What's in a Lender?

marylandsmortgage.com · Joined: 30 May 2006 Posts: 2

I run a small company in Maryland and I'm looking for advice. What are some of the services people are looking for in a lender? Are people looking for just the cheapest rate, best customer services, a lender willing to bend over backwards, information and training on their website? I want to make some improvements to how I do business, but I need input.

Thanks,

Peter Dellane (owner)
Ability Mortgage Group

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

Welcome to the forum Peter!

I honestly don't know, because of the fact I'm on the retail side. We do have some lenders in here though so hopefully they'll speak up soon!

Just FYI I mod'd your sig out, if you could please update it to follow our sig policy in the 'loan talk' section that would be great! Thanks!

marylandsmortgage.com · Joined: 30 May 2006 Posts: 2

Haplo wrote: Welcome to the forum Peter!

I honestly don't know, because of the fact I'm on the retail side. We do have some lenders in here though so hopefully they'll speak up soon!

Just FYI I mod'd your sig out, if you could please update it to follow our sig policy in the 'loan talk' section that would be great! Thanks!

Sorry about the signature thing, I just signed up and I didn't know. Is it OK for me to post my web address for people to look at my site and give me suggestions?

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

No worries Peter.

Overall we generally frown on the links thing, but if you have it in your profile then if someone's poking around they can check it out. (I mean just while you're a new member to the forum of course.)

pussycat · Joined: 24 Jan 2005 Posts: 94 Location: Kansas City

When you say "people look for in a lender" are you talking about borrowers or mortgage brokers? It has been my experience that borrowers shop for rates and fees and don't care about much else. Brokers go for rates because that is what the borrower wants. Look at customer service. How easy is it to get a loan closed without making the borrower jump through hoops. HONESTY- if the rate is sold at 6.99, don't up it to make more money. That is my advice.

The Wizard · Joined: 02 Apr 2006 Posts: 48 Location: So. Cal

Hi Peter,

Welcome! Peter are you a banker or a broker?

dsouthr · Joined: 24 Jun 2006 Posts: 15 Location: Columbia SC

Peter, the best rate in the business is worthless if you can never get a deal pushed thru them. You really want to look at it from the standpoint of forming partnerships with a limited number of lenders. Get to know them inside and out and comit a good part of your business to them.

Shopping companies because of their rate today is like playing king of the hill, you only get to be king for a short while cause someone else will knock you off. Your first few deals with a new lender are a learning process, not what you want to go thru on a every deal basis. Find a lender that has fair rates but consistent underwriting and internal staff that works with you. If at times their rates get up there don't worry, they will fall as well. HItch your horse to the service wagon and the rate will be what the rate is, the big thing is getting it able to close. You don't want your customers shopping you for rate, why would you do what you do not want your clients to do? You will find the more you close with a lender the more leaway you will gain but you can never see that if all you do is shop for the lowest rate today guy.

jeffatmmc · Joined: 15 Jul 2006 Posts: 10 Location: Denver

Brokers send me loans not because I always give them the best rates but because we get the file done quickly without a 20 item stip sheet. The key to business is returning phone calls and being frank and upfront with people

Deleted contact information. Please read our advertising and signature policy threads.

~Haplo

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

hello peter....all of the above in your post are what i look for in a lender..the more you can offer the more deals i will send...

BobfromFirstStreet · Posted: Thu Sep 07, 2006 9:55 pm Post subject:

Hello Everyone!
I am new to this site and like what I see. Everyone seems very helpful.

As to the topic posted, I think what separates the good lenders from the average lenders are the AE's who know and understand the products they sell inside and out. I don’t think making exceptions should be considered in determining a good AE. Ill tell you YES, or NO about your loan. Don’t want to spin anyone’s wheels about a "maybe" or wait on an exception.

I have very aggressive products with my company and we are not afraid of the bigger Lenders. As we are in 32 states, our rates are extremely competitive.

So, I look forward to working with all of you on this site!