Now more than ever, Homeowners will need to work with experienced Loan Officers to find the best solutions to their refinancing needs.
An experienced professional does his homework so the client doesn’t waste time on the wrong loan. A Loan Officer with experience behaves like a trusted advisor, using experience to properly qualify the loan scenario, including checking value and credit. The advisor then looks not for the program he wishes to “sell” to his client. Instead, the experienced Loan Officer recommends the loan program that best helps the client accomplish his goals.
In this way, the Loan Officer is looking far ahead, beyond the loan closing with this client. The Pro is thinking about reputation.
When you do the right thing for your client, you enhance your reputation as that trusted advisor.
Doing the right thing means doing your homework without wasting the client’s time or money (on appraisals and application fees for loans that just won’t work). Doing the right thing means listening to the concerns and goals of your client. You then advise the client on the best loan product for his needs.
You DON’T push some ridiculous loan on an unsuspecting client. You don’t give them a loan that’s going to put them in a worse position further down the line. Instead, you counsel, you advise and you prepare your client for the best possible refinance at this time. You don’t abuse that trust: you earn and maintain the client’s trust.
The client always remembers, whether the experience was good or bad. And when the Loan Officer does the right thing, the experience is always good. The client remembers. And tells friends and family about the excellent Loan Officer who worked on his behalf to find the right financing.
This evening I saw a credit report for a retired homeowner on a fixed income. This client wants to refinance his first mortgage and second Home Equity Line of Credit into one loan. He also wants to take some cash out to put some new siding on his house.
Obviously he has spoken to quite a few mortgage people in the past three months. How did we know this? Because there were 59 mortgage inquiries on his credit report!
Now, it didn’t take long for us to determine this client had a particularly difficult financing situation. So we took the sober, professional approach of experienced Loan Officers.
First, we consulted with our appraisal staff to determine what would be a reasonable value for the client’s house. Next we spoke with the client about the type of financing he’s most comfortable with.
He really seemed to appreciate our professional approach.
Obviously the 59 other numbskulls who had spoken to him (and run his credit) before us, couldn’t find their way to providing the proper counseling. They didn’t know their Underwriting guidelines well enough to consider a wide variety of financing options, then discard those that made no sense for this borrower.
And that’s what it’s all about in today’s market when considering refinancing: working with an experienced professional Loan Officer who takes the time to listen, the time to care about both your financial comfort and the Loan Officer’s professional reputation.