I just read a post by a mortgage professional as to why he hates real estate agents. While I understand his frustration, I don't know if he understands the basic mistrust of new mortgage lender whenever a real estate agent first comes in contact with them. I myself fall into this category. You must prove yourself to me. I'm sorry if this upsets you but I have been burned too many times. Believe it or not but my loyalty is not to the lender but to my buyer or seller and what is in their best interests.
Real estate agents and mortgage lenders must work hand in hand with each other; they depend on each other for their livelihoods. The best advice I can give a lender when he comes in contact with a real estate agent he has never worked with before is under promise, over deliver, and great communication.
Here are just some examples:
Complete Pre-Approval Letters - Don't tell me you think you can get them a loan, maybe they will fly. If the buyer doesn't have necessary credit, work history, whatever, so be it. If they need six more months to establish credit fine, I will wait the six months before I start showing them homes. Do everything possible to make sure the loan will be approved before you issue the Pre-Approval Letter. I cannot stress this enough.
Realistic Dates - I always contact my lenders to find out how much time they require for commitments and closing dates before I submit contracts. There is a reason for this. I hate asking for extensions! It makes me look unprofessional; it makes the listing agent and seller nervous. When I call don't give me pie in the sky dates, you're the mortgage professional, you know what the average loan takes in your company. By now you know the buyers and whether or not they are responsive. I don't know how many times a lender promised me they can get a commitment in 10 days, I put 30 days in the contract and still they call me needing an extension.
Truthful Communication - Don't tell me what you think I want to hear, tell me the truth! Don't tell me you ordered the appraisal when you have not, I will call you on it. If you lose credibility with me you will never gain it back. This works both ways. I was once in the middle of a transaction in which we had a clear to close. For some reason the lender would not fund the loan. The mortgage broker called me and told me to move the client. He was more concerned about his client then his commission, he earned my respect and he gained repeat business from me. So, tell me the truth you will have gained my respect and even if the transaction does not work out there is always the next one.
What can a lender expect from me? Complete contracts, immediate responses, truthful communications and referrals.
Sandra
