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I just moved to Nashville a few months ago and I decided to continue being a loan officer. As things are done differently in Florida, I'm wondering what realtors look for in choosing loan officers the work with. Any suggestions on what incentives I can offer a realtor to obtain there buisiness?
Starting in a new area has got to be a challenge. I think most realtors stick to 1 or 2 they know and have worked with for years. I get bombarded with loan officers wanting my business, as with home inspectors; however, I keep using the true and trusted I've dealt with in the past 10 years. I see some mortgage brokers come to our office and offer our agency breakfast to meet the agents and solicit, but I don't know how well that goes over. Sorry I can't be of more help. Good luck.
I have two mortgage brokers that I refer people to, BUT I just received a random email from a mortgage broker with REALLY GOOD mortgage information in it. So he currently sends me weekly rates and other mortgage news. I will probably meet him for coffee and talk at some point (we've only talked via email), but I was impressed with his knowledge. He may be on my list at some point here soon.
Location: Danbury CT covering all of Fairfield County
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Quote:
Originally Posted by Janecj
Starting in a new area has got to be a challenge. I think most realtors stick to 1 or 2 they know and have worked with for years. I get bombarded with loan officers wanting my business, as with home inspectors; however, I keep using the true and trusted I've dealt with in the past 10 years. I see some mortgage brokers come to our office and offer our agency breakfast to meet the agents and solicit, but I don't know how well that goes over. Sorry I can't be of more help. Good luck.
Maybe try going after new agents, because almost everyone else has 2-3 people they already recommend. I won't try offering agencys breakfast, since bmost larger agencies already have their own 'in-house financing' person and the office policy might be againist allowing outside mortgage brokers to come in.
Agree you should try the newer agents as they haven't set in stone their names on the go-to list.
Our company has related finance folks but we have outsiders we deal with. Personally I have one guy on the top of my list that handles most everything for me, if the buyer doesn't come in already set up. I'll give out two or three cards of course, other backup folks, to not seem biased. Same with home inspectors. These relationships were built over a period of several years, many deals, and we trust each other will do our parts in a timely manner.
Office presentation? Brunch on you? That's a personal choice. If someone is kind enough to give you the first lead, make sure you do the best you can and try to make it work. If you pull it off, you will find those who use you again.
I just moved to Nashville a few months ago and I decided to continue being a loan officer. As things are done differently in Florida, I'm wondering what realtors look for in choosing loan officers the work with. Any suggestions on what incentives I can offer a realtor to obtain there buisiness?
I would look for other ways to find clients. Working with agents in any capacity is a real pain in the A**!
I would look for other ways to find clients. Working with agents in any capacity is a real pain in the A**!
Also take the approach that many loan officers have this view of agents. Even loan officers who work with agents and solicit their business will go around making comments like this behind their back.
No harm meant to Tim, I love his posts and he knows his stuff... but I hear these comments from loan officers all the time. It's funny, a lot of bank reps and underwriters say the same thing about us loan officers behind out backs....
If you respect the job/work of the Realtor as you expect them to respect your efforts things go a lot better. Not to say there are not some AWFUL agents that are a pain to work with, but there are just as many loan officers that barely know how to put together an application, have 0 communication during the process and consistently make mistakes and have loans fall through.
You just need to find agents that value the unique knowledge and services you can provide (more than the "lowest rates, everyone qualifies" promises) and deliver for them. Build up your reputation as an honest, dedicated professional that works with and respects good Realtors.
Also take the approach that many loan officers have this view of agents. Even loan officers who work with agents and solicit their business will go around making comments like this behind their back.
No harm meant to Tim, I love his posts and he knows his stuff... but I hear these comments from loan officers all the time. It's funny, a lot of bank reps and underwriters say the same thing about us loan officers behind out backs....
If you respect the job/work of the Realtor as you expect them to respect your efforts things go a lot better. Not to say there are not some AWFUL agents that are a pain to work with, but there are just as many loan officers that barely know how to put together an application, have 0 communication during the process and consistently make mistakes and have loans fall through.
