Realtors don't want bagels. They want closed loans. I heard this statement at a recent sales meeting and it struck me how true it is. My industry, the mortgage industry, and the Real Estate industry can't survive without each other. The vast majority of home buyers need a mortgage.
Loans today are more complicated than ever. Regulations change so often that guidelines at times are like hitting a moving target. REALTORS always ask their homebuyers to be pre-qualified. One reason you do this is so you don't spend a lot of time with someone who can't get a mortgage. REALTORS should also pre-qualify the originator they refer homebuyers to. There is nothing worse than spending weeks or months on a transaction that falls apart two days before closing.
How do you pre-qualify a mortgage originator? First, only work with a full time originator. Part timers can't keep up with the guideline changes. Keeping up with guideline changes, in itself, is a full time job. Second, only work with experienced originators. I'm suggesting five years or more. You want an originator who has already learned from past mistakes; not learning from mistakes on your transaction. Third, only work with a licensed originator. You as a REALTOR have a license; don't expect any less from your mortgage originator. Most people involved in a real estate closing have a license, the appraiser, attorney, home inspector, pest inspector, just to name a few.
Summing up, working with "bagel bringer" will not increase your Real Estate business. Working with full time, experienced, licensed originators who close loans on time with no surprises will increase your business.
Shay Campbell is a full time, experienced, licensed originator located in Raleigh, NC. Shay has 12 years' experience in originating mortgages. For more information on why to use a licensed originator go to http://www.licensedoriginator.com