A Message to all Loan Officers....when speaking with our mutual Buyers!

By
Real Estate Agent with ReMax 10

Loan Officers ConfusionBeing a Realtor we often have to be all things in a transaction. Today I am asking for a break from all Loan Officers working with Buyers or potential Buyers.  When qualifying the client , speak in terms the buyers can understand.  Many will not ask questions because they are too embarrassed to appear that they are not getting what you are saying. But most  do not understand, how do I know?  They call me to break it down in terms they can understand. 

I know in this industry like most industries we have our own terminology. Sometimes we need to slow down and remember that we are talking to someone who may know nothing about financing a home.  The breakdown in communication can cause lots of confusion. New buyers especially have a hard time understandings things such as points, how property tax credits work, APR, debt ratios etc.  Slow down and pretend you are talking to someone who knows nothing....it would help us all!

Posted by

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Illinois Cook County Matteson
Groups:
Realtors®
Activerain MLS Online
RE/MAX in Illinois
Tags:
buyers
mortgages
first time buyers
home buyer
loan officers
fha loans

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
18,294
Mario Rea
Talmer Bank - Macomb, MI
VA Loans.FHA Loans. New Construction.Conventiona

Andretta,

You make a valid point and I have to agree 100%.  I only hope that when a loan officer speaks like that, it is not intentional.  A more insidious thought I have, makes me think they do it on purpose to try to look smart or intimidate the client.

I have been writing loans for over 7 years and before that I was in the pizza business.  I have a college degree and had several pizzerias at one time.  But when I would contact a banker about financial needs that I had, many of them were less than helpful and sometimes rude.  When I started in the mortgage industry, I told myself I would never treat people like that.

Anyway, first time homeowners seem to gravitate toward me.  When I take their application, I give them a list of frequently used terms and a flow chart of how the home buying process should go.  I've found that makes them more open to asking questions and feeling comfortable.

Apr 26, 2011 02:42 PM #1
Rainmaker
71,368
Andretta Robinson
ReMax 10 - Matteson, IL
Real Estate Broker - Chicago South Suburbs

Mario,

You sound like a rare find.

Apr 26, 2011 03:26 PM #2
Rainmaker
2,913,246
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Andretta - Thank you for sharing very helpful and unique information on loan officers speaks to buyer.

Apr 26, 2011 05:02 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
71,368

Andretta Robinson

Real Estate Broker - Chicago South Suburbs
Ask me a question
*
*
*
*
Spam prevention