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A Rare Tell-All On ActiveRain: 20 Secret Things That REALTORS Wish Mortgage Brokers Knew

When the following post was written, the title asked "Why Do Realtors Trash Marketing From Mortgage Brokers?" Somewhere in the discussion (97 comments at this point in time), our passionate Realtor community here on ActiveRain decided to drop 2 words from the title and engage in a rare tell all.

Those 2 words were "Marketing From".

So the truth is, I didn't write this post. You did, amazing readers. Thank you for your brilliance and your continued willingness to openly share ideas on these posts that you might NEVER say out loud to a mortgage person who wants to earn your business.

Almost everyone knows the 3 things Realtors would most like from potential mortgage partners. They are:

On time closings
Calls always returned promptly
Referrals to potential buyers

But there are other things that remain unspoken most of the time. These are the things that taint the Realtor-Mortgage Broker relationship, or at least make the learning curve much higher for mortgage professionals.

These relationships are often like arranged marriages. You learn as you go, and hope to fall in love.

The fact that these things have remained unspoken (until now) means knowing exactly how to establish successful relationships with Realtors has been, well, "challenging" is the word that comes to mind.

Fortunately for our community, the discussion on this post morphed into something much greater than the post itself, with some pretty amazing results.

20 SECRETS REALTORS WISH MORTGAGE BROKERS KNEW:

Don't pop by my office. It tells me you aren't working on your deals.
I don't want to feel like I'm your "new source of leads".
Don't ditch me just because you have refi business.
It is hard for me to trust you because you are a direct reflection on me.
I need to know you are in this for the long haul.
My real test for for you is when its game time and you need to perform under pressure.
It turns me off when I see you are looking out for yourself more than the client.
I don't want your sales pitch, I don't want your donuts, and I'm pretty sure I don't want your rate sheets, either.
Dude, if you just discovered FHA, I'm not giving you a loan.
If your rates are lower than everyone else, I wonder what strings are attached for my buyer.
Tell me how you will solve the problem without scaring me.
I DO want a backup mortgage person. I'm just not going to go out looking for you.
Don't treat my client like a burden, or something you need to endure.
If you drop off flyers at my office, you should be charged for disposing of them.
Make it seem painless.
My biggest fear is that I will need to apologize because I referred you.
When I am the listing agent, I am watching you in action, and grading your performance.
If I don't know you, you are not getting my customer's name. It isn't about your marketing, its about our relationship.
When you explain the loan to me, I am imagining you are explaining it to the client.
I just might call you sight unseen if I like your blog.

Written by Janet Guilbault, Mortgage Lending Specialist Based Out of the San Francisco Bay Area

Readers and subscribers: My next post, "The Great Hidden Agenda: Why Banks Really Want to Get Rid of Mortgage Brokers" was orginally set to be released today. I will release it tomorrow morning (Friday) instead.

Posted by Janet Guilbault California Mortgage Banker/Broker on 02/05/2009 09:33 AM

Comments (74)

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74 Comments on A Rare Tell-All On ActiveRain: 20 Secret Things That REALTORS Wish Mortgage Brokers Knew

FEB

How about, NO I DON'T HAVE TIME TO MEET WITH YOU FOR LUNCH! WHAT'S IN IT FOR ME???

Oh, gosh Micheal. No mortgage broker should ever even attempt to connect with a Realtor unless they understand that your last question is the MAIN question.

As to lunch? Is this the voice of experience talking? Sounds like you were the victim of a lunch gone wrong.

I like #1. You are either new or have nothing to do if you are in my office. And you'd better have a useful freebie - like a free link to my web site or blog from a site like AR or reindex.com.

Janet- Loved both this post and the one that you linked to. It was very interesting to hear both sides. I equate asking realtors for business with appraisers and title companies asking me for mine. I've been burned enough times that I am VERY selective about who I refer business too. I do not at all blame Realtors for wanting to see us in action first. I do have to chuckle though about the commentors who said if you are in their office you must be new or have nothing to do. I have a Blackberry, a portable fax machine for my car and part of my job is to build relationships. Now, if my processor or underwriter was tooling around with me visiting, then I'd say we have a problem.

