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I need a lender, who do you suggest I use?

Loaded question here, isn't it? Most of have you been asked this question at least once in our career, but how do you answer it? Do you find out what their needs are or do you just blindly give them a list of three lenders that you have had success with in the past?

For me personally, I like to find out if they need credit repair first or if they are ready to buy now with nothing to do really but find a home. I have a list of 4 or 5 lenders that I give a person based on their situation, because as we know not all brokers are created equal when it comes to each and every situation.

So, what do you when you are asked the question, "Who do you suggest?"

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Posted by Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) on 12/02/2008 12:44 AM

Comments (10)

Referral in the Mortgage / Finance Channel

loan officers, bankers, references, referrals

Originally posted at: Living Beaverton - Your guide to everything Beaverton: I need a lender, who do you suggest I use?

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10 Comments on I need a lender, who do you suggest I use?

DEC

That is a good point Todd, I have to admit that I have not even thought of the credit repair part. I know that I have used people in the past but I need to be more on top of that and redo my local list and see who I know that can work with people via a distance also.

Thank you! Best to you and yours

I rarely give the names of brokers. In my area I am finding the local funding lenders to be less expensive and give better reliable service in most cases.

I do recommend brokers with whom I have worked, and suggest to clients they do their own due diligence and obviously stress they need to shop around. I am not keen on the internet providers however.

I find out more about them and what their goals are. Some lenders love FHA, some hate it or aren't licensed to do those loans. Some want people with A paper and no issues. Others like the challenge of helping with the credit issues, and going above and beyond. I figure out their personality, and then match them with a couple of my lenders and go from there. I always let them know that I have other lenders in case they feel there isn't a good fit.

I have 5 brokers/lenders I refer clients do based on their situation. These are folks that have a proven track record with us of doing the right thing for the client and doing what they say they will do, when they say they'll do it.

Like you, I have a list of lenders that I give to my buyers. I have worked with each and every one on the list and know they will all do a good job for my buyers. Thanks so much for the great post. I have been reading your blog for a while now and I really enjoy your posts!

Jane

I do recommend the reputable lenders I know, and trust them to tell me if there are concerns.

I have several that I recommend to my clients, one who does credit repair and helps with marginally credit clients, another who is great with high end clients, and a couple of others that I know will be upright and honest.

I refer a company with in house underwriting... where the loan office, processor & underwriter communicate!

DEC

Todd - interesting post. Anyway, you nailed it - like most things you need to probe so you can effectively match as close to what the contact is seeking. I did read some other posts and some of the comments were "old school" as most lending is virtual and most decision making is via technology (DU, DO, or other computer system) so it is a bit rare to have all the brick and mortar (LO, Processor, UW, etc. all working on one file). Anyway, as you mentioned the key advice is to probe so you can match their inquiry with your bevy of contacts.

Fred T

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