What does it take to send a client to a new Loan Officer?

Question

Hey friends - I am looking for advice because I am trying to self generate for the first time ever, so I want to ask the community this:

"What does it take/what are you looking for/what do you need to hear from a new Loan Officer in order for you to feel secure enough to refer a borrower for pre-approval?"

Any and all answers are welcome and very much appreciated!

Andrew Postell · Answer

@Kate Glassman  a referral from a trusted resource.  And that can be for any type of vendor.  If a fellow real estate investor has worked with said vendor, and can recommend their work, that's a great resource.  Same with a real estate agent - if that agent has worked with them and knows that they can close on time, provide good service, etc. then that's a great resource to have.  Referrals work best in these types of scenarios.

Scott E. · Answer

I would want to know:

-How long have they been a loan officer?

-How much loan volume do they do in any given month?

-What loan programs/products do they specialize in? (purchase, refi, conventional, FHA, etc)

-What is average cycle time from application to funding on their loans?

-Are they doing their own document collection, or do they have an assistant/loan processor to assist with document collection?

Andrew Postell · Answer

@Kate Glassman well, I would say to be yourself.  Be honest if they ask anything.  Be willing to put customers first.  Be willing to work.  Always listen more than you speak. And do not get discouraged.  If you say something like "I'm new but I'm a hard worker" there might be someone willing to give you a shot just on that perspective.  Keep in mind that the biggest 2 complaints in the mortgage industry are:

1. I never can reach my loan officer

2. They keep asking me for the same things

So all you have to do is have good communication and be somewhat organized and you will be just fine.  There's more to it than JUST those things of course but sometimes the basics will set you apart.  Hope all of that makes sense!

Brandon Plombon · Answer

@Kate Glassman creating a network of trusted individuals. Attend networking events in your community and you can typically filter out the ones that are disengaged or unreliable fairly quickly. The professionals that consistently show up to these events build a great reputation. Through conversations you can tell if this is someone you would work personally with. I would only refer clients to someone I am comfortable with and would use them personally.

Kate Glassman · Answer

@Andrew Postell thank you so much, that is great advice! I am definitely working on that now. I have some friends in real estate who are taking the leap with me, and so far so good :) What do you recommend I do with new realtors whom I've never met face to face?

What does it take to send a client to a new Loan Officer?

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