Heath: I like the first one because the more normal reason a Realtor does not like this is because he claims this is disruptive and he does not have the time. This to me is the secret they are thinking, but just don't say out loud.

Beth: I think sometimes the Realtor world forgets our real title is ORIGINATOR, not loan officer. This also is somewhat of a paradox because if you read the original post, you realize Realtors want relationships, not marketing.

And yet, they really (like the first comment on this post) don't want face to face meetings!!! So if marketing will not lead to a relationship, then how is the relationship supposed to start?

Please refer to item #12. Only 1 Realtor among all the comments said she would actully be pro-active in trying to secure mortgage partners.

I also think that (going back to #1) A mortgage broker who is out meeting and getting to know and help Realtors could also by highly organized, and dedicated to understanding the market better.

Half full or half empty?

Janet: Much of your list is true, but item 18 about relationships and not knowing you, and item 20 about getting to know you on your blog and calling you sight unseen make the most sense, and score the most points with me. Thanks for sharing...

Karen: I left #20 as the last one, because it actually gave me a great deal of satisfaction to know that several people actually named names of mortgage brokers they followed here on ActiveRain, saying they would do business with them based on their blog alone. WOW. That was really inspiring for me.

Yet when you think about it, realtionships begin online all the time in today's world. The last 3 weddings I have been to have started relationships ONLINE! Something must be working! LOL

I think we agents are just like consumers. We want passive marketing in the form of action and not words. We want skill and ethics and don't want to feel like we have to take a shower after meeting you.

The challenge is breaking in and showing that you've got what it takes.

Well sheesh. I sure hope no Realtor I meet ever feels like he needs to take a shower after meeting me.

Passive is not a word we normally consider in the world of marketing. Interesting you should attach that to marketing.

Hi Janet - I can't wait to see your post when you reverse this, and list the 20 secret things mortgage brokers wish Realtors knew. :-) Melina's comment about "passive marketing" is a concept I have a much better grasp of living/working in Southern Oregon. People here do not want to be sold and find some methods of marketing considered standard practice in many metropolitan areas offensive.

Karen: Why don't you write it? Or better yet, get Donne to write it.

The thing is, I think there is some old expression...don't bite the hand that feeds you?

I guess it is okay to bite the one that you feed ....if it seems like they are out of line or just too hungry.

I have actually been at mortgage seminars where the main speaker gets up and tells the entire audience to NEVER do business with ANY REALTOR because.........(you know the rest)

My problem is this: I love Realtors and I love being around Realtors. I love the excitement and the drama of a purchase. I love racing to meet deadlines. I love starting someone off on a new life in a new house. I got into this business to be around Realtors. What can I say???????

I am not the money geek type of mortgage broker!

Janet, I love many of the responses. Except: I had a favored mortgage person because on Tuesdays, she'd bring a couple of subs and we'd talk about "stuff"- buyers, sellers, loans, title companies, whatever- just a good connection. So, a rate sheet and trusted company probably works for some of us (and a sub just makes it better)- she got most of my business back then.

Now, it's more internet- making that connection is certainly tougher.

Janet - Your so funny! LOL Maybe one day I will get around to blogging about the 20 things that I wish Realtors knew about LO's. However, for right now, it will have to just go on my blog log along with the other dozen or so topics that I want to eventually blog about. I bet if I started with my first one, the rest of us (LO's) here could finish in no time.

#1 - If you're not willing to take the time and energy to get to know me and learn about how I work and what my clients need then I haven't the time or energy to get to know you or learn about how you work or what your clients need.

Hey Janet, love what you've done with it. Some of those may be a little blunt, but hey, I do blunt well!

