Over the past two weeks, I spoke to three new clients with similar situations... their Loan Officer was not returning their calls all of a sudden.
When I receive these calls, it is music to my ears. I'll be happy to pick up the where someone else dropped the ball. Not because these loans are easy - In most cases they are quite opposite. Actually, 75%-85% of the time the client has some real credit or financial issues that need to be addressed. They were just unfortunately to find someone that didn't want to take the time to explain it.
My biggest question to those previous Loan Officers is 'why not just tell the client what the issue is and how they can resolve it?'
Trying to jumping right in, I know that these clients may need a few months of hand holding (perhaps even for up to a year). The key is to explain to them what the main concerns are, point them in the right direction, and set them up with local professional that will help them further.
A local professional could be a Credit Counselor, Real Estate Attorney, Financial Planner, etc. Depending on their current situation, have them contact a professional. Sure, I can direct them on their credit to a certain point, but credit correction is not my expertise. If its something we can work on together, GREAT! Otherwise, they need to speak with someone who can really focus on the improvements needed, who have the time, and supporting staff to see it through correctly.
I'll give you an example... two weeks ago I received a call from a client that received a Pre-Approval Letter. Not just a Pre-Qualification Letter (which is still ridiculous) but an actual Pre-Approval Letter. She then placed an offer on the home and was planning her relocation from Virginia to Frisco Texas. Well, after making arrangements, and getting things packed, she found she was having a hard time reaching the Loan Originator and the Realtor. When she finally did reach the Loan Originator, he told her that she would need some work on her credit.
Keep in mind, this was almost a month later. The 'soon to be' Homeowner's credit scores were low 500s to high 400s. In a panic, she contacted me (Thanks to Activerain and Google.... ranked #1). Unfortunately, I was unable to help with financing today and explained to her why. A few years back she had some issues that were never resolved. None of her credit history was due to recent activity, which tells me that the Loan Originator should have explained this during the very first call and not waited for the customer to TRACK THEM DOWN.
I immediately called Loreena Yeo of 3:16 Team Realty. Explained the situation and that the buyers were coming into town within the next 2 days. She called and spoke to Mr. and Mrs. Buyer to gather some information on location, size, etc. She found some great Lease Options for these buyerss. As a matter of fact, they are working on a Buyer Financing deal while the buyers continue to work on their credit. Actually, while they were all in my office, the buyers called the Credit Repair company I suggested right then to get things started.
So, they will not be able to move into their home as quickly as they would have liked, but at least they have found a home in our wonderful city of Frisco. And although this scenario was not 'financially' beneficial for me, it was well worth it. She is moving pased a bad experience and into something very positive. Besides, in a a few months to a year from now they will be ready to refinance the home to a much lower rate. On top of that, who will they think of the next time someone asks mentions Real Estate or Mortgages? It's all about the relationships you build!
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Are you looking to purchase a Texas home? Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?
I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call or visit my website for more details.
Do you want to know all of your mortgage options? Call me today and let's discuss them further.
Always available for your Texas Mortgage and Home Loan needs!
John R Cannata P#214.728.0449
NMLS # 322646
The views expressed on this site are mine alone and do not reflect the views of my employer.
You are so right John! It is all about relationships! I am blessed to work with you and Loreena!
John, you are a good man and hey, I met Loreena a couple of weeks ago.
Hi Janiel. Its about time you joined us on Activerain. :-)
Teral - Where did you meet Loreena? I would have liked to come. Maybe next time?
Hi John ~ Yup - that sounds like a very bad sign. Boggle the mind - those lenders need to man up and tell the borrower what's going on. It sure does present an opportunity for someone like you who can get the job done.
Liz
It really does come down to relationships John and taking care of people's needs AND answering the phone, especially when there are problems that need to be taken care of! Or better yet, calling them first! I enjoyed your post very much!
John ~ now that's what I call some good ol' teamwork! It's amazing that things like that can happen.
John, that seems to be the biggest bitch that I hear from agents in the field. Lack of communication from their lenders...
I've never felt the importance of TEAMWORK until this transaction. It's so important that each and every part needs to work perfectly for putting people in homes of their dreams.
John such perfect timing on this post buddy- I was considering one on the same topic myself so I hope you won't mind the reblog!
The better Lenders out here are all cleaning up the messes of those who really shouldn't be in the business anymore. I received a call Thursday and after digging deep found out this poor couple wasn't going to be able to close on their home because their lender grossed up income he shouldn't have. Yes they paid for the appraisal. They even moved out of their rental and now I have them looking at lower price homes that they do qualify for.
Keep up the good work- it's rewarding and commendable that you do the right thing for your customers regardless of compensation. I do hope those customers express their appreciation to you.
Gerry Suarez, Jr.
Your FHA Loan Pro!
John... good job with this one. I see this often and tell borrowers that it's a major red flag when a loan offier would woo that borrower, answer their calls and e-mails, and then once in the door, disappear... this is a huge pet peeve of mine. Yes, it's all about communication.
Liz - Thats what I dont get. Its just easier to tell the person the truth from the beginning. Leading them on only create bigger headaches in the end. For the example I gave, she up and moved her family based on this guys instructions.
Thanks Wanda. Having a great group of professionals to rely upon is important. Teamwork really plays a big part here. Its like 'Vidal Sasoon'... "If you dont look good... we dont look good"
Dawn - I dont see why it should happen that way. Just tell the client and let them move on or direct them to someone that can help.
Michael - Communication is huge. In the early stages I would lose someone because I would not be calling them often enough. Its important. Whether I am working on 1 transaction or 20 transaction, its important to let each of them know.. because that person is working on the ONE transaction and couldn't care less about the others Im working on. Need to keep the line of communication open.
Loreena - This was a great example of how people come together to lead a new homebuyer in the right direction.
Gerry - Thanks for the reblog. Appreciate you spreading the word. And had you written a post similar, I would have been okay with that as well. Sometimes it takes a post to spark an idea and other times, the timing just works out where we post about the same thing. No worries either way. I wont call you about it. :-)
Michael - For me, it wont matter how much work I have, they are all important. I've had deals where I couldnt do anything... for example VA Loans. I understand the requirements, process, etc. but I prefer to hand these clients to someone that works VAs all the time. So, even if I cant help you, I will find someone that can. All calls are important to me. At some point, that person will have someone that needs a Conventional or FHA loan, hopefully they will think of me. There is never TOO much work... but there are times you need to rely on your team to help you out.
Jeff - Its the old 'Disappearing Act'. Now you see me... now you dont. Works out for me. I had another call recently where the LO was not calling back... so I assume credit was bad. Her middle FICO was 814. Who the heck does not call back a FICO of 814? Yes, she is employed... salary and with the same company for 12 years... owns the home already, just wants to refi. Perhaps some people just have too much business that they can not fit in one more person.
Nice catch John....and you know you did the right thing to help...what goes around comes around even if it isn't always from the same source...have a prosperous week !
Two thoughts come to mind:
1. At the end of the day, all we can really control is communication so exercise that control!
2. The LO's in your example are order takers, plain and simple. They're not professionals and I can't believe any Realtor would refer them - but then again, there are many Realtors that are just the equivalent of order takers.
Sally - Thats how I feel about it.
Drew - What I have found about a Realtor like that is that they are afraid to take the time to find a good LO. Instead they stick with a person that may not be the best, but at least they know what to expect. Good service or not. I dont understand it, but thats what I have found with some of them.