Remember the song from Sesame Street, "One of These Things is NOT Like the Other"? The song was trying to teach a valuable lesson. There ARE differences between things ... between people.
Well, let's face it ... in the world of mortgage lending, there are few real mortgage program differences that separate service providers. Yes, it is a fact that there are some lending institutions and lenders that can offer a handful of financing programs that others may not ... or "twists" on these programs. Those differences are important to be aware of and know.
But it's my contention that even if that should prove the case ... should a service-oriented individual mortgage lender not have a particular advantageous mortgage program within their personal, or company's, arsenal ... they will seek-out a referral lender-partner that does to help satisfy their client's needs ... thereby continuing to provide a much-needed service for their deserving client.
It is also true that educational differences/licensing can make one mortgage lender capable of selling a mortgage program or product that another cannot. But the choice to become licensed or educationally capable (or not) of extending the product to their clients is most times an individual mortgage lender's choice.
Should a choice be made to obtain the education and fulfill the requirements to service a product, the mortgage lender will once again find themselves competing against other mortgage lenders that have done likewise and succeeded at accomplishing those requirements and demands.
Mortgage lenders are all at the mercy of the markets. They all have the same market fluctuations to work with. The market IS what it IS. Again, it's the plus, "twist", or variables that the individual mortgage lender can add to the mix that end-up being the difference between them and another LO.
The same can be said about real estate agents. The SERVICE being offered ... that of helping a home buyer or home seller while in search for a home transaction ... is fundamentally the same for all agents. Again, there are agents that have equipped themselves through additional education, designations, and years of expertise to offer more advanced services, but they are competing with other real estate agents in their market that have done or accomplished the same.
So, if all servicers are playing with basically the same deck of cards, what is going to make the individual mortgage lender stand-out? Or the individual real estate agent/broker?
I ask ... if you are a home buyer or selling a home ...
Have you taken the time to really assess what sets one mortgage lender or one real estate agent apart from another? What is truly going to make a difference to YOU?
And ... if you are a mortgage lender or a real estate agent or broker ...
Have you taken the time to really assess what sets you apart from the others in your profession? What makes you a more viable choice to those searching for real estate services?
I have. And here is what I see as MY distinguishing professional traits and services:
35+ years of experience in the mortgage lending/real estate business.
My real estate APPRAISING background. I actively held an appraisal license, viewed, and wrote real estate appraisals for 20+ years.
I learned the mortgage/banking business from the ground up. Everything from teller/banking duties to accounting/bookkeeping services to branch management. I gained a well-rounded and more complete view and knowledge of the business this way.
My Real Estate Sales License. I took the time to educate myself in this related-field. Doing so better helped me understand the informational needs, duties, and demands my agent referral partners were facing every day. It aided me immensely in my appraising duties and mortgage services.
I am an IL Certified Financial Planner. Again, it's all about the education and the knowledge gained from pursuing this designation and profession. The depth of understanding and assistance ... and the breadth of opinion and insight I can offer my clients for their long-term financial goals ... has been multiplied many times over. It's proven to help me think "out of the box" to save mortgage transactions and get clients' transactions to the closing table.
My years as a Trustee on the Mokena (IL) Village Board. The legal insight and education I gained through performing this Village/community service has helped me numerous times while appraising and transacting loans. An amazing background and hands-on education and experience to draw from and for which I am greatful.
All these things above help me to serve my mortgage clients and referral partners better than most other lenders. The combination of educations, experiences, insights, and practical usage makes me a more advanced and complete mortgage service provider.
It's enables me to see a deeper and more broad perspective to the problems and needs of those I serve. And I am simply more aware of possibilities and answers that can exist to problems and issues because of this background.
These are the things that make up MY distinguishing mortgage and service "brand". These are the traits and accomplishments I want my mortgage clients and mortgage/real estate referral partners to know and appreciate about me. Everything I do revolves around these basic attributes and "knowns". This is the clay I have to work with to assist and benefit my clients. It is also what my mortgage clients stand to gain from when working with me.
All these things make up WHO Gene Mundt, Professional Mortgage Banker is.
Again, I ask ...
Have you taken the time to assess YOUR needs as a home buyer or seller? What talents and "extras" do you want YOUR mortgage lender or real estate agent/broker to possess and exhibit on your behalf? What is important to you? Who will go above and beyond in your expectations?
And if a mortgage lender or real estate agent/broker ....
What makes YOU stand-out from other professionals in your field? What "extras" do you bring to the table? What helps YOU better serve your clients and their needs? Do a personal assessment, then let your clients know why they will be glad and benefit from choosing YOU to work with ... instead of someone else.
It's all about the differences between professionals. Their performance ... their education and knowledge level ... in communicating styles and skills ... their ability to deliver successful end results.
Those attributes that accompany the actual mortgage and real estate programs will be the difference between accomplishing a successful transaction and one that doesn't get to the closing table. It will mean the difference between a better financial future and possibly struggling. It is the differences and variables that will matter over the long-haul.
"One of these things is NOT like the other" ... can you tell who or what that is??