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By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
As many of you know, my
email newsletter goes out to thousands of loan officers and mortgage
brokers throughout the country. I greatly value your feedback and truly
learn as much as I give back in return. I've always believed that you
reap what you sow.
One reader, Cheryl Risner from Shreveport,
LA had a very interesting question. It's something, we all have
encountered from realtors and other third parties. I hate when this
stuff happens. Here is her story...
FROM CHERYL:
Hi Rob! Thanks so much
for all the great information I've received from you. You really help
to make sense out of some of these confusing files. I'm hoping you might
have a suggestion about one problem that we've found in our area. The
real estate agents around here often call the title attorney and
schedule closings without consulting the lender, and without regard for
any outstanding conditions (such as appraisals, etc.) They are
apparently taught that if they will schedule the closing, the lender HAS
to have everything ready at that time. How can this situation be
addressed without offending the real estate agents that are so crucial
to our success? Any help or suggestions would be appreciated. --Cheryl
Risner, Wholesale Mortgage Lenders, LLC., Shreveport LA.
MY RESPONSE:
Hi Cheryl, the problem
you face is a common one and something I encountered when I was first
starting out in the mortgage business. If there's one thing I learned
early-on, it's that you must maintain control of the loan transaction at
all times. No exceptions. You are the loan officer, and you call the
shots. The real estate agent is not in charge--YOU ARE!!! AND YOU MUST
MAKE THIS ABUNDANTLY CLEAR FROM THE BEGINNING!!!
For some reason, it
seems like many real estate agents are power hungry, overly-aggressive,
and un-educated about the loan process. Not all. But many. But, the
real-truth is that they're scared. Yes, scared! Scared of losing the
whole deal and their commission check!!!! That's why they are trying
to schedule the title work and closings ahead of time--to put extra
pressure on you! They obviously don't know the loan process and what's
involved. It's not their fault. It's just their plain ignorance and
they don't know any better!
As I mention in my
system, http://www.myloansystem.com.com I always call the realtor as
soon as the deal is a go-ahead. I hit them before they hit me--and many
of them are shocked that I called them first! This shows that I am
serious about the loan and am not a typical loan officer. I explain to
them that I am in charge here, and am driving the process until the
closing table. If they have any questions or concerns they need to
direct them to me FIRST--not the borrower. As I will have the most
up-to-date information available. By doing this, you put their fears at
ease, and you will have less back-and-forth calls to deal with.
I tell all real estate
agents--upfront--that I will schedule all closings and take care of all
loan processes from here on out. Their part in the process has ended,
but they will be kept informed until the end. I tell them that if they
get involved, they risk jeopardizing the entire process and may LOSE
their commissions. (This scares them and they listen with great
attention!!!!).
I also infer to the
borrower, the same things I have told the real estate agent. This way
we are all on the same page up until the end. If possible, I'll even
put all interested parties on a conference call to re-enforce my point.
I don't like surprises or getting back-stabbed. I want everyone to know
I don't get paid unless the loan closes, so am very encouraged to do
what I can to get the deal done.
You wouldn't believe
how many compliments I have received from agents about my up-front
manner. And not to mention the countless number of deals this has saved
me and extra thousands of dollars in commissions it has earned.
Do things differently,
and you set yourself apart from the rest of the pack--you become a
magnificent loan officer. Better yet, it's money you can take to the
bank!
Have a suggestion for
Cheryl? Email me at sales@myloansystem.com and I will
publish the best responses in an upcoming issue. Have another problem
or difficult situation? Tell me about that too! And I will see what I
can do to help!
Best of luck in your
business. This is a wonderful industry to be in!
Warm Regards,
Loan Officer & Creator of the Sink or Swim Loan Closing System.
http://www.myloansystem.com
Click
here to read just some of the success stories from users of the Sink or Swim Loan Closing System ®...
Click here to see a printout from a recent commissions report with my biggest
month ever!
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the entire system now and start earning more money immediately.
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