Is Your Loan Officer A Car Salesman?
A mortgage Company I worked for many moons ago has shrunk in size from hundreds to 10’s of loan officers. What happened to the hundreds? Where did they go?
They are selling loans and cars, loans and boats, loans and time share, loans and something else.
They love the big occassional loan. They are part timers. The should not be allowed to practice. They usually hook up with a broker that gives them a good share of the commssion. When rates go down, back they come to the mortgage office. Until then they are part time. You would not likely know this, but you should.
These part timers are a risk. They aren’t able to stay current on loan programs, rules, pricing, the market. They tend to overcharge. What the heck, they have another job. They also tend to gamble with rate locks. They don’t have a vested interest in long term relationships. It is just a part time job, rather than a career.
Stay away from these pseudo loan officers. Call a real estate agent you know is busy, ask him or her for a referral. They know who is serious, capable, and dependable. That is the loan officer you want.
Now I don’t mean to be cruel to these people. They have to live. Go buy your Mercedes from them.
Larry Cragun
Say Larry what ever happened to your mortgage company of about 100 loan officers?
Email me and I will tell you more. Were you one of the 100 Gordon?
We have a similar issue in the real estate industry. I once lost a listing to a friend of the seller. The friend was what one of my clients calls an appliance REALTOR. She was a full time O.R. nurse who was also a re-broker and sold a little on the side when she needed a few extra dollars. She did a good job but the market was hot at the time. I wonder would she would do if she were in the O.R. and someone called with an offer, or if she got called away during an offer presentation, or had to go to an emergency surgery when she had an open house scheduled. I question her comittment to clients and patients, unlike the president of MAR I don’t worry about people like that taking business from me because there is plenty of business out there.