The Top 5 Mistakes Mortgage Originators Make With Realtors

By: Doren Aldana

The top 5 preventable mistakes mortgage originators make are the 5 biggest reasons why realtors resist referring you to their clients. They are the reason why some realtors will just wash their hands clean and say "Forget it! I'll just leave the financing up to my clients." Find out what these top 5 reasons are and how to fix them.

1 - Lack of Good and Frequent Communication

Not providing frequent (even daily) updates to your clients and the realtor throughout the entire loan process can cause undue stress and frustration.

Solution: Create a strong guarantee that promises frequent updates throughout the loan process. You might even consider giving up a portion of your commission if you don't provide adequate communication. Then engineer your business to ensure you over-deliver.

2 - Last Minute Changes at the Closing Table

Realtors hate it when the mortgage broker throws curve balls at their client at the last minute. Some examples might included...

* More documentation needed
* Terms of the loan changes
* Rate changes

You get the picture.

Solution: Create a strong guarantee that delineates precisely what you will do to prevent these last minute changes from occurring. Then engineer your business to fulfill on that promise.

3 - Late Closings

Simply put... realtors hate delays on their pay cheques, not to mention the added stress and frustration that can come as a result of deadlines not being met. Sometimes the deal can even fall through because of a late closing. Even innocent mistakes committed by the mortgage originator can cause a domino effect that ultimately results in late closings.

Solution: Create a strong guarantee that explains what you will do (in your power) to prevent late closings from occurring. Then engineer your business to fulfill on that promise.

4 - Repeatedly Asking for More Documentation

A surefire way to torque off your clients and your realtors is to keep coming back over and over again asking for more and more documentation. Not only is it time consuming for you, but it sends a message to your clients and realtors that you are not a true professional.

Solution: Create a strong guarantee that explains how you will provide a comprehensive checklist to your clients - upfront - that explains all of the documentation you require. Make a policy that ensures you get all of the critical information you need before you submit the application.

And last but not least...

5 - Interest Rates Changing at the Last Minute

When you set an expectation for a certain interest rate the client will expect you to follow through on that promise. When that promise is not fulfilled, it looks poorly on you but it also reflects poorly on the realtor who referred you. Realtors hate that!

Solution: Create a yet another strong guarantee that explains precisely what you will do to prevent these last minute rate changes from occurring. And you know the rest... engineer your business to fulfill on that promise.

Conclusion

These 5 preventable mistakes are the 5 biggest reasons why realtors resist referring you to their clients. They are the reason why some realtors will just wash their hands clean and say "Forget it! I'll just leave the financing up to my clients." Have you ever heard that?

By creating and honoring strong performance guarantees that address each one of these issues, you prove to your clients and your realtors that you are a true , mortgage professional. You are rising above the crowd and committing to excellence. Now is the time to make it happen!

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