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I am a mortgage broker looking to establish some new relationships with Realtors. What are some of the things you look for when choosing a broker to work with? I want the good and the bad.
1) Good communication. I use a lender who sends me an email whenever she completes something.
2) Nothing slimy...I have a deal now where the lender told the buyer that the house would "appraise at purchase price because that is how we do things here."
3) Know what you are doing.
4) Be able to explain to clients their choices, and consequences of their choices in mortgage world.
5) BE ABLE TO CLOSE ON TIME!!! If you can't get it done, I won't refer to you in the future.
1) Good communication. I use a lender who sends me an email whenever she completes something.
2) Nothing slimy...I have a deal now where the lender told the buyer that the house would "appraise at purchase price because that is how we do things here."
3) Know what you are doing.
4) Be able to explain to clients their choices, and consequences of their choices in mortgage world.
5) BE ABLE TO CLOSE ON TIME!!! If you can't get it done, I won't refer to you in the future.
Plus...
1. Return phone calls and emails.
2. Also good communication with my client.
3. Someone I can contact on weekends.
4. The company I use now does all if this and also goes out of their way when I'm on a time crunch.
1-Return calls or emails
2-Be knowledgeable and offer a variety of programs
3-Be honest and customer friendly
4-Be available when I have questions
5-Get your job done in timely fashion
I am a mortgage broker looking to establish some new relationships with Realtors. What are some of the things you look for when choosing a broker to work with? I want the good and the bad.
"Beer for my horses and whiskey for my men."
Failing that?
Return calls and emails.
Under-promise and over-deliver.
No surprises.
Professional demeanor with the clients I send you.
I want to hear how happy my clients are. From them, not you.
Know your products, and patiently explain them in plain English, repeatedly, as often as necessary.
Integrity.
Patience - with my clients and me, if I need something explained for the third time.
Handholding - if necessary and especially with first time buyers.
Honesty and integrity - some people should not be buying a house. Don't pull a rabbit out of a hat just so that somebody who's financially irresponsible can buy a house. I can usually sense when a buyer shouldn't be buying - but you're the one who has the final say. Please don't offer these buyers "alternate" financing. Intead, be upfront with them and tell them what steps they can take to become responsible homeowners.
Keep me in the loop - even if it's bad news or it looks like we won't be able to close on time, please let me know. I realize that sometimes there are picky underwriters who want additional documentation, or an appraisal review. Or maybe the buyers are still shopping for insurance. Just let me know - especially if my clients are the ones slowing things down. I can help. And if not, at least I'm prepared to deal with the delay, and smooth things with my clients and the other agent.
Offer competitive rates/fees along with great service - I know that's a lot to ask, but you'll always get my recommendation if you have that winning combination.
Thank you everyone for your replies. It looks like good, honest communication goes a long way. I tell everyone I work with that they may not always like everything I am going to tell them, but they will always know exactly where they stand with me. This has been my policy and always will be. Seems to work. I do have an additional question. When you are not consistantly sending buyers to your mortgage broker, how often is exceptable for them to contact you? Many bosses will push the brokers to be in their face every day and I thought it was a bit much and made people come across as a pain in the butt. How much is too much? What are some approaches You like? Coffee, doughnuts, pizza,...etc??
We have one who arranges with our sales manager to come to our sales meetings periodically to tell us about what's going on in the mortgage industry, what kind of loans are harder to get at any particular time, what's easier, what our clients need to know when coming for pre-approval, what we need to know in order (from the mortgage end) in order to give the best service to our clients - and that establishes not only familiarity but a certain level of trust. That goes a lot further than donuts (though donuts - or breakfast tacos - do appear periodically).
Of course, this same person fills all of the qualifications mentioned above by the other agents, as well.
I am a mortgage broker looking to establish some new relationships with Realtors. What are some of the things you look for when choosing a broker to work with? I want the good and the bad.
i agree with what all have said, but i will add this,
if i were a mortgage broker trying to break into the market, and develop relationships with brokers, this is what i'd do
id offer, free one on one settlement, and mortgage counseling, there are new sales agents everyday, we all started that way, we often learn the most by either our mistakes, or being in a position, where we need an anwer, RIGHT NOW...
my first few closings, i was nervous as heck,,,even tho i saw the settlement statement prior,,i was nervous, that the buyer would ask questions,,, or there would be some changes or mistakes on the statement,,that i wouldnt recognize...experience is the best teacher, but when you dont have much, it can be a bit scary
the free one on one counseling would work!!
go thru the mechanics of a settlement statement, what to look out for, etc,
also counsel about loans, pre-approvals, etc, v.a. loans, fha, unconventional, pmi,,
"mortgage loans and closings"
a step by step overview.
What am I looking for from a mortgage broker? A problem solver with multiple streams of solutions, no excuses and no whining!
I don't want the donuts and keep social functions to a minimum, though it is a necessity. I'd rather have a brief weekly market update from you over email. And I don't need market news on a national level...syndication out there is killing me now. I want to hear what's going on in the trenches of my local market.
And ditto to MikeJaquish's response.
Last edited by TampaKaren; 03-07-2008 at 09:34 PM..
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