggerty Team St. Louis, Mo. - Fenton, MO

William Dean - Broker, Salesperson

Without a doubt communication is key!!! I have just recently had a deal that the lo was very good at keeping in contact and then suddenly would return calls and emails 2 days later when it had been 2 hours or less! Ihad seen this before and always the result was the same--- no closing, no loan everybody loses!! What many lenders and even some realtors don't realize is the Realtor HAS to be the Ringmaster of the Circus! We have to coordinate with the inspectors, title co, lender,sometimes the appraiser, of course the other agent, county and sometimes downpayment assistance companies!

I never feel I have the right to tell people in other professions that they have to accept working weekends and when I do find a lender who does answer me on evenings or weekends they shoot to the top of my list!

I DO expect a same day response from anyone and everyone and have never had a LO or assistant call me too much. Thanks for the thought productive and informative post.

Apr 19, 2010 06:06 PM

John Bell

West USA Realtym - 4505 E. Chandler Blvd, Suite 200, Phoenix - Phoenix, AZ

Realtor, CRS, CDPE, GRI

I appreciate your dedication to professionalism.

#3 is so important! Especially in this market, I find it imperative to be to constantly be informed by underwriting. There are so many hiccups along the way that can be resolved if there is open communication by all parties.

A good loan officer has to be dedicated to their client. They must have an 'iron will' to see the loan through all the way to close!

Apr 20, 2010 04:29 AM

Shelly Whitworth

MorSystems.com - Carmel, CA

Someone mentioned they like loan officers to reciprocate to help build their business. Yes, it should be like a team everytime instead of two siblings annoyed at each other!

I think most real estate agents are only concerned with the loan officer closing on time. They should also be concerned with the loan officer doing a great job for their mutual client so that client is satisfied. The client doesn't know the difference of who does what and needs an all around good experience to be satisfied with their team.

The loan officer should communicate and answer questions before the agent has to ask, but that's true for the agent communicating with the loan officer as well. My clients benefit from a reciprocal relationship with their real estate agents to give their client a friendly professional happy experience.

Agents, want your loan officer to have a website that gives you a free webpage to direct your clients to the LO with? Direct them to go for the gold here: www.morsystems.com

Great post, I like to see more loan officers posting actively on here!

Apr 20, 2010 05:23 AM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

Nick: Wow ... you really got a real discussion and feedback going! As another lender, I say kudos to you.

I've read every comment so far, and they have solidified my opinion as to what realtors find important. The only thing I add from the lender's point of view ... is that everyone involved in the deal needs to know, understand, and somewhat allow for the imperfections of the SYSTEM right now. I believe THAT is being honest regarding the transaction. Also, the truth is, getting through processing and to closing right now can be incredibly challenging ... even with seemingly perfect clients. Yes, honesty is all important. Everyone should be alerted to the status of a file in a speedy and timely fashion. The loan officer should put in what ever hours are necessary to get his client's (and his referral partner's) loan closed. All true.

But in this current market .. even with hard work, honest effort, expertise, experience, and hands-on attention ,... last minute surprises or problems can occur. And with all the changes as of late ... they do. Nothing is completely perfect all the time ... and no one is perfect either. Face the challenge, work together with the other real estate professionals involved, repair the problem, and move forward. It will be less stressful for the customers involved... and I believe that is what we all are working towards and what is everyone's best interest.

These situations don't always means you are working with an unethical or lousey LO ... it doesn't mean they don't know their job ... it doesn't mean they lied to you .... it doesn't mean their head should be chopped-off ... it doesn't always mean the LO screwed-up ... it can just mean that SOMETHING needs to be seen to at the last minute ... it can just mean that shit happened. (Excuse the terminology, but it can). Right now ... it can just be the "nature of the beast ... mortgage financing".

Gene

Apr 20, 2010 08:18 AM

Tracy Hunter

Virtual Real Estate & Marketing Assistant - Pearl River, NY

Communication from the start is the key with all service providers in the transaction.

Apr 20, 2010 10:11 AM

Pamela Anastasia

Anastasia Marketing Consultants, Inc. - Saint Augustine, FL

It all starts with the communication. So it is appropriate that you mentioned it first. Open communication is so critical in making things run smoothly.

Apr 20, 2010 10:44 AM

Karen Crowson

Coldwell Banker Residential Brokerage - Rancho Bernardo, CA

Your Agent for Change

Yes, answering the phone is paramount. But, I really want a loan officer who will pick up the phone and give me a daily update, when we're at the part of the transaction where the loan is the last piece of the puzzle. Buyers are nervous as things are changing rapidly and they don't want to be left dangling. Even if I call them every day, they want to know what's happening on the loan end. If there escrow is hung up, you can bet I'm calling the listing agent each day, as well as the buyer. Would be nice if the lender called me each day with an update, rather than I have to call them. Most lenders I work with are very good, but only a couple have this part nailed down.

Apr 20, 2010 01:17 PM

Damon Gettier

Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA

Broker/Owner ABRM, GRI, CDPE

Someone who answers the phone, keeps me updated and gets the loan closed....on time.

Apr 20, 2010 01:35 PM

Darrel Cook CRS, GRI, Broker

Darrel Cook Real Estate Service - Jonesboro, AR

Lot Of good post. But some of the things that go bad with a Loan is not always the LO fault.

As a agent, you should know what the buyer needs to take for loan app, And explain to the buyer how important it is to respond to LO on time. If the buyer takes 2 weeks to bring doc's to loan officer, then it is not the loan officer fault, the sale does not close on time. Lot of factors involved on getting deals to close on time. It takes all involved, Both agents, have there duties. I still do not understand, why you want your LO to answer there phone on Sat. or Sunday, or holidays. I work some weekends but you can bet I know how to figure ratios, before I put someone in my car. And I can just about tell if someone has good enough credit .By the questions I ask, I guess I am from the old school. Ask pre quail questions on the first phone call. The 9am call on Sunday morning, setting in front of the house they just have to see. Sorry, but I will do something else for a living before I jump and run to show a house to a stranger. That is not willing to visit first.But it has worked very well in the 22 years I have been doing this. And I do not thank you can lock in your rate on a weekend, so what is so important, that you have to have the answer then. Ratios, dept to income, down payment, how long on the job, Simple, do not make it harder than what it is. But what I want form a loan officer is the truth, and knowledge, If there is slim to none of the peole getting a loan, tell them, and before we bother sellers or listing agents, lets get our Ducks in a Row. That the buyers can perform. There are agents that bring me an offer, I know is going to close, because I know the agent, But then there are agents, that bring me an offer, and I know that there is a 7 out of 10 chance there clint can buy a pot to PP in, Because that agent never ask the right questions, and uses one of them LO, that writes and hopes, I MISS DIRECT indorcement loan officers, that the final decision was made with them, Not ten states away.

Apr 26, 2010 05:34 PM

Yvette Chisholm

Long & Foster Real Estate, Inc. - Rockville, MD

Associate Broker - Rockville, MD 301-758-9500

Calling clients back would be number two on my list. Being honest with clients and real estate agents would be number one.

Jul 19, 2010 03:02 AM

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Nick Pakulla

Nick Pakulla Mortgage Team, Lender in MD DC VA

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Loan Officer with First Place Bank in Rockville Maryland. FHA, 80-10-10, VA, Conforming, Jumbo, Refinances, a group of local approved appraisers (no 3rd party appraisal system), In-House Processing and Underwriting. Servicing Maryland, DC, and Virginia.

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