It’s easy
for lenders to appear like they know what they’re doing when they have the most
recent technology at their disposal and a wide range of products to promote. While
each lender has a niche to build on, what brokers look for in lenders may not
be so expected. Mortgage
Professional America conducted a survey which consisted of no-holds-barred feedback
from loan originators.
Here’s a look at what
brokers are concerned about when it comes to working with lenders:
Service
Even more
important than price is the level of service that a lender can provide. Brokers
agree that service is the first aspect that they consider when choosing a
lender to work with. They know what good client service is because they provide
it themselves, so it makes sense that they look for professionalism.
Communication
There’s
nothing worse than a broker and their clients being left in the dark about the status
of a loan that is processing. Communication is vital for lenders so that
timelines can be set. When these timelines cannot be met, they need to
communicate this ahead of time to avoid any issues.
Thorough underwriting
Lenders
should have an underwriting standard so that it is accurate every single time.
You don’t want to find a mistake later on down the line that will result in the
denial of the loan. It’s best to understand the underwriting rules from the
beginning.
Get your
share of the $1.5 trillion in Adjustable Rate Mortgages scheduled to reset this
year! Imagine having up to a 20% funding rate at a low, cost effective price
per lead! With our ARM plus leads, you can. Get in touch with ARM Source today!