You just need to find agents that value the unique knowledge and services you can provide (more than the "lowest rates, everyone qualifies" promises) and deliver for them. Build up your reputation as an honest, dedicated professional that works with and respects good Realtors.
May have come off a bit harsh. It was one of those days.
There are some good agents out there and of coarse some bad ones or some that just get under my skin.
Some of the "attitide" comes from my Dad, who started me in the business and retired a couple of years ago. He had a successful career as a bank loan officer and then spent his last 15 years as a mortgage banker/broker and never worked for/with a single agent. I continue that tradition on today, so at least I did not say these things behind anyones back.
Last edited by TimtheGuy; 05-27-2008 at 09:37 AM..
May have come off a bit harsh. It was one of those days.
There are some good agents out there and of coarse some bad ones or some that just get under my skin.
Some of the "attitide" comes from my Dad, who started me in the business and retired a couple of years ago. He had a successful career as a bank loan officer and then spent his last 15 years as a mortgage banker/broker and never worked for/with a single agent. I continue that tradition on today, so at least I am did not say these things behind anyones back.
Okay, so now I'm really curious. And this question is meant with all due respect: How can one work in the mortgage industry as a mortgage banker/broker and not work with r.e. agents?
Maybe I'm just more "hands on" than most agents, but if I'm representing the buyers and they're getting a loan I most definitely do have contact with their mortgage guy - not to harass them but just to make sure I'm in the loop to help move things along on my side of things. I've sometimes helped provide comps. Other times I've helped "put a little zap in my buyers to get paperwork back to the loan processor a little faster". Other things, too.
OTOH, the mortgage broker that I highly recommend has helped me with things normally outside her scope. We also work together when we've got a "problem" client or "seller's agent" on the other side of things that's making things difficult. We've successfully tackled things that could have normally caused the deal to fall through - everything from a "nasty" escrow officer on a bank repo deal . . . to a "investor" client who was trying to play games when getting insurance . . . to appraisal problems on a unique property . . . to an incompetent agent on the sellers side who was causing problems that shouldn't have been.
We are both very upfront with each other and both have the philosophy of "the client comes first" and we always look for the avenue that's going to benefit the client the most - even if it means telling them they shouldn't be buying a house/getting a loan (or bridge loan) etc right now.
This particular mortgage broker I'll be using for my own mortgage needs.
Just a side note - lenders in my state are required by the contract to keep both agents/clients in the loop throughout the loan process via a "loan status update" report.
Okay, so now I'm really curious. And this question is meant with all due respect: How can one work in the mortgage industry as a mortgage banker/broker and not work with r.e. agents?
Maybe I'm just more "hands on" than most agents, but if I'm representing the buyers and they're getting a loan I most definitely do have contact with their mortgage guy - not to harass them but just to make sure I'm in the loop to help move things along on my side of things. I've sometimes helped provide comps. Other times I've helped "put a little zap in my buyers to get paperwork back to the loan processor a little faster". Other things, too.
OTOH, the mortgage broker that I highly recommend has helped me with things normally outside her scope. We also work together when we've got a "problem" client or "seller's agent" on the other side of things that's making things difficult. We've successfully tackled things that could have normally caused the deal to fall through - everything from a "nasty" escrow officer on a bank repo deal . . . to a "investor" client who was trying to play games when getting insurance . . . to appraisal problems on a unique property . . . to an incompetent agent on the sellers side who was causing problems that shouldn't have been.
We are both very upfront with each other and both have the philosophy of "the client comes first" and we always look for the avenue that's going to benefit the client the most - even if it means telling them they shouldn't be buying a house/getting a loan (or bridge loan) etc right now.
This particular mortgage broker I'll be using for my own mortgage needs.
Just a side note - lenders in my state are required by the contract to keep both agents/clients in the loop throughout the loan process via a "loan status update" report.
To clarify, I do work with agents indirectly through the buying process with loan status, etc. However, I don't have any agents as "business partners."
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