I think you missed the mark on #1, though. I don't mind you dropping by to see me IF we already have a relationship (new or old), even if it's just to say hi. I think most Realtors were talking about the "I don't know you, but i just dropped by to see if you have any buyer contracts lined up that I can close for you" type of dropping in. I still think that a relationship can start by a call (from either side), a meeting date, and a do you think we can do business talk. Old-fashioned, I know, but it works.

Donne: I dare you to do it.

Roger: You might be on to something. At my old office one mortgage broker just started calling Realtors. Yep, old fashioned calling on the phone to ask if they needed any assistance with loans, FHA, etc. If they said yes, she set up a meeting in their office.

I clearly remember she had lots of Realtors in no time at all, and lots of loans. They were not GOOD loans, because you usually are challenged at first with a few kinda rotten files that appear to be hopeless.

It goes to show you that old fashioned works if you are not afraid of rejection. And that not all Realtors believe #1.

One of the things I wish my lender and all lenders would do is explain the loan in English and not use all the acronyms and lingo to explain the loan. It is the largest purchase for most folks, please make sure the client has a clear understanding of their loan terms. Thank you.

I'm relatively new as a Realtor, and I would never know most of the mortgage brokers in town if they did not occasionally come by the office, drop off a rate sheet, inroduce themselves, etc. The good ones don't make a habit of coming by daily by any means, but I've struck up nice relationships with several who have answered my questions, educated me about aspects of mortgage lending that I needed to understand, etc. This never would have happened if we had not had some form of face-to-face encounter. I appreciate these gestures (even the doughnuts) and feel that I've learned a lot.

These are awesome! We're currently refinancing our home, and using a mortgage guy that I've used in the past. He's a nice enough guy, and he gets the job done, but every time I give his name to a client, I make sure they have at least one other name as well. Why? Because this guy just doesn't communicate well. I have another guy who does an excellent job of explaining his products, and my client's options. I told my husband what my issues were with this particular mortgage broker, before he decided to work with him. My husband thought everything was fine until about halfway through the process. He now understands what I meant. This mortgage broker just doesn't communicate very well.

BTW, regarding #20... have you stopped by my blog lately? =P

Funny I'm reading this because I called someone from Twitter, that happened to be on AR but I didn't know it. I liked what they said, but mostly I liked that they were in the Rotary....and that gave me something to connect to. Anyway, I picked up the phone (I think, or emailed) Karen above to see if she could help a new client of mine, and not one that had major issues to my knowledge.

Do I have a host of other lenders? Yes.....Do I trust lenders, No. Was I respectful, I hope so....but bottom line for me is relationships....I will go read your other Post, but Jason Sardi is the only one on here in 2 years that I emphatically trust, and have actually called, until I called Karen :) So, you just never know :)

Wow I was just thinking about writing a similar blog!

If I had a dollar for every LO who tried to take me out to coffee I wouldn't need to sell Real Estate! I have a preferred lender that I love, but unless a potential LO has a referral for me - I use someone I trust from A to Z!

There is some truth in some of these as I'm sure there would be some by the lenders regarding the realtors. However, it leaves out the idea that there are many realtors and lenders who are professionals looking out for their clients.

FEB

I have had great success in popping by to the agents that I do business with and some that I have not. Overtime they learn that I am disciplined in my visits, quick to the point ad always have great information to share. Some of the best relationships I have are from my disciplined follow up and persistence. The fact that I can get out of the office and see them should show : 1) I am organized and my loans are packaged well, with most of the work done up front and 2) that I believe in #18 greatly and 3) I get out to maintian my sanity. Many of my solutions to my current loan challenges are derived when I am in the car away from the grind and the noise of the office. If you do not like me popping by tell me and I will take you off my list. I like working with those that appreciate the fact that I care enough to personally update them, thank them and see how they are doing outside of work.

