MortgageOnlineBlog.Com

Over the past few years, consumers have become much more reliant on doing research on the Internet.

As a function of increasing the quality of service we provide, and understanding a consumer’s needs, we survey all of consumers that we see who shop for mortgages online.  We survey both consumers that we closed loans for and ones that choose to go elsewhere. 

The results of the 2007 survey told us that of the loans we closed; only 6% said a Realtor had any influence on their decision.  Of the consumers we did not close a slightly larger 20% said their Realtor did have some influence their decision. 

Also in the survey, consumers (closers and non closers) said that the #1 “trait” in the lender they chose (us or someone else) was the rate and cost offer.   

If we take the widely held number that 70% of consumers shop online for a mortgage then this tells me that like it or not the rate is the most important factor and that Realtors do not have as much influence as they did in the past. 

So my tips for Realtors faced with an unfamiliar lender are to first; call the Loan officer.  Tell them you have not heard of him/her and that you would like to feel more comfortable about your client’s choice in a lender.  Then do the following steps:

1 - Go to bbb.org and look up the company,

2 - Do a Google search for the name of the loan officer and the company.  Maybe the Loan Officer has a profile on Linkedin, or Facebook that might tell you more about them.

3 - If you are in a state where loan officers need to be licensed see if they are licensed and for how long?

4 - Call the loan officer and ask for their contact information (get it all) ask for the loan processors contact information (just in case).

5 - Ask for referrals of consumers and agents.

5 - Ask them who their back up is or who you would talk to should an emergency arise.

There are good lenders and loan officers out there that maybe you have not heard of yet, so for starters please assume the best.  If the answers and response you receive do not calm your nerves, then bring up the subject with your buyer.   Tell them you are worried for their sake and that maybe they should check around a bit more and offer suggestions.

Sound like a plan?