How to Find a Good Lender

1800LoansNow · Joined: 28 Jan 2005 Posts: 7

Finding the right lender is like finding anything else ( a new car, home, stereo or girlfriend for that matter ).
Reputation, is paramount. Whether you go online, or to their door. If you can't get the answers your seeking go elsewhere.

Some people go directly to one bank, which sometimes is o.k., but the bank represents one lender themselves, a broker may represent many banks and lenders, this gives the borrower many choices in the product they are seeking. Some people shy away from brokers, but a good one can be as pleasurable an experience as your local bank.

Remember one thing, both banks and brokers work for YOU, your the valuable customer, and should be treated as one. Banks and brokers both are in business to earn money, and your business.

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

Yet there seems to be no clear guide to finding a lendor. You just go off of what your friends tell you. That is probably all I will do. For example, some friends just bought a house. They said the guy across the street from them is an LO, and they would introduce me.

Desert Duck-04 · Joined: 22 Jan 2005 Posts: 65 Location: The Desert

just make sure your lender doesn't use phrases ciao and ethos...lol

biggermortgages · Joined: 04 Sep 2005 Posts: 10 Location: California

hehe you are too funny !

It doesnt hurt to shop around.... First take a week or 2 and see if there are any quick fixes you can do to your credit.

Paying your credit card balances down low will help your score overnight...

paying installments like your car off might actually hurt your score...

Closing unused or older acts will hurt your score too.... after you do this

i would apply with 2-3 local brokers then maybe compare it to an online quote.

dsickler · Posted: Sun Sep 04, 2005 7:43 pm Post subject:

biggermortgages wrote: hehe you are too funny !

It doesnt hurt to shop around.... First take a week or 2 and see if there are any quick fixes you can do to your credit.

Paying your credit card balances down low will help your score overnight...

paying installments like your car off might actually hurt your score...

Closing unused or older acts will hurt your score too.... after you do this

i would apply with 2-3 local brokers then maybe compare it to an online quote.

BiggerMortgages is right, pay your credit cards down so that they are below 30% of your available credit line.

About 1/3 of your credit is based on your length of credit history, so closing older accounts could actually hurt you.

and lastly, you have a 14 day window to have your credit pulled as many times from lenders, and it will only count as one inquiry. But keep on eye on that window. I have worked with some clients that send their loans to more than one broker and their credit score was hurt very much, because the lenders kept pulling credit.

But try to find one broker that you can trust so you don't have to continue to shop around. Many times, if the agent knows your shopping around, they lose interest in helping you. I knew an agent that had a client that had sent their loan to two brokers. The loan was ready to close, and the client put it on hold to see if the other broker would do a better loan. It was good for the client to shop around, but it made the agent feel like he was doing all this work for nothing. luckily the other broker denied him the loan, and we were able to close it for him. But because he had sent the loan to more than one broker, and each broker was shopping the loan, his credit was pulled more than 20 times in a 3 month period. It dropped his credit significantly. So even though the credit companies give you a 14 day window, be careful.

David

Seven Figures Proman · Joined: 27 Jun 2005 Posts: 33 Location: USA

I think you should ask your loan officer how long they have been in business to start with! I wouldn't deal with anyone who has less than 10 years experience! A mortgage is a very important financial decision in a person's life! Try not to use a "broker" but use a "wholesale mortgage banker" who is also a certified mortgage planner,who is on line with over 100 banks as their branch. This allows the banker to shop a loan to over 100 banks without damaging a credit score with excessive inquiries! Leave the charge cards alone until after the closing. Nine out of ten times you will lower your score with a card payoff or closing a card. It is better in underwriting to see a large "cash reserve" Do not give your social security number to anyone,but the one loan officer you select from your search! The SS number is how credit is pulled!

Google search the loan officer's name by adding the word "mortgage" after their name. If you see many professional mortgage articles about this loan officer,such as,perhaps their closed loan production or other accomplishments and their dynamic web site pulls right up,then you are on the right tract!

Ask the loan officer if they are a member of NAMB,MBA,Chamber,Board of Realtors,etc. to see if they take their job seriously. This is usually a good indication that they will do a great job on your file! You may even want to ask the loan officer what sort of formal education do they have that prepared them to be a loan officer. Did they graduate "Magna Cum Laude" with a 4 year, Finance Degree? You can google university degrees and professional organization membership status in most cases or ask the loan officer to PDF or fax you proof of who they are. I have my Bachelor's diploma and grade transcripts on hand if a client wishes to see them!

If a lender can pass this litmus test above..they have gained your bond of trust..and.....they are obviously the best loan officer for you!

Ciao,
7

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I disagree. I lack many of your 'qualifications' as per your post, yet I can assure you that I know more about the business and have a better set of morals and standards than a very large number of people in our business.

chow · Posted: Tue Sep 06, 2005 9:17 pm Post subject:

Desert Duck-04 wrote: just make sure your lender doesn't use phrases ciao and ethos...lol

:lol: :lol: :lol: 8) 8) :lol: :lol:

Thanks Duck, I needed that!

and Damit-I fell down to page two in the google search :wink:

My name chow's evil twin is still top of the list on google!

http://www.brokeruniverse.com/grapevine/viners/chowseviltwin.htm

Oh, we're supposed to talk about mortgages.