Janet, this is an outstanding post! I love every word, especially the list of 20. One other item I would add is that the LO needs to have the sense and people skills to quickly assess how best to communicate with me. I'm an internet/email person, and MUCH prefer to have email communications fromhim/her. I've blown off perfectly good LO's because they insisted on calling and talking my leg off at every little turn. If they're too interested in communicating THEIR way, and not mine, then we'll, never have a good fit. Thx again for the nice post!

Randy Hooker

On time closings

Calls always returned promptly

Referrals to potential buyers

Not all REALTORS seek referrals to potential buyers.

Some of us respect the "arms length" relationship required by a duty of fiduciary to our buyers.

What some of us seek in a loan officer are

On time closings
Calls returned timely
Contingency dates in the contract met
Accurate GFEs provided when terms change
Written loan approval from the investor, not the broker

Probably more, but it's early.

Janet, these are absolutely great tips! When I was a newbie, I'm glad my gut was right- I stopped dropping crud off after about the first month in busines- I realized a lot of the competition was wasting a LOT of time doing that and you could drive around all day accomplishing nothing! Take care!

Thanks Janet, great post. I'm printing it and giving it to the steady stream on mortgage brokers that stop by our office with cookies and cakes. On the other hand, I really like the cookies and cakes, so now I'm a bit undecided. :-)

This is a really good post. Why? Definately shows there are two sides to every view. Having been an originator/loan officer I can certainly identify with the difficulty of "breaking" into the business. As a Realtor, my input to LO's is - choosing the right company to work for is a key element in establishing a trustworthy relationship with a professional real estate agent/Realtor. Most LO's I know aren't MBA's, CPA's, CFP's, etc. and I don't think they are qualified (as I consider myself) to actually counsel my customers on finacial matters. If you work for a company just because they were looking for warm bodies - I will know that in the first 10 seconds of our conversation. If you are a professional, know your loan products and can recommend a product based on my customers needs you will probably get my attention. If you try and defend a company who's fees are way out of line because they have very lient underwriters you won't be invited back. If you chose the company you work for because they are rock solid, provide a wide range of finacial products that meets many needs and whose costs are competitive, I will probably add your company to my list of suggested financial institutions. I don't expect, nor do I want, coffee, donuts, or even co-op marketing. I want a loan officer who acts and looks professional. Most of all - never forget that there are more than one customer in every transaction.

Janet - Another fine post with some really good comments. I was especially drawn to Audrey's comment about speaking English when talking to clients about the loan process. Any LO operating this way is doing both their client and themselves a disservice.

Long time ago, someone once said to me, "People don't care how much you know until they know how much you care". In other words, your clients don't care about how smart you think you sound by talking above their heads. If you don't care enough to make sure they understand what you're saying and that they're comfortable about what you're advising, then you've lost them and their business (as well as their Realtors too).

On another note, I am always disturbed to learn of home buyers/owners who tolerate the kind of unprofessional behavior from their LO that Lisa tolerates from hers. I'm sure she has her reasons for putting up with someone who doesn't communicate with her about her loan transaction. However, personally, I just don't get it. Realtors talk so much about how important it is that their LO communicate with them and their clients about the transaction and then they allow a bozo like that to treat them in the way that they don't want to be treated. SERIOUSLY!

However, as Christine mentioned though, in the end it doesn't matter if the Realtor and LO become partners, just as long as they are professional enough with each other so that they can do the job they are being paid to do and that is to take care of their client in the manner that is expected of them by their fiduciary duties and responsibilities that best serve their clients needs.

I like your list, very insightful. I might have to forward this to mortgage brokers in my area.

Add to the list of "dos" - do offer to put together a "one-pager" explaining some parts of the process, particularly anything affected by all the banking changes. People need to know the kinds of products that are best TODAY, and if you're an expert, it sure helps to share. Ask an everyday joe to review for ease of understanding. These kinds of things are very helpful! Oh, yes, feel free to quietly include your contact information at the very bottom of the handout.

