A Recipe for Success:
Does Your Mortgage Originator Possess the Right Ingredients?
A couple of days ago, I received a comment regarding my recent blog/post, "How to "Replace" Mortgage Insurance" from a fellow ActiveRain Member and real estate industry professional. (Thank you Patricia Feager, Dallas Premier Keller Williams Realty, Flower Mound, TX) ...
Within her comment, Patricia Feager said ...
"Gene, you have a skilled talent that explains things on the level I can understand. Thank you for sharing this outstanding and very educational information!!!"
I greatly appreciated the kind words she wrote, as my number one goal as a Mortgage Originator (and writer) most certainly is to help my clients successfully close their loan.
But just as important is ... that they fully understand their options, the mortgage products they'll utilize, and the mortgage process they will navigate.
Modern mortgages being what they are, that can prove challenging at times. Learning I'd been successful at doing that for Patricia was certainly fulfilling. The comment she made, however, pointed out what I think is a growing issue for Originators and lending industry bloggers alike.
One of the very things that make current mortgage programs (and the process itself) far better for current Borrowers that those in the past, also can increase the difficulty of providing information to them.
What do I mean?
I've used an analogy to explain the similarity between the modern mortgage and snowflakes or fingerprints in the past. That analogy reflects the nature of mortgages currently: Simply, no two mortgages or mortgage processes are ever completely alike.
Even what are viewed as very small differences between Borrowers, their credit, finances, or scenario ... can cause hugely different outcomes in programs secured, process experienced, and success found. Mortgages have become that uber-sensitive to the individual Borrower, their credit, and financial scenarios.
You can no longer compare one Borrower's situation to another. But try explaining that uber-sensitivity ... those "asterisks" ... those differences to a Borrower (either verbally or in written word). It can prove very challenging. But the Mortgage Originator you should work with? They meet that challenge.
This is the current reality within mortgages. A reality that proves how very important it is for potential Borrowers to do their homework when it comes time to find a Mortgage Originator for their financing needs.
Now it's important to stress that Borrowers need to pair this reality with a necessity. For this "reality" and the "necessity", I refer to can go a long way towards making their transaction successful or not.
Think of this combo as a recipe. A little of this and a cup of that.
Two of the most important ingredients in the recipe should be the following:
1. It's absolutely essential that Borrowers find and work with an Originator that represents a volume of Borrowers ... consistently. Here's why:
There's an old saying in the real estate industry ... "to conduct business, you must be doing business". That's never been truer than in today's mortgage originations.
What does that mean? It means that Mortgage Originators need to conduct a steady volume of business to stay "on top of their game".
By conducting business, they continue to learn and hone their craft. They gain extensive hands-on experience. They also grow a deeper well of knowledge with which to navigate the "sensitivities" and "asterisks" that will be encountered during the underwriting and processing of future clients' mortgages. They also can help their referral partners more too.
Busy Originators have learned and know best how to circumvent or address issues that might arise. Pro-actively, swiftly, successfully.
So if you're someone looking to secure a mortgage soon (or in the future), first look for an Originator with a pipeline of work. Both past and present.
2. Then match it with an Originator that also cares about communication itself ... and the quality with which they communicate.
Evaluate these skills closely:
- How did they respond to my initial outreach?
- How quickly did they respond?
- Was the information or explanation offered thorough and in a format easy to digest?
- Was it easily understood? (Both verbally and written)
- Were they clear and concise?
- Did they take the time to answer questions fully?
- Did they offer a full menu of options for future communication?
- More ...
If the Mortgage Originator checked these boxes, most likely they will continue to communicate in that manner, provide you the quality service you deserve from transaction start to finish, and possess the perfect recipe for success.
Let me know if you have questions or if I can be of assistance ...
* Hoping to Buy or Refinance a Home in New Lenox or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
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