I was handed a business card yesterday from someone I knew. She said this is my new business with a big smile on her face.
She was a loan officer, with an out of state lender. Oh Boy! (I am being a wise guy here)
- Me: I asked why didn't you go with a local lender?
- LO: Because we can do loans in all 50 states.
- Me: Do you understand the problems with an out of State lender?
- LO: Not a problem it is an advantage.
- Me: None of the Realtors I know will work with or recommend an out of state lender because of along list of problems.
- LO: I have never heard that.
- Me: How many Realtors have you worked with:
- LO: Hundreds.
That made me stop and think. I better leave that one alone. The ink on her business card was still wet and she was only doing this part time.
- LO: Who do you use now.
- Me: I gave her 3 lenders in our area that I deal with the most.
- Me: Do you do VA?
- LO: I find that no one wants them. (Code for no we can't)
- Me: Really why do you think that is? (I am feeding her a little more line)
- LO: No one wants them because they take too long and cost way too much.\
- LO: Have you done any VA deals before?
- Me: About 70% of my business.
- LO: Oh
- Me: VA loans are usually done in 2 to 3 weeks. Mainland lenders usually take 5-8 weeks if at all and with many more complications.
- LO: We are always faster than VA.
- Me: Who do you run your loans though?
- LO: I use CW and a few others.
- Me: How long have you been doing this?
- LO: I just got my license.
- I thought I better let that go too.
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Let's Recap
- She is brand new in the business. (possibly never done a loan yet).
- Works with 100's of Realtors, who do not have a problem with a mainland lender/broker.
- Usually runs her loans through CW.
- Finds that no one likes VA
- She can do her mainland loans faster than a local loan officer can do a VA with automated underwriting or any other LO in Hawaii history for that matter.
- Most importantly her total investment to be a loan officer is $200 or so for the license, no training and a set of business cards.
This is why it is a good idea to get referrals from top Realtors in the area before selecting your loan officer.
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
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Randy,
I'm sure you knew I would be stopping by to throw in my 2 cents on this. It sounds like a very sceptical story. lol!
Every state is different I have been involved in only 2 VA loan deals and both times I was the listing agent...they did close with very little problems..but you are talking the old days and if I recall they closed in around 30-35 days. As far as this LO you met with..you are a big boy and I'm sure you can figure it out yourself.