In my previous article I referenced that a mortgage professional should strive to be more then a rate retriever. If a loan officer takes this to heart, or in other words they begin understanding their real value, then a whole world opens up to their future business. Here is why I believe that the modern day loan officer is the new gatekeeper of most future transactions in the real estate industry.
Myth #1: Real Estate Agents are the real gatekeepers of any real estate transaction!
Fact: Loan officers close three to four times the volume as most real estate agents. Loan officers that have any time in the mortgage industry have a goldmine they can access in terms of past clients. If properly advised, these former clients can be turned on to investment real estate and other investments through the loan officers referral partners. Loan officers close allot more business during refi booms then real estate agents, and if properly advised these refi candidates can turn their untapped equity into even more dollars by investing in real estate and other financial products, which means the loan officer has allot of power in terms of offering choices to their clients in regards to "now that you have all that equity in cash, where do we put this money Mr. Loan Office?", guess who becomes everyones favorite referral partner!!
Myth #2: Only financial planners should advise people on how to use their asset's!
Fact: The SEC, and NASD and most insurance laws govern the advise to a consumer in regards of WHERE to put their money. Nothing as of yet governs loan professionals in regards to advising their clients to reposition untapped equity in their homes. This is a big deal and I hope some of the real estate agents and financial advisors that read this article really think about what I just said. This means that a loan professional has allot of hidden power that they really haven't realized until recently. Most of the clients I've helped with refinance cash-out loans have no concept of how close they are to realizing their future financial goals. They just need alittle prodding, and I can then recommend them to financial planners I feel will help them the most. I also like to recommend them to real estate professionals that really understand how to maximize their clients new worth through proper investment real estate strategies.
The bottom line, the loan officer has allot of power, and if they educate themselves correctly, and they develop a great presentation and marketing plan, then they will realize their power as a gate keeper, and create their own destiny and not have to rely on others to dictate to the mortgage professional what they should be paid, nor limit the quality advice that their client will recieve.