Todd Carpenter wrote:
Hey Greg,
Now that REMBEX is working the way I want it to, I’m resurrecting my other pet project. It’s an all free training web site for new loan officers. Details are here. http://blog.mariah.com/2007/03/open-source-mortgage-training-manual.html
I would really like to get a real estate agent’s perspective on what they think a new LO needs to know in reviewing the contract and purchase process. I know you are busy moving your web site and training your protege, but maybe you know of someone else who can write an article for the project if you don’t have time. Even a word about it on your blog would be appreciated. I’m accepting volunteers for the other sections as well.
BTW, I know you are a Mac guy. I just upgraded to a 24″ iMac and am self-learning to use Keynote & Garage Band to make training videos for some of the key topics. The finished product should be pretty cool (I hope)!
Thank You!
Todd Carpenter
mariah.com
First, a disclosure; I am not an expert in loans, lenders or what they “ought to know”. But I am very comfortable in answering the question I used for the title of this post: What Do I Want In a Loan Officer? I’m not looking for one just now, because I have one who perfectly fits the description I’m about to write. How did I get her? Almost by accident, one of my Buyer Agents, Therese – who was making the transition into being one of my Listing Agents – said she had several good experiences with Kathy Rhubottom with O’Dowd Mortgage. Several “good experiences” consisted of the loans closing when they were supposed to and here is the “big one”: she was only told things that happened to be true. In the almost three years we have done business with Kathy, every deal – with two exceptions – closed on time. Both of those exceptions were title company errors, not the lenders. When Kathy said a deal was a makable deal, guess what? It actually closed.
Do I think Kathy is remarkable in her knowledge? No. I didn’t even meet her in person for the first two years we did business with her. I insisted that each of my Buyer Agents use her. Period. Why did I do that? Was I getting some kind of kickback? Was Kathy giving me something? (after the first year and a half, she did send over lunch for the whole crew – and now advertises in several of my Custom House papers). Again, no.
I wasn’t looking for or expecting anything except exactly what she had been providing from the very first time we did a deal with her. SHE ALWAYS TOLD US THE TRUTH. The complete truth. She never once told us a deal could be done when it couldn’t. There were many other lenders who did “sub-prime” transactions that she could not do, but we always stayed with Kathy. When my Buyer Agents wanted to use other lenders I always directed them back to Kathy. She was giving me what I really needed and wanted; the truth. Obviously this remarkable quality she has isn’t there with every lender or I wouldn’t have found it so exceptional when we stumbled across her. This is not to say that every other lender lied to us (although many many did – but most of those are, already on their own, filing bankruptcy and shutting their doors). No, what new and inexperienced lenders did routinely is the very same thing I often see new Realtors do – INVENT DATA. Don’t know something? Make up an answer on the spot! Its easy. Try it. Take any subject (it makes no difference what you don’t know) and just start talking about it and explaining it to people around you.
Only the brightest, most well-informed people are fully aware of WHAT THEY DON’T KNOW. For a new loan officer (or a new Realtor, etc.) who wants to join the ranks of the successful, knowledgeable and trusted people others want to do business with – only say things you KNOW are true.
This one thing, more than any other single factor sets the morons (one wants to shun in business dealings) apart from the “go to” man or woman who always says, “I don’t know” for an answer, until they actually do know.
Todd Carpenter says:
Thanks!.. and thanks for posting this here. Not very many real estate agents read my blog so I appreciate the exposure. I would love to get as many perpectives as possible about key points that real estate agents feel LO’s need to know about the puchase process.
March 27, 2007 — 11:41 am
Brian Brady says:
Outstanding, Russell.
March 27, 2007 — 8:41 pm
P.J. Dean says:
I couldn’t agree with you more Russ. Ironically the only lender I will recommend, John O’ Dowd also works at O’Dowd mortgage. Evidently they cut all their LO’s from the same cloth over there at O’Dowd because your description of Kathy is identical to John.
Albeit not that long, I have engaged in this crazy industry long enough to encounter the good, bad and ugly of lenders. In my opinion the key to a lenders success in gaining referrals from agents is so simple that it’s almost boring. In a world of flashy marketing, smooth talk, free doughnuts, newsletters, calendars and the morning cold call that seems to come at the worst time. It’s nice to find a lender who gets their business by virtue of their actions and not their words….or tchotchkes.
John has my undivided dedication because he will always give me a loan that goes according as planned and a happy client. He doesn’t necessarily have a profound knowledge of the purchase contract. Does he really need to? John simply communicates and follows through so well that I never have to question or worry about a loan status. Of all the things that can go awry with a transaction, it’s nice to know that financing won’t be a factor. For that I will always recommend John and breathe a sigh of relief when my clients elect to use him.
Transaction knowledge is important for a lender to have but in my experience, the method in which they apply that knowledge is far more important.
March 27, 2007 — 8:42 pm
Mark Ventura says:
Russell,
From a seasoned mortgage professional, thank you for your candid explanation of what you want in a loan officer. I have often been accused of being “too truthful” in my dealings with Realtors and borrowers. Yes, that has made my paycheck a little smaller than it could have been. But it’s never made me feel like my integrity has been compromised. That has to be good for something.
Sincerely,
Mark Ventura
Loan Officer
May 8, 2007 — 12:03 pm