Are you shopping for a Mortgage?
Lenders don’t matter, loan officers do.
I spoke with a pleasant enough lady this week who reminded me of this fact. She was in the process of relocating to the Phoenix area and after introducing herself, began the conversation with:
“Hello, I just want you to know that I am searching for a new loan officer. My husband and I have used the same loan officer in Chicago for years and he was with a couple of different lenders during that time. Since we are now relocating out of state, he said that we should find a good loan officer that we like to work with - but he didn’t know anyone in Arizona to recommend, so I am left to search on my own.”
I was standing up when I took the call and I immediately sat down and began rubbing my forehead and closing my eyes while listening very carefully to what she was saying.
She went on.
“You know, I have found that mortgage rates and fees are all about the same - because trust me, I have shopped around before and it is a complete waste of time. What really matters to me is that you can deliver on whatever it is that you promise. When you tell me something, does it make sense or does it always sound like an excuse? Are people that you have helped in the past raving fans or apathetic about using you again? So tell me - why should I let you be my loan officer?”
Now was my chance!
I could tell her all about how I was the smartest, funniest, easiest-to-get-along-with, most-knowledgeable, whatever-other-good things that I could think of about me and win her over, right?
Wrong.
I first asked her if she had a pen and paper handy, and then I proceeded to give her the name and phone number of two other great loan officers in the Phoenix area who I personally think do a great job.
I then coached her on 5 questions to ask each of them.
And I concluded with the open invitation of “Ma’am, if after talking with them and learning a little more about how they work you think I can be of service, I would be happy to help you with your loan. I promise that I will work hard to earn your business and if I do a great job, I hope that over time you will start to speak about me in the same way that you speak about your current loan officer in Chicago. Is there anything else that you want to ask me? Go ahead, I will do my best to give you a great answer…”
And she said that she didn’t have any more questions.
But she did call me back on Friday and ask me what the next step was in the loan process.
And she still hasn’t asked me what company I work for.
Last 5 posts in Lenders
- Zillow Mortgage Marketplace: Changes Make It Better For Consumers - October 22nd, 2009
- Consumers Want Lenders With Positive Reputations - October 6th, 2009
- Lose Your Job? Skip a Mortgage Payment or Two - September 21st, 2009
- What's the Mortgage Market Doing Today? - September 15th, 2009
- Mortgage Market Update - September 8th, 2009
- Stumble it!
- Categories: Lenders, Mortgage Broker
Comments
10 Comments so far
Looking for A Mortgage Lender? « It’s Good To Have A Friend In The Business
[...] UPDATE: Here is a great post about What To Look For In A Mortgage Lender [...]
Eric
Excellent post Justin. The loan officer IS very imortant in the process. At http://www.dreamhomefinancing I have always felt that the service you provide to customers is directly related to whether they come back and refer their friends and relatives to you. You need to treat all customers like they are family. Anyone can promise a good rate or low fees. However, what is most important is to help borrowers through the process and make them feel comfortable that you have their best interests in mind.
Candace Robinson
There is no question that finding the perfect loan officer for my clients is a high priority for my clients. Not only am I looking for integrity and cut to the chase truths, I want someone that is willing to go that extra mile and put my client interests first. Great article and will be sure to share it with my clients as well.
Justin McHood
@Eric,
Thanks for stopping by and commenting! As the old saying goes - businesses are built one sale at a time but often destroyed by just a few customers who had bad experiences and told their friends.
@Candace,
You actually read my stuff? I am honored that you took the time and thanks for commenting!
Justin
Joey
Hi Justin,
Thanks for getting back to the comments, it was a perfect touch of personalization. I already subscribed to your RSS feeds so that I won’t miss a thing. Awesome blogging!!
Imtos
Would you mind asking the lady for the name and contact information of her loan officer in Chicago? I will be moving there this Spring, and I am looking to establish a solid relationship with a loan officer.
Thanks much,
Jennifer Monastero
Very good Justin- I couldn’t agree with you more.
RateNerd
A good mortgage broker will make all the difference, and a bad one can be a disaster. My thoughts are here: http://ratenerd.com/mortgage-brokers-are-your-friend-59
Justin McHood
@Joey,
Thanks for commenting - as you know, *most* people who read a post don’t actually comment or ask a question on it. So those that take the time to do, I figured it is only right to respond and try to “keep the conversation going”. Blogging is a 2 way street. I have probably learned far more from people who leave comments than they have learned from me… or at least that is the way I feel about it.
Imtos,
I ran this down today for you and have a call in to the “one” loan officer who has clients who are raving fans. I will update with her contact information as soon as I get the “green light” from her - and in the spirit of always sharing the 2 best loan officers that I know who could possibly help you, here is the contact information of another loan officer who is absolutely-drop-dead-stellar:
http://www.themortgagereports.com/
@Jennifer Monastero,
Thanks! It makes my life easy when people agree with me. Less typing or saying “I’m sorry”.
@RateNerd,
Cool name! Thanks for commenting.
Thanks all,
Justin
Justin McHood
@Imtos,
Just had a great conversation with the “all-star” loan officer who has clients that are raving fans. Here is her name and phone number:
Kim Dowling
815-788-2704
Don’t forget to ask her what lender she works for!