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Title Company's, Mortgage Lenders, How do you choose who you affiliate with

In the small town of Coos Bay Oregon where I first began practicing Real Estate the Choices for Lending and Title services was limited. Although there were aproximately 21 Real Estate Brokerages, most were one person offices. Principally there were the Top 3-5 agencies and then all of the rest. Long before I began practicing Real Estate, the Title companies had pretty much devided up the business. Making a choice as to Title and Escrow services was basically pre-ordained.

Lending on the other hand was minimal. In fact of the very few lenders in the community most were not interested in doing Home loans at all. I remember my conversation with one of the Local Banks ( there were no Mortgage Bankers in Coos Bay at that time ) that had been reccomended to me by another agent in my office. I asked them why their home loan requirements were so tight, weren't they interested in doing home loans. The Bank President himself answered the question with a question.

" If you only had 1 million dollars to lend, which choice would you make. The group of consumers who want to borrow your money for televisions and cars for 3 to 5 years at a 10 % to 22% interest rate or the consumers who want to borrow you money for homes for 30 years at a 6% to 8 % interest rate?

The Following year I moved to Portland Oregon where we had a population base of around 1 million people. Title Companies seemed to be on every street corner. There were so many Lenders I wondered how all of them could possibly keep busy.

Within 48 hrs of my arrival I had 12 offers for Lunch. Eight from Title companies and four from lenders all wanting my future business. I didn't want to slight anyone so I said no to all. Honestly they were all suprised and did not no really how to react.

For some unknown reason, I suspect that they thought I was playing Hard to Get. They began to drown me in something they called marketing materials. They looked like notepads and pens with their names on it to me. After a week of this silliness I decided to give my mentor Mike Ferry a jingle and ask him how I should handle the whole situation.

Mikes answer as usual was brilliant. Sit down and write a detailed list of all of the things that you expect your Title and Escrow company to provide for you. (_Title's_List_) Then make another one for your Lender. (_Lender's_List_) The List will enable you to discern if they are able to accomplish all of the things that you deem necessary for your clients and your business. Next start asking questions of your associates, other realtors, what do they think of the company's that are prospecting you.

Remember not put to much stock in the other realtors answers as they may be biased for a variety of reasons that you may not be able to duplicate. Once you have your group of candidates, ask to meet with them separately. Always meet with them personaly for these are the folks that you will be doing business with and will be a reflection of who you are. Always bypass the Companies representative or salesperson as they will allways over sell the ability of there fellow employees.

You should now have whittled it down to a few good prospects or Title And Escrow officers and Lenders and their loan officers.

The Final step is to give them a shot. The proof is in the pudding. It may take a few times before you can defintively say that you have made the right choice. Note : An important step in the choosing a Title and Escrow person is for you to attend the first few closings at least. By watching them work you will be able to have confidence in their ability to perform if you are unable to attend a closing.

Herb Hamilton is a Real Estate Broker affiliated with RE/MAX Preferred Inc. Realtors working in Portland Oregon

" A Real Estate Transaction with Herb is one YOU will Profit from "

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Posted by Downtown Portland Real Estate Broker~Herb Hamilton on 04/08/2007 12:30 PM

Comments (14)

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Originally posted at: Herb's Portland Oregon Real Estate Blog your RE/MAX Agent: Title Company's, Mortgage Lenders, How do you choose who you affiliate with

This post has been included in Oregon Information Multnomah County, OR Information Portland, OR Information
Post is included in group: Mike Ferry

14 Comments on Title Company's, Mortgage Lenders, How do you choose who you affiliate with

APR

2007

Herb, this entire series of Posts have been tremendously valuable and very informative! But do you know what the best part of all of them was?

Herb,

Good post, my man! You are onto something here... making the affiliates accountable. They need not be "pretty" nor have an expense account at Jakes, just be very damn good at lending & at escrow. Check out Jack Guttentag's stuff (google him under Mortgage Professor) - he is an advocate of Upfront Mortgage Lending, where the buyer is aware of every single dollar that changes hands as a result of the loan... And this idea is poison to many lenders!

Affiliate relationships are tricky - you are wise to keep them at arm's length.

Danny : Ok I will bite. What?

Patrick : I will check Jack's Mortgage Professor stuff out later. Thanks for the read and the comment.

Herb, another GREAT post with extremely valuable information. Thank you.

I have learned over the years to use the lenders and title companies that give my clients the best service. So I agree the proof if in the pudding. In our neck of the woods title companies can't give us anything so they have to give service and that is not a bad thing. That is not true for the lenders on the other hand. I want someone who will go above and beyond to make sure that my client gets the very best loan for them.

Herb - agian great information from a man with experience - thanks for sharing

Theresa : Thanks for reading and the comment, it's my pleasure to share.

Marchel : They did not give anything out in Coos Bay as well as I recall. Perhaps it was because they had the market cornered with little or no competition.

Thesa : Thanks for stopping by I loved your Photo of the fly.

Herb: " A Real Estate Transaction with Herb is one YOU will Profit from " this was the best part of all the postings! All your postings were excellent and prove you really will benefit your clientele! I would recommend you any day of the week!

Thanks Danny. Recognition from ones peers = validation .

APR

2007

Herb. First of all, let me tell you, from a Californian, I love Coos Bay. There is nothing like that beautiful coastal area. Do you still do business over there?

Now, onto the title companies. I am a stickler in my area about title companies. I think that it is all in how the marketing reps/account execs approach us realtors for our business. Also, it really boils down to the escrow officer and there assistants, however, every person from the receptionist to the signer has to be well trained in what they are doing. Myself and my associates have had deals go sour after a client leaves a title company, and sometimes it is because things were not correctly explained.

First American Title in Manteca, CA provides wonderful title & escrow services. They work very hard and appreciate all of their business. Also, I like the fact that The First American Corporation is a nationally recognized fortune 500 company, which means my clients are working with a respected company in more than just title and escrow services. The First American corporation also offers exclusive partnereships with Re/Max and offers many agent/broker optimization tools and transaction managers, along with Natural Hazard and Home Warranty programs.

Brandon : Thanks for the read. I do not do business in Coos Bay any longer because it is to far out of my area. I would not be able to provide adequate representation from that distance. I do however still own a piece of Vacant Land there. ( almost forgot I had it )

First American Title is one of many fine Title companies. I have had my good times and my bad times with them. The reality is as you point out is that it boils down to the escrow agent. But it still comes back to the basic services and principles that drive the company.