Know Your Terminology Regarding Mortgage Lenders. It's Very Important!

David:  I think that many in our industry have found themselves taking measures to protect their careers and incomes in ways we would have never dreamed of 10 years ago.  I know I couldn't have begun to imagine the industry as it is today, even a few short years ago.

This recession has treated many cruelly.  The survivors have found ways to take care of their families, luckily.  And I think banks and mortgage companies have benefited from that, as they have been able to secure some pretty well-qualified employees at a small portion of what they deserve financially ... or what they earned prior to this recession.  I see this in the appraisal business, as well.  Having been an appraiser for over 20+ years, I know what appraisers earned per appraisal decades ago.  They now find themselves in the predicament they are ... and we wonder why they don't want to spend extra time answering never-ending underwriting questions and demands???  Education is so key ... that and the ability to respond when a client needs assistance.  If you're offering that through your company, then the post re: "internet lender" does not apply.  For me, that is the true difference between LO's. 

I really appreciate you writing.  

Gene

Jane:  Here in Chicagoland, a huge number of Closings are held at Title companies ... with all in attendance, both clients and professionals in many cases.  So interesting to hear how differing states see to their Closings and what locals are used to.  As always, I appreciate your input ...

Thanks, Pete!  Glad you found it beneficial ...

Bob:  You're exactly right ... it's best when all are on the same page and speaking the same language ...

BLiz:  Unfortunately, I hear that comment often.  And it's typically accompanied by complaints of poor communication.  Poor communication or poor communication skills will make clients and your referral partners unhappy every time ...

Thank you, Gita!  I'm hoping they do and it helps them move forward successfully in their decision-making ...

Oh, Amen Michael!  There are so many important things to be considered during the financing process ... the first being the mortgage lender you hope to work with.  Fantastic point ...

Gary:  I agree with you, especially when working with first-time buyers.  That one-on-one attention is drastically needed in so many of those transactions.  But it fundamentally boils down to the quality of service, good communication skills, and the accountability of the individual lender.  Receive those things in good quantity and quality, and the face-to-face isn't quite as critical.  Personal preference for a buyer ...

Don:  Good for you!  I applaud your personal involvement and willingness to step-in, if need be on the behalf of your clients.  And obviously local makes that easier to do, at least in person.  I will admit I prefer the more traditional route of lending and application.  That being more personal.  I attribute some of that to the number of years I performed those services in that manner.  But in a growing number, clients are requesting to skip that formality.  My services still need to be personal, just conducted in other manners and means.  Thankfully, technology allows for that, if utilized properly and consistently.  In the Chicagoland market, a lender may or may not be in attendance.  I just personally feel my work is not really done, until the ink is dry.  I also think it helps my clients stress-wise ... and in actuality many times.  So off I go!  Hope business is good for you ... and you don't have to stare-down too many lenders!

All you mention must enter-into the equation, no doubt, Dave.  Many considerations for clients to think about and act upon.  With the testing that typically accompanies lending in outside states, some of the issues you raise are confronted and answered.  But especially in first-time buyers cases, I think the personal face-to-face is both needed and comforting.  Again, it boils-down to the comfort level and personal preferences of the clients themselves in so many cases ...

My friend, Richie:  Having the right lender working on your behalf is terribly important ... to ALL involved in the transaction ...

Linda:  Especially true in the more challenging transactions ... and first-timers.  Work with a mortgage lender that has excellent communication skills and high accountability ... and with more seasoned buyers, technology can or may fill the bill.  Totally depends on the strengths of the individuals (both client and professional) that are involved ...

Tom:  lol  Hope business is good your way ... and keeping you busy!

Kevin:  I agree ... someone you have no idea or no referral for?  That's taking quite a chance ....

Gene

Bob:  Better to be safe, than sorry ... esp. with your personal financial info.  Working with a human mortgage lender, no matter in what method, demands you do your homework ... and esp. so if you're not meeting face-to-face.

Thanks for taking the time to read my post ... and comment ...

Gene

lol  That's for sure, Lyn ... at least not these days!  I can't imagine that any seller would find much solice in a pre-qual done like that either.  I appreciate your kind words ... and I really think its boils down to accountability and accessibility.  Something that seems to be lacking all too often with some internet lenders.  JMO ...

Hoping we can celebrate a mutual Closing in the near future, Lyn ... we're due!!  Talk soon,

Gene

Thanks much, Damon!  Maybe we'll be lucky enough in the future to share a client ... I know I would love that.  Who knows?  With us broadcasting our love of the entire VMI region ... it could happen ...

Gene

Pete:  Definitely true, especially in the current market.  Options come and go often ... and quickly.  And details of those options can change too.  Best to talk directly to the lender themselves for the current info available ...

Gene