Stop and think about it for a minute, Loan Originators are ask Borrowers to depend on them to secure financing for the single most expensive purchase of their lives, and ask Realtors/Agents to refer them to their most valuable resource. Neither of these are going to happen without a very high level of trust, which means A Loan Originator Needs To Have Trust In Order To Succeed.
Loan Originator experience a high level of trust in every Mortgage Transaction they are involved in. Trust is not only demonstrated by Realtors/Agents who refer their Buyers to a Loan Originator, and trust the Loan Originator with their income. But also by Buyers trusting the Loan Originator will obtain the financing they need to purchase the home of their dreams. Obtaining this level of trust is not easy, it is not just given, it is earned.
Borrowers have to trust the Loan Originator with both personal and financial information such as:
- Social Security Number
- Bank Accounts
- Tax Information
- Divorce Decrees
This is just small sample of the financial and personal information a Borrower trusts a Loan Originator with.
For Realtors/Agents the Loan Originator is asking Realtors/Agents to trust them with their lively-hood. If the loan does not Close the Realtors/Agents do not get paid. So they have to trust the Loan Originator with the most precious asset of their business, their Buyers. They have to trust the Loan Originator will not only get the transaction done in the time periods stated in the Sales Contract, but will also keep them informed throughout the loan process, and no last minute surprises.
Trust is also required on the part of the Lender. The Lender needs to trust the Loan Originator is honest about the documents they collect and submit during the loan process. That the Loan Originator does not falsify or hide anything from them. That the Loan Originator represents them in a professional manor, and does not put the Lender at risk in any way.
In order for a Loan Originator to obtain this level of trust from Borrowers, Realtors/Agents, and Lender, the Loan Originator needs to be:
- AVAILABLE - It is vital a Loan Originator be available at all times, this is not a 9-5 profession. When the Borrower or Realtor Partner has a question the Loan Originator needs to be available. Calls need to be answered or returned ASAP. The Loan Origination puts the Borrower's and Realtor Partner's needs above his or her own.
- ACCOUNTABLE - The Loan Originator needs to take responsibility for whatever happens during the Loan Process, and not try to pass the blame onto someone else EVEN if it is someone else's fault. When a problem arises the Loan Originator deals with the issue quickly, and does not hide from the issue. The Loan Originator answers all questions directly and honestly, even if the answer is not what others want to hear.
- ATTITUDE- How does the Loan Originator act when asked a question. Does the Loan Originator give the Borrower, and Realtor Partner their full attention, or does the Loan Originator make them feel like they are bothering him/her, and feel like their questions are insignificant.
- AWARENESS - Is the Loan Originator staying informed of the status of the loan throughout the loan process, and keeping everyone else inform as well. Aware of the needs of others involved in the transaction, and does everything possible to reduce the stress until the transaction is completed.
- KNOWLEDGE - Of Loan Programs available for each Borrower, and providing Borrowers with the information they need to make an informed decision on which loan program is best for them. Is the Loan Origination thoroughly familiar with the Guidelines for each Loan Program, and able to explain those Guidelines to others in a manor they are able to understand.
Everything above is required in order for a Loan Originator to not only obtain trust, but also keep the trust once it is obtain. Trust is hard to get, but very easy to lose. Which means as hard as trust is to get, it is even harder to keep. Trust should be treated as a very special and precious thing, and should never ever be taken for granted.
Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or email@example.com