How Do You Select a Lender to Work With in Real Estate

Belinda- you are exactly right about this.  Cold calling and bringing in coffee and pastries aren't enough.  You need to know that your transaction will move smoothly when you work with a lender.  

Great topic Belinda Spillman ...

I like to thank the lender for the call and say “I’d love to work with you, go ahead and send me a buyer whenever you would want and we can test the waters together” … that’s always leaves a moment of uncomfortable silence for the lender. They usually say how they have great leads that they give to other agents they work with but I need to bring them business so they can see how I work … I end up having to remind them who made the phone call and I end up telling them “look, I work with lenders based on performance … I work with closers … but, you called me and while I appreciate that … we are not testing the waters on your ability to perform and do everything you just told me on a hard earned client from me … no, called me. You bring me the lead and I’ll test your service on your own lead, not mine.” I usually don’t get a call ever again, and I’m fine with that.

The best way to interview a lender in my book is by seeing how they work on the other side of a transaction when you have the listing. If all goes well … maybe I’ll call them like you said.

All the best and thanks for the post.

Love how you stress actual service and communication, Belinda Spillman for those are things that end-up making or breaking a transaction for a Borrower and their agent.  Wish this was how every agent thought ...

Gene

We use the local lenders that hustle the hardest and work to cause quick real estate closings in the triangle of bank lawyer buyer. Lots of what I call gypsies that cruise in from out of town with Maine blueberry pies, lots of goodies to try to bribe us to use them but my chamber of commerce presidency taught be they have no sticks or bricks in the community, employ no one locally. Don't pay taxes here and no local stake exist to help my small home town economy.

HI Belinda... I've lost count of how many "cold" calls I receive from lenders wanting to be on my list and they don't understand that they are (a) not bringing anything new or unique to my table and (b) that I just don't have that many hours in my day to sit with them to talk about their services.

I get these calls all of the time as well and I am very honest with them.  I tell them that I have lenders that I already work with and trust, so I don't see myself sending them any business.  If however, they believe they can generate some business that both of us can work together, I am willing to give them a chance.  99% of the time, they flake out very quickly and I mark them as a lender that I would never refer, haha.

Hi Belinda,

I usually am careful not to communicate directly with the listing agents. I normally defer to the buyer's agent and let them reply to them. I do converse with the listing agent if the buyer's agent asks me to. I communicate frequently with the borrower and the buyer's agent.

I am glad you brought this subject up as I didn't really think about the listing agent checking out how I go through the loan process. I can see where I need to be more open to including the listing agents.  

Sitting back and observing the way vendors do business is a good way to figure out their level of service.  I've picked up great lenders and home inspectors that I can add to my list of recommended vendors that way.

Hi Belinda - Great post. We chose our preferred lender over 6 years ago based on very similar criteria, and she has never once let our clients down, an amazing record.

Hi Belinda,

Great blog.

I love your approach of observing the lender then approaching them to represent your clients. Like they always say, the proof is in the pudding.

I had such disappointment with mortgage brokers over my career that I eventually got my own mortgage brokers license too.  I still refer out some clients, but I do prefer to always know whats going on and where my deal is at.

I too have a list of lenders that offer great programs and they are  very good at keeping in touch.  

Good morning Belinda. All of the points you brought up are important, you might also what to know how much business you can expect from your lenders.

Very well put!!!

Anyone can say they are great and will exceed my expectations, but seeing it first-hand makes a huge difference.  The proof is in the pudding!

I am always looking for quality mortgage professionals - I do have a short list of recommendations but when clients decide to use other ones, I keep a careful eye on how the process works to see if it's someone new I'd like to add. So far, no. I'm a hard grader.

If I was a lender, I would meet and even exceed your worthy post guidelines

Belinda - all excellent points. I would add one - do they pick up the phone anytime I call for a pre-qual, e.g. on a week-end and respond asap.

nice graffic

Belinda Spillman "I quietly observe the communication and service offered by the buyer’s lender. Are they keeping me informed each step of the way or am I forced to track them down for updates?"

Right on target - and - re-blog!

Hi Belinda Spillman (:  Saw the reblog today and just wanted to stop by and agree!  If a lender is willing to answer my questions - even when I do not have a buyer to refer to them ~ that earns a lot of "points" with me.  When they get the information quickly (and willingly) - with no buyer in sight - I suspect they will work as promptly with a buyer.