13 things Loan Officers wish the agents they work with would consider, understand, do or NOT do.
Like marketing & sales, sometimes the relationships between agents and Loan Officers can be love & hate. From an ecosystem perspective, they are essential to one another, yet there can be tension.
I chatted with some LO’s I know to get their top “I wish” list items. They have an average of 16 years in the business, none with less than 12, so I think we can consider them experienced. (Note: these are California based Loan Officers, so the loan process or relationship could differ based on where you live.)
Interestingly, a number of the comments revolved around communication. I once had a boss that told me “it’s only effective communication if the other person understands it the way you intended”. Very true. And, communication is two-way, so it probably pays to clarify.
I wish the agent …
… understood calling me several times a day for status updates doesn’t actually speed things up.
… would NOT quote rates or recommend program types without speaking to me first. If they get it wrong it’s an awkward start to a relationship with their client.
… knew that when I go back to the client time after time for additional paperwork to meet conditions, it’s the Lender asking time after time (and often at the 11th hour) … I have my stuff together!
… would tell me at the beginning of the transaction how best to communicate with them. For example, do you want daily/weekly updates, or an update every time some event happens? Each of your needs are different. I’m not clairvoyant. Tell me, please!
… believed I am just as committed to getting his/her deal closed to meet contract deadlines as they are. I need to make a living too!!!
… knew I don’t blame them for not believing loan officers anymore. The bad ones are gone now. Don’t make me pay for their mistakes.
… would take into account that I am human, therefore fallible. We all make a mistake now and again, and we all work to fix it. Don’t burn a bridge with me for being human.
… considered us partners. Our relationship is symbiotic …
… would be clear about what “a reasonable time to return calls” means to them. It seems to differ depending on the subject matter. Please let me know up front.
… believed the rate IS the rate. I have given your client a GFE and have no intention of screwing them.
… would tell me if the client is shopping the loan. Nothing would change from what I quote or the level of service, but it’s hard to put so many hours into a deal, only to have the rug pulled out from under me at the 11th hour. You’d think a realtor would understand that!
… wouldn’t withhold information – especially regarding the property – that could jeopardize the deal. I mean, if there’s no sink or toilet, please tell me!
… understood I don’t have ANY control over the appraisal. I can’t schedule it, change it or influence it.
I hope you’ll consider this view from the other side of the fence helpful. Please weigh in below with anything you’d want Loan Officers to know.
