How To Be A Loan Officer
AS a loan officer, what is the best way to market to real estate agents?
Any lines or anything you've used to win over agants? Or do you call every other day or what? How do i get their referrals? Not having much luck in the agent market.
thanks
This is also for agents. When a rookie loan officer walks through your door, do you think, why would i go with you instead of my regular lender? What is it that would make you change your mind about a rookie. Honest answers please. thanks
Wow...Paul V had a bad day dealing with loan officer? lol. Good comments all around. Definatley a gray area with the kickback thing. What do i do, call up and say look i'll give you __% of the my commission for a referral that closes? This is a regular practice right? Sound like the best way to get started quickly but i'd be afraid to ask an agent this. Or should i be offering this? How much of % is reccomended?
A weekly rate summary or new program notification is nice to get. Don't call every other day to try and drum up business, you'll just piss us off. Offer an incentive. I have given plenty of deals to lenders with nothing to show for it in return. Lenders always want us to give them referrals but they never give any back!! I know you get people off the street that come in to get pre-qualified! Quit sending them to your buddy every time and start thinking about others. Heck your buddy's not going to know if you spread the wealth. It's just going to make you more money. Man you guys are a pain in my azz!
Mortgage Brokers, Bankers, Or Loan Officers: Know The Differences
Mortgage Brokers, Bankers, or Loan Officers: Know the Differences
When applying for a mortgage loan or mortgage refinance, many consumers don't distinguish between brokers, bankers, and loan officers. But the differences are significant, and can affect the service you get, your costs, and the size of the selection of loan instruments offered to you.
Before signing your mortgage application, it may help to understand what type of professional is serving you and guiding your decisions.
Many consumers, for example, are surprised to learn that loan officers working for banks don't have to hold licenses like those required by mortgage brokers. But they might be just as astonished to discover that mortgage brokers work as freelance agents, and earn their fees by matching loans to customers. In most cases, the bigger, riskier, and more expensive the loan, the higher the commission that the broker will pocket.
That's not to say that bankers are better than brokers, or that brokers have more expertise than a credit union loan officer. But there are differences, and they're important for the consumer to know.
A closer comparison may help to clarify practical distinctions, and may assist you when you're looking for a specific type of loan or service.
Loan officers
Mortgage Brokers, Bankers, or Loan Officers: Know the Differences
Loan officers are employed by banks and credit unions, and offer a full range of products to meet mortgage needs based on your credit rating and financial goals. Dealing with a loan officer offers the convenience of using your local bank, and may also qualify you for a better interest rate, or terms based on your being a loyal customer.
Mortgage brokers
Mortgage brokers can consider offers from many different lending institutions. This provides the most competition from different lenders. They may also find you a creative loan if you have been turned down by a bank, based on the bank's own strict guidelines. Using a broker lets you shop a wide variety of loans not limited to your locale.
Mortgage banks
Last but not least is a third category, the mortgage bank. This is a state-licensed financial institution that has no depositors, and deals only in mortgages. These bankers are often more competitive on origination fees or points paid for lower rates, because they don't have to split their costs with any "middle men." But they may not have access to some of the special low-cost loans offered by banks that can borrow at discounts through the Federal Reserve System.
Wherever you shop for a loan as a retail consumer, look for benefits involving price, customer service, and the right type of mortgage for your particular needs. Keep your eye on those benefits, and the process will likely yield the desired results with the level of expert help and advice you want and deserve.
Mortgage Brokers, Bankers, or Loan Officers: Know the Differences
About the Author
Loan Officer Success - Jessika Ondrick "Tips"
