Mortgage Marketing Tips: #50
How to Get Along With Lenders

If you are brokering loans through lenders it is important to keep a good working relationship with them. The old saying “you catch more flies with honey then you do with vinegar” applies here. Here are a few suggestions that will help keep these relationships positive and productive.

Be familiar with each lender and what they specialize in. Each lender will have a little bit different focus either with the products they offer or the quality of loans they prefer or the service they are willing to offer. Become familiar with these differences and what your lenders do and don't do.

Develop at least a basic understanding of the secondary markets and what affect they have on the lenders pricing, loan risk, etc.

Learn who to talk to about what problems. For instance:
Loan Scenario's – Account Executive
Underwriting questions or conditions – Underwriter or Assistant
Delivery of closing package – Person in Document Department
Loan wire – Person in Funding Department

Each lender is set up a little different. Figure out who is responsible for what and who to talk to in each situation.  Find out there direct phone number or extension and record it for future use.

When you leave a message make sure it is coherent, complete and concise. In other words speak clearly, leave all the information that is necessary and nothing more. Don't tell them about the borrower's bad luck or how nice they are.

Get to the point… “I have a borrower with a 580 mid score, who's been late 3 x 30 in the last 12 months, with no bankruptcy's, some medical collections and the Debt to Income is under 45%. I need 90% on a no cash out refi, can you do that? And don't forget to leave your name and phone number including area code.

Also, if you will remember that most of the people you are dealing with are usually not working on a full or even part commission basis and get paid whether or not your deal closes and therefore don't care nearly as much as you do it may save your sanity. Just be nice and complementary and patient. You will get a lot further then you would if you blew your top.


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