Which Mortgage Lender? It is That Important!
As we always say, the mortgage lending process comes down to Communication and Execution. There are actually more specific factors to determine which mortgage lender. But, in our opinion, the basics come down to these two key factors. Too many lenders fail in these areas, so obviously this is a common realtor & buyer complaint. Although our process is built to provide communication, unbelievable service throughout, great products & rates, and an efficient process. So let’s discuss the keys to choosing which mortgage lender & why we are that lender.
Keys to a Successful Closing – Use to Determine Which Mortgage Lender to Represent Your Future
- Constant Verbal & Written Communication
- Thorough discussion of goals & scenarios
- Products and Pricing
- Fast & thorough pre-qualifications
- Knowledge to get loans closed
- Dedicated processing staff
- Access to the decision makers
- Closing on-time
Constant Communication During the Purchase
One would think communication can be taken for granted as a basic customer service. But that is so far from the case. We constantly hear complaints where others will not return calls, especially if there are loan issues. Our process and staff will actually keep buyers and realtors proactively updated in writing. It keeps all parties in the loop of the loan status. Additionally, if your loan officer is not available, there are other team members to help. So don’t settle for lack of communication when deciding which mortgage lender to use. You deserve the best!
Thorough Discussion of Goals and Scenario
Mortgage lending is more than taking a basic application and locking in a rate. We believe the application process is a discovery phase. Understanding the who, what, why, and how of a buyer’s scenario is paramount to recommending the best product. For example, we know USDA will deny a buyer with 20% of the purchase price in liquid assets. Or, that we can use VA loan tricks to pay off debts to lower a higher debt ratio. Plus, to walk our buyers through the purchase process. In addition, it is so important to explain mortgage choices and loan structure in an easy to understand manner. Finally, the end result is an enthused and very satisfied buyer.
Think of how long it takes for some to return a call or email. That’s not a good sign. Conversely, we promise that we answer calls and quickly return voicemail and emails. Commonly we even receive surprised responses to our after hours accessibility. Of course, not all loans go perfectly. Things go bad such as lower than expected income, low appraisals, etc. Although that is not the time for a lender to go silent. The borrower and realtor need to know any struggles as soon as it is known. In the end, good or bad, we communicate with you!
Products and Pricing
Not only do we have great mortgage products for buyers, we strive to educate ourselves on them. A common misconception is that buyers need 20% down payment. Whether a buyer needs low down payment or it is just a good strategy, we have many options. On top of that, we offer great rates for affordable housing payments.
Fast & Thorough Pre-Qualifications
Because listed properties can move fast and the market is competitive, getting a quick answer is paramount. On top of that, the answer needs to be as accurate as possible. Lenders should not give a pre-qual letter just because someone wants one. Before providing a prequalification letter, we review all available information. In addition, we highly suggest borrowers provide documentation early and complete so that our answer is very accurate. The earlier we have confidence, the earlier our buyers and realtor have confidence. That is a good thing and sets a solid foundation for future closing success!
Knowledge to Get Loans Closed
Knowledge is king, plus execution requires knowledge. In the first place, we have a “can do” attitude at the corporate level including underwriters and owners. But at the local level, we really shine. We ensure that your point of contact has the knowledge and the support behind the loan officer. Team members include mortgage veterans of 15 – 22 years individually & we train often on our products & service. So if your loan officer can’t answer your question immediately, we can get the answers! Collectively, our local and corporate team will figure the best way to get your loan closed.
Dedicated Processing Staff
Behind the scenes is where the bulk of the work happens. Throughout our history, a staple has been our high level processing team. It is led by a 15 year veteran who understands a wide variety of products. The work ethic of our processing team really drives the efficiency of the closing process. A recent buyer said to our processor, “Thank you for the update. I just want to take this opportunity to say thank you to everyone involved. All of you been working overtime to get this through the process. Plus putting in a lot of hours and it is very, very appreciated. Thank you everyone, for all of your hard work to make this happen. I am very lucky to have such an awesome team working on my behalf!” Amy H, Wilmington NC
Mobility? What does that have to do with mortgages? This means we are not too big where it is difficult to get in touch with decision makers. We can quickly change processes or products to improve service or response time to you. Additionally, we are big enough to control an efficient mortgage process. This results in a more efficient closing for our clients. We are like the goldilocks mortgage company – not to big and not too small!
Access to the Decision Makers
Ask a call center or large bank loan officer to call the head underwriter or CEO about a tough situation. That’s not happening. Our upper management and owners are accessible to the front line representatives. It is such an advantage when asking for an exception that makes sense or to rush a file. Open communication without restriction from the top to the bottom gives us a clear advantage for our clients!
Last but not least, the contract date is so important. There are situations out of everyone’s control, but we do everything in our control to meet closing dates. Again, we are proactive in the mortgage process early on for a successful, on-time closing. So from top to bottom, there is a collaborative effort by all!
So Which Mortgage Lender Again?
We hope you now know how important choosing an exceptional lender can be for your important life decision. Besides reading these key traits we use to execute your purchase to another level, we encourage you to call today. You will then see what we mean!
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.