7figPM, I meet a lot of people, from a vast sector of the financial community. You can't say someone who only has a few years in this business won't be able to to do a customer justice. I usually draw upon 2-3 people who can all write loans when I do one. I don't play with chump change commercial loans. I've only offically been a Loan officer since 1998. Before that, I was Guida, and I will be taking on that role again along with my commercial expierence. The lay of the land is changing, and those of us who change and learn-will always have mentors-or be mentors.

If a customer is given a good feeling with someone who has been in the business 1 day-and they go into the office, or call, and have the mentor there-that is not a bad thing.

There is no shame in telling someone you are new in the career-but this is your career. You convey your professionalism to them.

"We get, what we give"

Would you tell you LO's or people that you mentor to tell everyone to do all of these things? I have been beat out on loans. I had the people bring in the estimates, and the other disclosures, and even went to the closing. You can't siderail a newbie. I'll stand here all day long and tell you I know some newbie's with more ethics than FHA underwriters.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

well put!!!

Seven Figures Proman · Joined: 27 Jun 2005 Posts: 33 Location: USA

Would you tell you LO's or people that you mentor to tell everyone to do all of these things? by chow :roll:

YES,of course! I started out back in the dark ages 22 years ago as a newbie and I paid my dues. It wasn't easy back in that time. Today there is so much information at your fingertips and many people willing to mentor you..and tons of leads to buy online,so you really do not have to kiss up to the nasty referral sources,like a Realtor with an attitude. No, what has happened is the old referral sources of the past are now courting the loan officers for referrals. It is so pleasing to see a full 180.

The question was "what is the best qualifications for a good loan officer"

I believe I answered the question! This doesn't mean that the one week loan officer is not good,just inexperienced. I think if you have a positive attitude,never give up,are willing to learn new things and change and be upfront and honest, you will become the excellent loan officer who rarely loses a transaction to a competitor.

Ciao,
7

chow · Posted: Fri Sep 09, 2005 7:47 pm Post subject:

Today there is so much information at your fingertips and many people willing to mentor you..and tons of leads to buy online,so you really do not have to kiss up to the nasty referral sources,like a Realtor with an attitude. No, what has happened is the old referral sources of the past are now courting the loan officers for referrals. It is so pleasing to see a full 180.

Really-I have never charged one soul- even one penney to assist them.

In fact- I give away loans to the former LO's or banks, MBA's who wrtoe the last one-to make the next onen work.

"It wasn't easy back in that time." No, it wasn't- You know-back in the 1950's we had to do that abstract stuff, then go and ask about every little credit they had, check in with the insurance company...and then there were those pesky men-that didn't think womean should be building a credit system as we know it today.
PMM-just step off your Low Road now)

In the 1970-80's I had to knock on doors to verify the information on high risk loans.

I happen to be the daughter of one of the people who helped build the CRA's, and a little factory worker who built a Credit Union. How may years do I have in this business? Do I want to compete for a website that will get me nothing more than the span I get now?

Let me see-in 1978 I guess...I got the wrath of the CU when I could'nt stop the motorcycle I repo'd for them. It didn't have brakes-and I had to drive it until I could figure out a way to kill the engine.

To this day-there are tracks around the field of my parents house.

Do I live off of my parents back????-nope.

I live off of face to face referrals.

"Today there is so much information at your fingertips and many people willing to mentor you..and tons of leads to buy online,so you really do not have to kiss up to the nasty referral sources,like a Realtor with an attitude. No, what has happened is the old referral sources of the past are now courting the loan officers for referrals. It is so pleasing to see a full 180.

The question was "what is the best qualifications for a good loan officer"

I'm sticking with "duck"

PMM- You've never proved to me in any forum, that you were even worth using my unlimited land line time on-If I needed a loan.

Seven Figures Proman · Joined: 27 Jun 2005 Posts: 33 Location: USA

PMM- You've never proved to me in any forum, that you were even worth using my unlimited land line time on-If I needed a loan...by Chow

Ok Chow..so I haven't impressed YOU!....but apparently I have impressed a few...judging my the demand for my class,my loan volume success,referrals,etc,etc,etc...hummmmmmmmm..interesting..... :roll:

You seem to have a lot of experience,Chow and have helped many people in your life..continue your good work...and...God Bless :wink:

Ciao,

7

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

To find a good lendor, you've got to get a good referral, and you need to educate yourself in advance, so that you ask the right questions. In recent times, loan officers have been compared to "Used Car Salesman" (and women). And, of course, shop around a little, so you can make a comparison of products. If it sounds too good to be true, it probably is.

Probably the #1 issue will be honesty (in my humble opinion), so You've got to know the right questions to ask people. I was very please with the answers I received in Kepping a Broker Honest here:
http://www.mortgageforum.net/viewtopic.php?t=968

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: Ok Chow..so I haven't impressed YOU!....but apparently I have impressed a few...judging my the demand for my class,my loan volume success,referrals,etc,etc,etc...hummmmmmmmm..interesting.....

Another problem with the broker world is that many seem to think that they are some kind of special gift to mankind.

chow

Quote: Ok Chow..so I haven't impressed YOU!....but apparently I have impressed a few...judging my the demand for my class,my loan volume success,referrals,etc,etc,etc...hummmmmmmmm..interesting..... :roll:

You seem to have a lot of experience,Chow and have helped many people in your life..continue your good work...and...God Bless :wink:

Ciao,

7

PMM-

I just wanna wash my hands off after typing and backspacing so I don't offend the administrator. I guess the only thing I can say is that I hope you don't trip over your own ego on your way to the john.

	Mortgage Forums Forum Index -> Finding a Lender	Goto page 1, 2, 3 Next
Page 1 of 3