Janet, I love this post. Like Michael said, I don't need to meet for lunch. I just need to make sure my clients will be taken care of. I do appreciate the lenders who will do flyers for my listings, with both our contact info on them. The lender is a reflection on me so I have to choose carefully. I was working with a lender once who yelled at my client because she decided to go with another lender. That wasn't good.

Janet, Great post! I just want my mortgage person to be a good communicator with my clients and with me and do it all in a timely manner!

Janet - After just reading Ed's (Bean & Dunn) comment it brings to mind a conversation I had just recently with a clients Realtor.

#2 - When you ask if I can do some creative financing, that does not mean I will commit fraud in order to "get the deal done" or "close the sale". While you may be desperate and sleazy enough to jeopardize your license and career, I am NOT!

Pretty much sums it up. Stamp it 'approved'.

Janet - After I read Jen's comment, I was reminded of another Realtor pet peeve of mine:

#3 - Don't ever, under any circumstances, yell at my clients because they exceeded your three questions a day rule. Rest assured, if any of my clients ever mention your name to me, I will make sure they understand what your "rules" are.

These are great! It's a pretty comprehensive list and many lenders would be wise to heed these suggestions. (LOVED the one about flyers and having to dispose of them LOL)

What a great list! Again, a relationship, with those we hand off our clients to, is so essential.

Great list. And good reading from my this perspective also -- looking at the list and reversing it - as in which if those bahaviors does my LO want/need from me! Thanks,-

Janet,

Great post - if only more lenders thought like you. :)

I particularly like #2. I think everybody works hard, but I don't like the feeling of being somebody's source of new leads.

Janet - This is an excellent list. I met with a couple of LOs earlier this week and one of them said that his goal was to be "forgetable to customers." I thought that this was an excellent statement. LOs who are forgetable to customers will be very memorable to agents.

Erik: What he should have said is this: I would rather be forgetable than regretable. I think that is true! But I sure would like to think my own customers have fond enough memories that they will call me next time around.

And that they will welcome being reminded by follow up by me several times a year.

Mark: I liked that one also. No one likes the feeling that they are only liked because of what they mean in dollar signs to the other person. That feels too much like the worst feeling in the world: that you are being used. Like me and respect me just because I am worthy of this.

How will I know if you "really" like me? Its why movie stars get so screwed up.

Alexsander: Would love to know what your list would look like in reverse. If you look at the comments above you will see that several readers have suggested we need the same post from the perspective of the Realtor.

Li: It helps to understand how important trust is when you are handing over your client. It is everything.

Colleen: I can't take credit for that one but honestly I found it hilarious as well. We have such wit and candor here in the Rain!

Janet - AMEN! I caught on to many of the items you list here, thanks to a mentor who took me on early in my mortgage broker career. I've found that by putting myself out there, blogging - using Twitter - etc., I've been able to make real connections with real estate industry professionals with little difficulty. One of the best parts about using social networking as a means of connecting with folks is that they get to decide up front whether they want to work with you - and vice versa.

Thanks for keeping this issue out in front of us. :)

Dude, if you just discovered FHA, I'm not giving you a loan.

Bwahahaha... Realtors need to learn how to sniff these loan officers out!!!

Donne: Okay, I guess you have inspired me to write my pet peeve about Realtors.

#4 Dear Realtor: I have spent many hours/days/months with "my" client getting them to the point where they are lender approved and ready to make an offer on a house. Then they picked you to be their Realtor.

Please show some professional courtesy and do not immediately REFER them to your in house lender or your preferred lender just because you do not know me! Please do not insist/pressure them into "shopping the rate" at this point in the game with a hidden agenda to pick a mortgage broker with whom you already have a "relationship".

Call me, for heaven's sake. And respect the fact they have chosen me to be their mortgage broker.

I am open to providing you with GFE, details about the loan, and testimonials from other Realtors or clients. I want to work as a team with you to help this client. I welcome your calls and your questions, and the opportunity to work with you.

I am not worried about losing my client. I am worried about you confusing him on more than one level.

And PS: This is NOT a good way to begin a realtionship/transaction with me.

