Why Am I So Critical, tough, & impatient with loan officers?
Let me see, let me count the ways:
The list is about them. But first, a comment about you, the typical borrower. You sometimes don’t listen to your agents advice. Why is a bewilderment to me, but it is a fact. You are sometimes the problem because you are not informed. Thus this blog, it is for you. Be informed. Try your best to not be the reason you had a bad experience. Instead of dreaming and studying homes online, study both lending and homes. The more informed you are, the less likely you are to do business with the wrong loan officer.
Now: The list begins.
1- This is a serious business, no place for patience.
2- Some are greedy, loans are a haven for the greedy.
3- Many are short sided in how they build or don’t build a business.
4- Some are flakes
5- Some are not competent: incompetency often costs you $$$$$$$$$$$ and more money.
6- Some lie to people.
7- Some make mistakes and then won’t stand behind their committments.
8- The business is not transparent, so some don’t give you all options in your best interest.
9- Mortgages seem easy, attracts the wrong types.
10- A lot of loan officers have credit problems on their own, seems hypocritical to me.
11- Many states don’t require licensing of loan officers, some make it too easy to have a license..
These types are not the majority, but they are all too prevelant. Thus my critical, tough, & impatient attitude.
If I have your attention for a minute or more, maybe - just maybe you will avoid a bad experience.
HOW DO I KNOW THIS? I KNOW! READ MY ABOUT SECTION.
HOW DO YOU AVOID THESE TYPES? READ THIS BLOG FROM FRONT TO BACK, AND DAILY.
USE A LOAN OFFICER THAT IS KNOWN TO BE COMPETENT, PROFESSIONAL, AND NOT TOO BUSY - BY AN AGENT. LET THE LOAN OFFICER KNOW THE REASON THEY WERE YOUR CHOICE. KEEP THE AGENT INFORMED. THIS WAY, THE LOAN OFFICER HAS FUTURE AGENT BUSINESS AT RISK.
Larry Cragun
wow Larry! Several of the comments in your list about lenders also apply to REALTORS. It is easy to get a license, it attracts people who think they can make a quick buck, there are more than a few flakes in the business . . .
Interesting point Teresa. One difference is the lender rebate system. It is pretty tempting for a loan office to raise the rate a bit to get a rebate.
I had an experience with a vet who came to me first, liked me, and then got a letter proclaiming that if he used the VA approved agent and their loan officer he would get $XX rebate at closing. He apologetically told me he had to take care of his budget and went his merry way. Three weeks later I shared this disappointment with my loan officer and the rates he had been quoted. “My gosh,” she said, “at that rate I could give him 3 times that rebate!” I knew Mr. Buyer had probably bought his house already by that time, but thought he should know this info so I e-mailed it to him with the actual rates quoted by my loan officer. Two weeks later I get a response. “Would I still work with him?” It seemed the agent assigned to him had contacted once and never taken him out to see houses. He hadn’t set up a drip e-mail of daily new listings. The final straw was the difference in the VA interest rate. By going with my loan officer he saved .5%! Over time that was a much more significant savings than the paltry rebate promised at closing. PLUS I had shown him that my concern was for HIS welfare, not my own. I got the sale and the referrals down the line.
I can only say Amen.
I like your post threads…very similar in content to what my company has been promoting. Hope to see you grow!
Best of Luck,
Jeff
Thanks Jeff. I will take a look at your site. Lar