I was going through some marketing letters I have written for Realtors the other day.
I found this letter. It’s the introduction letter in a series of three letters I use to market to Realtors.
I want to share it with you in this post because I feel it explains what not only Realtors, but everyone that uses a loan officer should expect from their loan officer.
Here ya go…
Let’s face it. …Being a Realtor isn’t easy. You’ve got to get leads. …Make sure they are qualified leads. …Make sure they are ready to buy. …Find time to show houses.
Then, show them a bunch of houses. …Once they find a house they like – make an offer. Negotiate a contract. …Then, pray your mortgage guy, or worse – their mortgage guy gets the loan closed. …Hopefully on time!
It’s hard enough being self employed in the sales profession as it is. Getting leads and closing sales. The last thing you need is for the mortgage company to kill your deal.
I want you to know what being an excellent loan officer looks like. That’s why I wrote this letter to you. …Best case – it will reinforce that your loan officer is doing their job properly. …Worst case you will see warning signs that could be costing you pay checks!
I could go on and on about this subject, but here are a few of the big things you want to look for in your loan officer…
1) Obviously you need a loan officer that is at the top of their game on loan guideline knowledge. They should have a clear systematic checklist they use to evaluate prospective borrowers. …Same every time. No question on what they should to next, and next after that, etc.
And, most importantly if the borrowers can’t qualify for a loan right now they need to tell you and the borrower’s immediately. Give you the reason why, and tell you and the borrower what they need to do to put themselves in a position to borrow soon.
2) You want your loan officer to have more than one underwriting option. I know with Berkshire we are both a bank and a broker. If our own bank can’t do the loan we have multiple other options on where to best place the loan to get an approval! …and, that’s what you want.
3) Communicate. Communicate. Communicate. Make sure your loan officer not only communicates well day to day on the status of the loan, but also doesn’t disappear when the going gets tough. The loan officer should be out front and center attacking problems and communicating with all parties.
If you don’t have this now – I have good news. There are loan officers that do this type of communication. One of them is writing this letter to you right now.
When you hand off a buyer to your loan officer do you have any tinge of doubt? …any feeling that perhaps your buyer won’t be properly cared for, and get the very best most professional service possible? If so, then the odds are you may not have the right loan officer.
The way it should work is that when you hand your buyer off to your loan officer you get a big smile on your face, and a warm feeling down deep in your gut, because you know they will be well cared for. You know that there will be no “surprises”, and that the loan will close on time.
You know your buyer will be treated warmly, respectfully, and professionally.
In short, your loan officer should lower your stress levels and make you happier!
If you don’t have this in your professional life, then I would hope the answer is obvious to you…
You need to be using me and my team as your loan origination team! …at least as your number two if your guy now isn’t getting the job done! Give me a try on your next deal, and I’ll show you what we can do!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