I would never dream of telling a client (who came to me for financing while working with you) to go find a different Realtor....one I had worked with before......one I already had a "relationship" with.

In fact, if they were working with you and ASKED me if I knew a different Realtor, I would defend you, notify you, and help you get back on track with the client. Why would I do this?

Because it is the right thing to do.

wow...what a read on the comment side. I should make this blog post for the points but maybe you will appreciate the feedback.

I am always amazed that a Realtor feels that the client is somehow a property piece to be hoarded. It seems so counter to a Professional desire to serve a client, and Earn that's Clients trust and by serving and earning their trust receive the benefit of that clients current business and future relationship.

As a Professional that seeks to earn the trust of good Real Estate Agents and the clients that we share I always am focusing on the relationship and the client focus. I don't always know why Realtors select the business partners they work with. I have 11 years in the lending industry and spend hours making sure I am highly educated about the market and the trends in product and price that affect our clients. In my 11 years I have NEVER had a Realtor inquire as to my education or my experience or the effort I apply to my trade. I have had the "will you bring food to my broker open?" Can you do this flier and countless other little things requested...door prize for the broker open ring a bell...

If a Realtor is truly concerned about the list of things compiled here in the post and the replies... why then are Agents not asking important questions and interviewing a Mortgage Partner to discover how valuable a good Mortgage Professional can be to their business. The #1 characteristic of a good mortgage producer is Problem Solving... we face challenges from clients all the time and the good Originator learns how to address the problem and make the client feel that it was not a problem at all. Think about how a good problem solver could be an asset to your business as a Realtor. Have you ever talked to your Business partners about challenges your business faced? Have you ever asked you Business Partner about marketing strategies or organizational strategy or assistance... or do you just prefer a danish..or a door prize....

Thanks Janet. I appreciate the "walk a mile in my shoes" empathy you have for us working in the field. How about #21 . . . Say "THANK YOU" to the agent who has sent you business -- solid buyers -- in the past years.

I walked away from one mortgage broker who wouldn't even take me to lunch, and I had given him leads during the year with about 10 of my clients actually working with. He didn't even invite me to a year-end lunch, let alone say "thank you" to me for the year's good work (from ME!)

When I did meet him for lunch, he was on his cell phone almost the entire time talking to the car dealer who was getting him a new vehicle.

Reminds me of the movie "He's Really Not That Into You" -- he really wasn't appreciative of my business. Never used my office when it came to him buying "investment" property. Had the nerve to call me when another agent (the listing agent on a property he was trying to purchase) tried to screw him. He called me! He wanted my consultation!!

Now, he sits with three properties that he has to short-sell. I know because I looked it up in my "What ever happened to Darin?" thought. I don't send him any business, haven't for two years, and I'm very happy with the new lender I refer clients to. He is honest. He says thank you. We have an open line of communication, and he has established reciprocal referrals to me, without me even asking! Many of our mutual clients are now calling him back to see about re-financing, now that interest rates are low. He's a great guy, and WAY better then the one I left behind.

(Interesting . . . the word given to me to post this comment is "lemon." YUP! Perfect. You got to make lemonaid out of those things!!)

Hi Janet :o)

#2 always bugs the heck out of me....

and the MOST important to me - which is how I have come to trust the mortgage contacts I have right now - is by far:

#6: My real test for for you is when its game time and you need to perform under pressure.

Too many have dropped the ball, and now I work with loan officers who have ALWAYS come through and stuck to their promises.

Great post !

Cheers !

Sheldon

Carla: I appreciate your story about how you preferred lender became you UN-preferred lender. It supports my theory that having a foot into the door as a backup lender would be a good place to be.

It also brings up an excellent point....appreciation. If you take your partners for granted, you shouldn't be surprised when they go elsewhere, right?

You made my stomach turn when you said he was on his cell phone during lunch. I think that is the rudest thing I can think of.....well, maybe even more rude that he used someone other than you.

