This month’s question of the month was submitted by Josie Taylor of Wells Fargo Home Mortgage:
What are the main qualities/expectations that a
Realtor looks for in a mortgage lender?
“Responsiveness, availability for questions and customer prequalifications.”
- Michael J. Paull,
Rebate Realty Network
“I like to work with lenders who are honest with the consumer and with the Realtor when it comes to the buyer’s true ability to qualify for and actually be able to get the loan in order to close the sale. Also, lenders who make the initial effort to ensure that gift monies needed to close the transaction are truly forthcoming, lenders who provide the buyer with good-faith estimates that spell out clearly all the costs the buyer will be expected to pay, the applicable interest rate, and worst-case scenarios so that there are no surprises at the closing table: lenders who honor the relationship between the buyer and the Realtor with whom the buyer is working versus lenders who try to persuade the buyer to switch to one of the lender’s favorite Realtors, lenders who appreciate a ‘hands-on’ Realtor who follows through on the transaction and contacts them for updates [better yet, lenders who keep the Realtor in the loop about what’s happening with the loan] and last, but not least, lenders who don’t just come calling when business is slow, but who aren’t too busy to remember the Realtor when business is brisk.”
- Elke McMenemy,
Re/Max 100 Realty.
“Honesty, updates and on time with closing dates.”
- Todd Arnold,
Re/Max Specialists
“I think the most important quality is communication on all levels. The loan officer needs to be available, return calls in a timely fashion, and be accessible to the underwriter or decision maker. I always got frustrated with the automated underwriting systems that didn’t allow the client to actually tell their story to a person.”
- Stephanie S. White,
Coldwell Banker
Walter Williams Realty
“A mortgage lender must be available, be responsive and keep the Realtor informed during the loan process.”
- Tom O’Connell,
Watson Realty Corp.
“I contract process for brokers nationwide. In my 11-plus years of financial background and processing mortgage loans, I find that my clients and I benefit most when the wholesale investor employs well trained and qualified account executives who actually answer their cell phones and provide tremendous input and support from the inside by mere virtue of their competency, confidence and established relationships within their secondary marketing department. I mean, let’s face it, when you have a loan with ‘issues’, you need a representative with friends in secondary on your side especially in a predominantly sub-prime market. An efficient representative will provide their clients [not necessarily the brokers themselves - so much as the people who will be processing the loan] with clear and precise documentation as to the flow, department contacts, mortgagee clauses, special submission requirements, submission addresses, etc. As for expectations, my only requirement is that you’re honest. We all make mistakes, just admit it when you do. Try your best to meet specific demands as best you can, but if you fall short, communicate promptly and ensure resolution deadline expectations. It’s not just good enough to say ‘We have a problem’. Go the extra step to try and do something about it!”
- Heidi Miesemer,
Mortgage Minders
“I expect my lender to treat my clients as though they were their only customer. I expect my lender to understand that purchasing a home is a huge financial investment, no matter the size of the loan. I expect my lender to understand and conform to RESPA and far exceed all expectations. I expect my lender to be my business partner and to do whatever it takes, no matter what. I expect a lot from my lender. Not only do I expect my lender to go above and beyond the call of duty to assist my clients, but also one who is involved in our association, dedicated to our industry, and thinks outside the box. That is why I’ve partnered with Kathy Timmons with CTX Mortgage. She and I have recently formed a new initiative entitled Women in Transition...Strengthening Your Financial Future [www.jaxwomen.com]. This initiative is just another tool in our tool box that helps women [and men] who are going through a transitional period and who are in need of financial and real estate assistance.”
-Phyllis Staines,
Re/Max Coastal Real Estate
“Competitive rates, quick response to calls and quick approval. I also like to be kept in the loop about any ongoing issues with buyers or the market conditions. It is very helpful to have a variety of programs available to buyers. I want approval letters faxed or e-mailed to me as well as the main office. An occasional visit to my model home is nice but not necessary.”
- Ann Wingfield,
Woodside Communities
of North Florida
“We need a mortgage company that is diligent in handling real estate transactions. They need to be honest to goodness in making sure that every deal will comes up to a hassle free closing.”
- Mary Grace Assadoghli, Florida Specialist Realty
“Always under promise and over deliver. There is nothing worse than thinking you have a deal and losing it to financing issues. Prompt response to all inquires - my agents work nights and weekends and I expect my loan officers to do it, also. Excellent follow-through and feedback [good and bad]. I expect loan officers to be honest with my agents about where a loan stands; most of the time we can fix timing issues if we know in advance. Misunderstandings usually come from a lack of communication. The ability to get the property closed. It all comes down to, ‘Did my agent get paid?’”
- Dianne Pittman,
Watson Realty Corp. Com
“Number one is customer service to the customer and the Realtor. Nothing is worse than waiting until the very last minute to process the loan when the customer has been told all along that everything is fine only to have underwriting find a problem that should have been corrected earlier. It’s also important that the loan packages get to the closing agency in time to be processed so that HUD-1 statements can be sent to all parties at least 48 hours in advance. While this may sometime be hard to do, more and more HUD-1s are not being produced until the day of closing. Not only does this create the potential for errors, but most of the time if the loan packages are getting to the closing agency on the day of closing, funds cannot be disbursed. I for one will quit using a mortgage company if they can’t process loans efficiently.”
- Bill Thompson,
Watson Realty Corp.
“I like the facts, as completely as possible, regarding the qualifications of the prospect to purchase a property. Yes is a yes, not yes, but I don’t get paid until the transaction is funded; neither does the loan officer, let’s get it done. Close at the time and date agreed upon, have the package to the closing agent on time, disclose terms and conditions clearly to the borrower, [unless the loan officer is attending the closing]. Keep me informed as to the progress of the file. I need deals closed more than donuts and coffee cups. I need current product information that I can share with my customers. I need to know if this deal will get done.”
- Jeff Kern,
Embassy Realty Services
“The top three are to return phone calls promptly, keep all parties informed of any changes, including appraisal results, and attend the closing if at all possible to set client as ease in case there are any issues at the settlement table. “
- Judy K. Hicks,
Re/Max Coastal Real Estate