Mortgage lenders deserve a day off once in a while
A conversation took place on Facebook a few weeks ago that begin with an agent indicating she wants loan officers to be available around the clock, seven days a week. Several comments echoed this opinion, so I thought it might be fun to shake things up a bit, and I said something to the effect that "Even loan officers deserve a day off."
Other comments after mine continued to support the 24/7 requirement, with a few folks outraged that any loan officers felt they could stay in business if they weren't available around the clock. And the original posters defensive comment back to me indicated that she did have a pre-approval in advance, but she needed to get the lender's charges when she wrote an offer.
Once upon a time, I believed that loan officers should be available 'round the clock, but no longer. I've observed, over the years, that the best agents and loan officers have systems in place that DO allow time off from the 24/7 demands of some borrowers and agents.
In fact, those who make time for their families and hobbies are the most pleasant to work with, the best prepared, the best organized, and the most successful... really, just the all-around best AND the most likely to stay in the real estate business for decades without burning out.
And these loan officers are prepared to lose a potential client at times, just like successful agents are when we encounter a buyer or seller who is uber-demanding or we have another commitment at the time they want an appointment.
One way for lenders to reduce the 24/7 demand is to provide a Good Faith Estimate to agents with every pre-approval letter so he or she will have the lender's charges available for preparing an estimated HUD-1 for your mutual client. Yes, it will take a little longer than issuing only a "standard" pre-approval, but come on... the Good Faith estimate is automated. Wouldn't it be worth the time and worth effort to avoid many of those 24/7 calls?
My favorite loan officer teams up with a co-worker for weekends, holidays, and vacations so that someone is always available to talk with me or my clients. And guess what... the loan officer "on call" is in a good mood and doesn't mind the weekend or evening interruption because he's planned his time with accessibility in mind. He doesn't make agents or prospective buyers feel like they're inconveniencing him and we don't have to wait for his return call.
Lenders, are you available 24/7 for calls from borrowers and agents? This is up to you, of course, and no one else has walked in your shoes or has the right to tell you how to think or conduct your business. That's not my goal here.
I'm just saying that mortgage lenders deserve a day off, just like anyone else. They should be able to schedule a doctor's appointment, tailgate with their family and friends on game day, or attend their daughter's ballet recital - just like "normal" people... just like the borrowers and agents you serve.
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