A Loan Originator Needs To Have Trust In Order To Succeed

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

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
  • Paystubs
  • 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.

 

 

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 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 gsouto@mccuemortgage.com

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Ambassador
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good afternoon George Souto . You are absolutely right. I do have some friends in the mortgage business and like everything else it's all built on trust.

Feb 09, 2016 02:50 AM #1
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Anna Banana Kruchten Broker/Owner, CRB, CRS
Phoenix Property Shoppe - Phoenix, AZ
602-380-4886

George it is absolutley all about TRUST.  We need to be able to refer our clients to lenders we TRUST and that's not always so easy at times.  Excellent post.

Feb 09, 2016 03:27 AM #2
Rainmaker
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Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi George Souto , There is a lot of personal information passed on, so Yes there is a lot of trust put into your profession.

Feb 09, 2016 05:07 AM #3
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi George - I think that's a great overview of the interlocking network of trust relationships that make a transaction, and a set of relationships, a success. We all depend on each other, and we all have to earn that trust to do so.

Feb 09, 2016 05:35 AM #4
Rainmaker
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Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi George, I once worked with a MB who asked for the same documents multiple times as she couldn't find them. Needless to say, there was no trust at all, borrowers submit very personal and important documents to a professional in hopes of obtaining a mortgage, really not that difficult to keep them safe. Thank you for another great post.

Feb 09, 2016 06:11 AM #5
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

George, buyers give very personal information and talk to their loan officer so easily and yet you are a complete unknown.  That is a trust and respect for what they hope you will do for them.

Feb 09, 2016 07:29 AM #6
Rainmaker
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Bob Ratliff
Robert Ratliff Realty - San Antonio, TX
"Sold with Bob"

Very true George we need to all trust each other and often times Lender will here our rants on social media which isn't fair to Lenders in many cases. I have a good team for my buyer who I trust and know they can get the job done timely and closed when it suppose to close. I hate when I'm the listing agent and don't know the borrowers Lender and we don't have a good working environment.

Feb 09, 2016 08:12 AM #7
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

George I agree it is about trust, when you say you can get the Loan the Realtor and the Buyer depend on that you will deliver and needless to say that comes with experience and trust.... it is not an overnight occurrence, Endre

Feb 09, 2016 09:50 AM #8
Rainmaker
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Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

When you stop to consider how much risk comes from sharing the amount of personal information that's necessary to secure a loan, it can be a bit frightening.  That's good reason to select a trusted mortgage lender for procuring that loan!

Feb 09, 2016 10:07 AM #9
Rainmaker
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Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

George, you are a great example to your Agents and Buyers of a reliable and trust worthy Loan Originator and over all Mortgage Expert! Well written Sir!

Feb 09, 2016 10:26 AM #10
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George trust is certainly key to such a relationship, when you think of the information shared, trust is a must.

Feb 09, 2016 02:41 PM #11
Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning George. Your post should be featured, it is very well done and so important when doing our jobs. You are an example for all of us in the business.

Feb 09, 2016 06:46 PM #12
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi George.  The applicants are giving you all of their personal information.  They have to trust you.

Feb 09, 2016 07:48 PM #13
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

So true, George.  Your clients need to give you very sensitive information that could be a disaster if it gets into the wrong hands.

Feb 09, 2016 08:37 PM #14
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

George Souto  you are so right when you say trust is easily lost ..Your job is not an easy one

Feb 10, 2016 01:40 AM #15
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Trust is very difficult to get George, and as you say, very easy to lose.  I agree with everything except the accountability --- I've had people put the blame on me for their own missteps, and if someone else screws up, I expect them to own it the same way I would.  No one expects us to be perfect, just as close as we can get! Great post.

Feb 10, 2016 11:41 AM #16
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

George, this is so true, and with identity theft, this is hard for some.  Trust is huge, and know once a borrower speaks with you they feel a comfort.

Feb 10, 2016 09:27 PM #17
Rainmaker
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Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

So true George Souto and many do not understand that the info they give out must go to only trusted people in the business....well said.

Feb 11, 2016 12:01 AM #18
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great post, George. It's all about trust throughout the entire real estate transaction amongst all the parties involved.

Feb 11, 2016 01:23 AM #19
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