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What Should You Expect From A Lender?

Date:April 13, 2010 | Author:Justin McHood | Category:Uncategorized

Not long ago, I happened to bring a voice recorder to lunch and had enough fun with it to bring a video camera this time.

I sat down with a few local Phoenix Realtors and Darin who happened to be in town from Seattle thanks to Phoenix RE Bar Camp.

I asked quite a few questions, but one in particular was relevant to homeowners or Realtors searching for a loan officer:

What should you look for when shopping for someone to help you with your loan?

Justin: What should a consumer look for in a mortgage guy?

Kristin Lavanway: A mortgage guy?

Sasha Lopez: Don’t say honesty because that is just out-the-window already.

Kristin LaVanway: I think that the first step is that they answer the phone and they get back with you — I am so impressed when that happens (because it doesn’t always). And, you know that they will work with you. If you call them on the phone and you say that you want to buy a house and they say “oh sure, you are qualified, just go shop” then you should move on and get to someone who actually asks you the questions and decides if you can actually buy a home and will tell you that you can’t if you really can’t.

Dean Ouellette: Knowing what I know right now, the first thing I would ask them is “do you have in-house underwriting and in-house doc drawing” if you do, then that opens the door — if you don’t, I am moving on until I find someone who has at least that.

Darin Persinger: Whoever responds on Lending Tree.com the fastest.

Sasha Lopez: REALLY? OH. MY. GOD. No, not really right?

Darin Persinger: No, not really.

Sasha Lopez: What I am looking for in a lender is someone who will respond to both myself and the client

Kristin LaVanway: Don’t forget the ten day close… Oh, if they can close in ten days…

Obviously, I am going to need to work with the local crowd here in Phoenix a little bit… one of the best ways to find a great loan officer is right here on the Zillow Mortgage Marketplace.

Cast of Characters:
Dean Ouellette
Kristin LaVanway
Sasha Lopez
Darin Persinger

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Responses (3)

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Barbara Voto-Masters 2:01 PM - Apr 13,2010

What a client needs is Industry Knowledge from a lender…. Quality of Service…. these are hard to find in the mortgage industry…..

Rates: most lender’s have the ability to offer similar rates based on geographic area… not a big change from lender to lender
Fees: these are mostly geographically similar… but borrower’s should beware…..

I have been in this business for more than 15 years…. what matter’s to a borrower while they are shopping for a mortgage, and what matter’s to a borrower the day after they close are very different….. Every borrower “thinks” they need to rate shop…..

What a borrower remembers the day after closing and every day after that:

1. Quality of Service
2. Monthly payment

That’s it….. (believe it or not.. most borrower’s do not even remember what rate they are locked in at a week after they close…)
Darin Persinger 11:57 AM - Apr 24,2010

Thanks for posting a this fun video about mortgage Justin. I forgot we even did this topic.

My experience as an agent, then as a Manager, now running my own training/coaching company…Buyers are looking to the agent for some direction, some leadership.

Advice to a buyer…If you aren’t sure if you have a good lender or IF you don’t have a lender yet ask your real estate agent for a recommendation. Or at least ask them for a checklist, like a TOP 5 things you should look for in a lender.

Advice to a real estate agent….see my advice to a buyer above, BE PREPARED>