Thank you for your enlightening comment.

Janet: Wonderful and insightful post. Thank you! Keep up the great work!

Paul

Sheldon: I always say relationships are like checking accounts. You have to make a deposit before you can spend your money. People who just want to know you for what they can get from you are people who have bounced a check.

Although I hate to be in pressure situations, I always view them as an opportunity to shine by telling everyone involved ASAP what has happened....and what we are going to do about it.

Informative, witty and enjoyable to read, as usual... thanks, Janet!

Joe at Flagstar: Well, I am honored you decided to make such a long and thoughtful comment here. Please let me know if you do write your post, because your question is one that is at the center of this discussion...one I asked on the original post, and one I have written about many times.

Why don't Realtors gladly make the effort to find world class mortgage brokers? I don't know!

At my former company I always objected to the amount of time and money the owner spent financially indulging the Realtor community. To me, a mortgage company should not be a sugar daddy to the local Realtors. I am sorry, but to me this sends the wrong message. Things that come free are rarely appreciated.

He bought lunch for a Real Estate office every Wednesday for 3 years. They never gave him a single loan. I had begged him to use that $400 a month for something different. Now his office is closed.

PS I use Flagstar Bank for loans.

Wow!! I'm printing this out for the future and faxing it to any broker that lets me down. I complain about all of these things and still... they don't listen. #16 is the biggest issue I've had to deal with and I'm tired of being let down and looking bad because I've failed to assemble a competent team for my clients.

btw... I HAVE fallen in love with a mortgage broker/banker :) And it couldn't be sweeter!

Yeah, we all know how sweet your "mortgage guy" is Jennifer. Most of us here on AR already know that and I think someone even mentioned it in the comments somewhere. Personally, if I ever had a need for a mortgage professional in PA, Jason Sardi would be the only person I would call and/or refer. In the brief time I've been a member of the Rain, he has definitely won my respect and admiration.

Janet - AMEN & BRAVO!!! Loved the analogy of the checking acct and deposits. If there is anything that we can learn from this post, or perhaps remember, it is the Golden Rule. We all remember that, right? Treat others as you would have them treat you. It's a wonderful way to live and work because if there is any truth about this biz (whether it is real estate or mortgages) it is that you get what you give. On that note.....

If I've been working with my clients for any length of time (days/weeks/months), I assure, I know a heck of a lot more about them (I have already poured over all of their personal, financial and professional information) and what they want and need than you do in the five minutes that you've been talking at them about you and all of your "preferred" services.

So, grant me the professional courtesy that I know what loan program is best for my clients and that I have explained to them exactly what they are getting. If they are happy with me, the service that I'm providing and the products I have to offer, please grant me the professional courtesy of taking care of my clients without your interference or that of your in-house and/or "preferred" lender. You do this for me and I promise when my clients complain about the properties you're showing them and how they wonder if you've heard a word they've said about what they're looking for, I will encourage them to talk to you about their concerns.

BTW: RED FLAG WARNING! Anyone who absolutely insists you use their in-house and/or "associated" services or they won't work with you. RUN NOW! Run away as fast as you can.

Donne... Was that a jab? And do I even know you? I didn't feel a need to mention his name because most here already know, but I had to laugh at Janet's line about how "These relationships are often like arranged marriages. You learn as you go, and hope to fall in love." Given the often less than loving relationships between Realtors and Lenders, well... I don't have to explain.

This used to be such a happy place.

Great post, something a good loan officer would do well to internalize and implement. The road also goes both ways.

I am always very leery about referring someone who I am not 100% sure will perform to my expectations. I can spend months creating an incredible relationship (perhaps for life) only to have it blown out of the water by an errant allied service provider.

I was by no means making a jab at you Jennifer and if it sounded like that, I apologize profusely; that was most certainly not my intention. Even though I'm a newbie here, I have read many posts where it was obvious who your "mortgage guy" is.

