Tag Archive for: brokers

Last week I was in Boston speaking at the ACUMA ( credit Unions) event. I spoke with one of the production people and we chatted about how they generate new business.He told me what I have heard hundreds of times “I hate working with Realtors”

Realtors still control the majority of transactions in this industry and that is a simple fact.  But think about their side of the table for a minute. When they give you a loan they are actually giving you 2 things.

2. Their Reputation

Realtors are pushy and they need to be sometimes.The key is in communication. Let me give you an example.

The agent calls you and says when can we close. The contract says closing is July 31.

WHAT DO YOU SAY?

Most loan officers would say we should be fine for the 31st

We are always going to be pushed to get things done and then get blamed when the borrower doesn’t do what they are supposed to do. This in turn makes us hate working with Realtors.

BUT I FOUND A SIMPLE SOLUTION – and here are some scripts

1. When will this loan be approved?

Response-” Once I have all the documents I requested we can get them submitted and approved in 3 business days.”

2. When can we close?

Response- Once I have all the documents and the underwriter has signed off we can close 2-3 days later.

Do you see a pattern here?

You don’t need to give a date- You need to place the time frame issues where they belong – on the borrower

Once A happens- B can happen

Having said all of this it is still OUR job to prepare the borrower for all the items they will need- to explain the process and to communicate weekly so everyone knows what’s in and what’s needed.

In fact- Do you ever read the purchase contracts?

Each contract has a financing commitment date-

If you don’t have the documents you need – why should YOU be blamed?

I do a status meeting each and every week with my processor to go over all of my files- If we are coming close to a contract approval date and I don’t have the items needed I will let the agents know to get an extension because the borrower has not provided  all the needed information.

The person they should be!

Once you become an “offensive” communicator you will LOVE working with Realtors- realize we are all on the same team and don’t forget we are being trusted with their reputation and paycheck.