What do Realtors look for in a preferred lender partner?
Working as a Real Estate Broker for so many years, I know that basically a Realtor wants reliability and communication. What else makes them choose one lender over another to refer all their buyers?
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Answers (11-20)
First and foremost I don't recommend a specific lender.
I will typically offer three to four lenders for a buyer to speak with each of these lenders (bankers and brokers have similar product) most important the client should choose their lender based upon several conditions. Honesty, integrity and how they and their given product best suits the client.
That all being said I suggest lenders that I have worked with previously and fell comfortable and confident each would represent the client with honesty and integrity. there are many lenders out there that I could not offer as options for various reasons.
In the end it is the clients decision and they should choose their lender for the right reasons as stated above.
I definitely look for a partner and someone who can get the job done. I look for communication with myself as well as my clients on a daily or weekly basis and someone who is honest with the details. If there is a hiccup then let us know and don't try to pass off the blame on another person or department. I like a lender that is there from start to finish and not 10 other people in-between the transaction. Last, I look for someone who is creative and will go the extra mile when they need to.
I believe the lender that is not pushy and truly cares about helping the new home owner and follows up with communication with the agent referring. Every time someone mentions the agents name the lender needs to reach out to inform the agent how things are looking for your new Buyer. Offering options and having knowledge to guide the Client into a loan that will work for them. To make sure all are informed of the steps as they are coming up appraisal , underwriter etc. Communication!
I recommend a lender that is available to answer questions that my client may have via cell phone after 5 pm.
I use lenders that ALWAYS return calls, have the best loan programs, low closing, lowest rates and are experts in their field and can solve the problems that arise.
Pre-approvals that have meaning, in other words, they close. And someone who communicates on a level that my clients understand, and feel comfortable with. And then we have the big one. They charge respectable fees, allowing volume to produce the income.
Referrals back, as simple as that!
Since I work 7 days a week, I want a lender that will pre qualify people at night and Saturdays and Sundays not just 9 to 5 during the week and return my phone calls within a reasonable amount of time. Having the buyer talk to the lender can sometimes establish whether or not you show them 10 houses and waste your gas and time or not. Time is money, so is GAS.
Some buyers like to use a local bank, so you can't refer to only one lender. A local lender, either a bank or mortgage company are best to recommend, since they can easily meet with the client and know the local market. Experience, honesty and past history closing loans, without any complaints from all parties, are also key when referring a lender to a buyer.
Competive rates and superior service.