Look Me In The Eye. You Are Not Really A Loan Officer
I know, you made a lot of money over the last few years. You drive a BMW now. But if you haven’t got a real estate agent to vouch for you, you are not a loan officer. You are a refi salesman.
There is such an important difference that it is very difficult for a loan officer to get the business of a real estate agent? Why should be obvious. Serius fallout can be the result if a loan officer fails.
I remember listening to a John L Scott manager complaining about loan officers. His story went something like: “my typical experience with loan officers that are not really experienced in handling purchase transaction is - I need a prequalfication letter, do they qualify? (L0) sure they qualify. The offer is signed, are you sure they qualify? (LO) Sure they qualify. I speak with the LO a few times before closing and just before closing… oops they dont qualify.”
I have seen terrible fallout from shoddy work. So therefore I say it again: if you haven’t got a real estate agent to vouch for you. Then you are not a loan officer. You are a salesman.
Larry,
Hello again. looks like you’re still coming up with some really informative articles. Thanks for the indusrty updates & great information.
Gregg L. Levin
Hey Larry, How much weight does saying brokers need to have a realtor on their side have these days, given that so much business is created online? I just feel like so many companies generate their business from the internet, and thus will usually have clients from all over the country. The days of loan officers being the guy up the block all the time are gone, realtors may still be more confined by geography but lenders are not.
Nathaniel, I have seen so many online crashes I am convinced it is the wrong way to get a loan. Our loan officers are doing just fine because of their agents.
Larry, I agree that there is a big difference in legitimacy between the hacks who have entered our business to clean up on refi’s, slamming LOLITaS (little old ladies in tennis shoes) into pay option arms, while they drop “f” bombs all the way to their BMW’s, and those of us who consider this a CAREER.
Realtors are a great acid test. They won’t put up with lenders gouging their clients, lying, or otherwise failing to deliver. That’s a good test.
Larry,
Great post. There is such a difference between someone who says they are a loan officer and are really a whithering order-taker who is spending part of their day trying to originate the last of their refi’s and the other part looking for a job in another field because the “boom” is over.
I know too many stories of thieves that got in to the industry in 2000-2004, made millions and are now off doing something else, with their bankrupt businesses (and unfortunately some of their past clients) left for dead. The last of them are slowly dying on the vine themselves.
Real estate agent referrals are tough to get and if you have them as a loan officer you are doing something right. Marc is right, Realtor referrals are a great litmus test of a LO’s ability to deliver what they say and when they say it will be there.
Morgan, you said it better than I have. Thanks.
Hey Gregg Levin,,, how are you doing?