Just recently, I read a couple of sweet and rather poignant posts by you and your mortgage guy, that were so endearing and beautifully written and I thought "oh, how sweet is that". That is what I meant by we all know how sweet your mortgage guy is. Once again, if mentioning his name was a no-no, my bad and I hope you don't hold it against me.

As a RE Broker and former mortgage officer, I truly appreciate this list. Must reading for anyone in the biz.

Hi Janet - Many of my social interactions are with - you guessed it...REALTORS! Because, I, too enjoy working with them, and mortgage and real estate brokers have many common interests. How could we be in this business if we didn't love it? I guess "for the money", would be another answer to that, but I mean in the business for the long haul... If we all work with the same buyers, we'd better be able to work well together. I believe personality is almost as important as competency in such a personal transaction as a home purchase and financing...I've been known to bow out of transactions due to personality alone.

So, although in 25 years I have experienced some amazing circumstances, I'll defer to Donne to write that one, :-)

Janet - later tonight when I'm not sleeping, I will read through all these comments because I know there's some fabulous stuff in there. But as for your post. BRILLIANT. I can't tell you how much I love this one... BRAVO!!!!! You so nailed the essence of what I and others have wanted to say, but weren't sure how.

Pat yourself on the back - you deserve it.

Hi Janet: I believe this list have many important points of view,

Both sides really misunderstand each other in my opinion.

Janet,

great post and so true...

but with so many responses I couldn't read them all and properly work my pipeline :-)!

I hope you'd agree in adding "and why again should I trust YOU with my paycheck?"

Gerry Suarez, Jr.

Your FHA Loan Pro!

Janet, it takes a leap of faith to work with a new loan officer/broker, and I agree reading a blog gives you a certain transparency that sharing a donut can not come close to matching.

A leap of faith. Wow, that pretty much says it all. Are we willing to take a leap of faith, with our clients, and turn them over to someone we don't know, don't trust and have no previous experience with?

Most of my clients are referrals from people who know, trust and respect me and when they send someone to me, they expect me to take very good care of them. I've work really hard to establish these relationship and I've worked even harder developing my skills and abilities that enable me to do what I do.

In this market where escrows are getting harder and harder and where it can fall apart for any number of reasons. Do I want a leap of faith to damage all the hard work I've spent on building those relationships. Absolutely NOT!

FEB

Janet, #16 should be #1. although i wouldn't mind more business, i would just like them to take care of my clients as though it was their last.

I am always hesitant to refer anyone I have not previously worked with because I don't want to have to apologize either. I have two lenders at the top of my Lender List that I refer with total confidence but I have others on my list that other Realtors have vouched for too.

FEB

Hi think realtors are @@@@

MAR

WOW just really pleased to see so many folk with eveyones good interest at heart. What a fine breath of air, Great to see how solutions are formed in business and with relationships. Super life information here, sort of a sight for sore eyes these days. I feel honored to have stumbled across a/r, and soon wish to become a member. I know only when we experiance a healthy business relationship, both companies are able to supply a greater product to their client. what a great reflection of the ability to function as two cooperating companies, or individuals. Business is business no matter what field, but a good relationship is to cherish even in business.

MAR

Great post, but everyone's missing the most important factor in the preapproval process - borrowers are approved for a PAYMENT, not a loan amount or purchase price!

Talk about inadequate information. Most preapproval letters only state a purchase price. Here in Michigan, that's a major inadequacy as property taxes vary so much.

Another issue is that interest rates can change quickly, lowering a borrower's purchasing power.

Our preapproval letter includes the following: date issued, all borrowers names, loan program, interest rate used to qualify, points, APR, LTV/CLTV, max PAYMENT, max loan amount, max purchase price, max seller contribution allowed and if it is needed for the borrower to qualify, and a comment section.

Don't get me started on agents that want loan originators to issue multiple preapproval letters so the seller, "won't know what the buyer can really afford"!

BTW - if anyone would like a copy of our preapproval letter template, just email me:)

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