Why does your Realtor recommend a mortgage broker/loan officer?

Why does your Realtor recommend a mortgage broker/loan officer?

When a client asks me if I know a loan officer they can call, I tell them "Dana George at Greenpark Mortgage!" Some clients welcome my recommendation of a loan officer, others are a bit more wary. And I understand why! The real estate industry has gotten some... eh... bad press in the past few years. The finger has been sharply pointed at loan officers, mortgage brokers & lenders and the public perception is that loan officers are predatory and just out for a buck... so the logic follows that if a Realtor is recommending a mortgage professional, there must be something in it for them. Right?

There is a misconception when it comes to Realtors recommending professionals - particularly a mortgage professional. Many people think that we get financial gain when a client uses a lender we recommend. Let me set the record straight WE DO NOT! That is called a "kick back" and I can lose my license for taking it.

What I DO get out of recommending a loan officer are a couple of things:

1) Confidence: When a client works with someone I trust it puts my mind at ease, I know that you are getting solid advice.

2) Accessibility: Dana answers my calls on his cell phone after hours, sends me emails on Sundays and if he doesn't have an answer to something when I call he will literally write an email to find out while I'm on the phone with him. If you live in Massachusetts and are working with a lender in California, there is a three hour time difference, you better believe that slows communication. In addition, I don't have their cell phone number!!

3) Real estate is local - working with a local loan officer has it's perks. Local professionals know their local real estate market in a way that national companies can't - if you are purchasing a condo, he may have worked on a mortgage for a unit in that complex before, he will be familiar with the new subdivision you are buying in, he knows your neighborhood, he knows the local real estate market, home values etc...

4) Accountability: To be frank, a lender that I have worked with repeatedly and referred clients to has more to lose if they make an error, delay a closing, etc... on a transaction I am involved in. Because not only are they working for your business, they are working to keep mine in the future. Loan officers are BUSY and when they get back from lunch they have 10 voicemails to return. If I continually referr business to someone, whose call do you think they might be inclined to return first?

5) We work well together: He knows how I work and I know how he works which makes for fewer bumps in the road.

So, why does your Realtor recommend a mortgage broker/loan officer? I hope it makes more sense to you now!