I must be crazed to write a title like that because we are courted almost daily by San Diego mortgage lenders and brokers who want our real estate business. We deal with a number of home buyers and feel an enormous responsibility to recommend the best mortgage professionals in the business.
I am convinced that the San Diego real estate and mortgage market has far too many loan hacks and sharks; otherwise, how could so many area homeowners be in default? Our clients are doing fine, but way too much of our time is spent cleaning up the real estate messes created by greedy loan brokers and real estate agents.
But that is another article for another time.
The intent here is to clearly communicate what we seek in a mortgage originator. And now when San Diego mortgage professionals call to solicit business, I can refer them to this post.
Non-readers need not apply.
The committed mortgage professional will:
1. Communicate. Be available and return my phone calls–within at least a couple of hours. Can’t talk? How about text messaging? Email works, too.
2. Return my client’s calls even faster. There is nothing more painful than to recommend a mortgage lender who turns out to be non-responsive or unavailable to answer questions.
3. Don’t make promises you can’t keep. Anything that even comes close to mortgage “bait and switch” is a kiss of death.
4. Communicate. Give us email updates. Email our clients, too. We love transparency and knowing what is going on.
5. Be athletic. How about moving really quickly. We sometimes have real estate clients who want to close in ten days–and certainly have clients who do not want to pay additional seller-imposed fees because the lender cannot close on time. Time is truly of the essence.
6. Be imaginative. Be creative. Be legal. Our job is to solve real estate problems and keep our clients safe. This can be a very difficult task at times and is one that requires keen intelligence and integrity. Fools need not apply.
7. Communicate. We don’t ever want to hear from a client that a lender we recommend does not return phone calls–in a very timely fashion. Better yet, how about answering the phone when you are free to do so? We fume at those messages: “I return all calls between 12 and 1 and again between 4 and 5.” And I don’t care what Joe Stumpf or Brian Buffini have to say about that. They’re not dealing with our clients either. Also, when we meet in person, never hesitate to look me in the eye. Enough said.
8. Be honest. Don’t gouge our real estate clients. You are entitled to make a fair profit from the mortgage loan, but we watch closing statements like hawks and know how to spot garbage fees. Our clients trust us for a reason.
9. Be smart. If our real estate clients found you on their own, please take advantage of the opportunity to impress us with your professional skills. Stay in close touch with both the agents and the clients. You just might have the opportunity to earn more mortgage business.
10. Communicate. Answer your phone. Respond to text messages. Reply to emails. We value each client, each real estate transaction and demand an open and timely flow of information between the mortgage lender, the real estate broker, attorneys, insurance agents, escrow and title. A non-responsive link in this chain can endanger an entire transaction.
11. Know how to delegate. If you are going to be out of town or unavailable for any reason, please make sure you have left someone in charge of your mortgage operations who can get things done. I have had lenders take off for a week with no warning. Read numbers 1, 4, 7 and 10 again.
12. Know the mortgage business and stay up to date (and sometimes up-to-the-minute) on local San Diego market conditions. More than ever, it is incumbent upon us to protect the financial interests of our clients.
I see my job as something far more than simply being a San Diego real estate broker. I am a real estate and financial advisor who wants independence in recommendations. We don’t do loans for that very reason (read #8), which leaves us free to scout out the best San Diego mortgage professionals in the business.
Our clients deserve no less.
And if you are interested in knowing who our San Diego mortgage finalists might be, email through this site or call 760-942-9100 or 760-402-9101. Phone solicitors will get the click.
Roberta… Oh if only all the lenders who want our business managed half the items on the list life would be better… fortunately I have a few who are able to meet all the requirements you have posted and of course they get my business..
Kaye: Amen! Our worst experiences have come with mortgage originators we do not know. And they are the ones who have the best opportunity to show off their lending expertise and grow their referral base.
Roberta, I agree. I cringe most of the time when a buyer chooses to work with a lender I haven’t had experience with. You’d think they’d go out of their way to make a good impression, but obviously we aren’t their target.
Sharon, you would think that mortgage lenders would leap at the opportunity to make sure the real estate transaction goes smoothly –and would stay in close touch with the Realtor. Perhaps with this shift in the market, mortgage representatives will become more responsive to all.
Great Article…I linked to you today..have a look!
http://www.realestatesizzle.com/2007/08/09/how-to-choose-the-right-day-for-closing-on-your-new-home-in-tampa/
As a mortgage professional I was very embarrassed but not very surprised to read these responses. Unfortunately many who entered the lending field in the past few years were in it for the quick money rather than as a permenant career choice. They have given those of us who consider this a profession a very bad reputation. All I can say is that there are professionals out there who,like myself, value every loan as an opportunity to make a great impression and build a lasting and mutually beneficial relationship. My LO’s and I pride ourselves on our level of referral business and are in the minority who actually enjoy working purchases. For those who know what they are doing and can keep their word, it’s the best transaction to network and gain new clients and busines partners.
If anyone is interested in exploring a business relationship please feel free to visit my website and/or contact me directly. I can guarantee that your experience with my team will be a refreshing one.
Melanie:
Thanks for stopping by!
The flood of untrained real estate and mortgage people who entered the market in the last few years did much to help contribute to the current market chaos. I support far more rigorous training for real estate licensure–and feel there should be a separate license for mortgage originators.
In the San Diego real estate market, I would judge professional success by the percentage of one’s clients who were not only able to purchase a home, but are able to remain there as well.
These days, far too much of my time is spent cleaning up messes created by real estate and loan hacks who should never have entered the business.