Whether you are the buyer’s agent or the seller’s agent, the communication with a loan officer can occasionally get tense.
As the seller’s agent you want to ensure that your client gets the best deal possible and you want the loan to close on time. As the buyer’s agent you want to ensure your client gets into the home of their dreams without a hitch.
At the same time, the single biggest issue I hear from agents regarding their lenders has to do with communication….or lack thereof.
The most important thing to always keep in mind is that whether you are the buyer’s agent or the seller’s agent, I believe it’s best consider the loan officer a part of the team. Remember, we want this loan to close as badly as you and your client.
Key Questions to Consider
Are you receiving weekly and timely Loan Status Updates from your lender?
Are you the first to hear both good news and bad regarding the progress of your client’s loan?
Do you find out about the need for escrow extension only a day or two before the expected close?
If you can’t answer these in the affirmative, you might need to find a new “go-to” lender!
“If the client can’t qualifyy, then don’t waste my client’s time and MINE by trying to fix a square peg in a round hole. However, if they client can be brought along, developed, consulted into becoming a viable buyer then you are a hero to me! I want you calling me and not ME chasing you down.” Kyle C, Realtor
The Importance of The On-Time Close
As a loan officer, my worst nightmare is a loan that doesn’t close. We are paid strictly on commission, so we don’t get paid unless the loan closes (just like you), so there’s extra motivation to come up with any possible solutions to a problem. We don’t want to spend weeks and weeks on a file and then not have it close – and we are no different than the agents in this regard.
The Lending Coach as Your Teammate
So, think of me as your teammate throughout this process.
The referral agents I work with have my word that they will hear the good, bad, and the ugly immediately from me.
They know that we will work together to solve those problems and issues that inevitably arise quickly and professionally.
Please do contact me for more information and how we might be able to work together!