I am trying to decide: Is there is a shortage of loan officers or an over abundance of lender-orphaned Realtors?
If loan officers used to be a dime a dozen, then today there are only four of the dozen still left. Maybe you could still buy one with a dime, but that guy will probably be gone by the end of this year, anyway.
There is a coming shortage of loan officers and they will not be nearly as tolerant of REALTORS BEHAVING BADLY.
Go ahead and laugh. But there is another BIG CHANGE coming down the pike this year regarding loan officer compensation that will cause many more loan officers to run screaming in the other direction leave the business. (more about this in a future post)
Here is why you don't want to be a REALTOR BEHAVING BADLY: it is time to make sure you are affiliated with not just ONE, but several top notch lenders who can:
- Spin out rock solid preapprovals.
- Get loans approved and closed in a timely manner
- Communicate effectively
- Identify approvable buyers by sorting out complicated situations
- Market listings with brilliant financing options
As the mortgage business continues to shrink, your ability to have a few great lenders who will place your priorities on the top of their "to do" list that day might not be as easy as you think.
More importantly, REALTORS BEHAVING BADLY will not be tolerated by the best loan officers. You DO want the best, don't you?
Are you guilty of bad behavior? You are if you:
- Look at an FHA approval letter and say this to the buyer: "Why would you do an FHA loan? Mortgage insurance is SO expensive!"
- Go behind the back of the loan officer to the manager of her company to "check on the loan".
- Say this to the loan officer: "That is just not acceptable. You need to go back and "get in the underwriter's face".
- Change the closing date with an addendum to the contract and "forget" to tell the loan officer
- Have your broker (who knows nothing about the loan) call the loan officer to scold or to make demands
- Create hysteria and doubt in the mind of the buyer with unnecessary drama
- Second guess the interest rate charged to the buyer or bring up the loan officer's compensation in any way
- Tell a brand new buyer who shows up with a preapproval letter to abandon his loan officer because you feel "more comfortable" with your own lender.
- Are so demanding of the loan officer's time that she feels the need to inform you about her bathroom breaks
- Say this: "Aren't you glad you're in the mortgage business? My job as a Realtor is SO MUCH harder!"
Takeaway: Get a good one while you still can. Seriously.
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