Loan officers and real estate agents play crucial roles in the home buying process.
While they help the borrower in separate ways, they’re much more valuable when working together.
In this episode of The Mortgage Reports Podcast, Craig Berry discusses how they can raise their respective games with Fred Glick, the founder of arrivva, a full-service real estate and mortgage brokerage for home buyers and sellers. Here’s what they had to say.
Verify your home buying eligibility. Start here
Listen to Craig on The Mortgage Reports Podcast!
Teamwork makes the dream work
Loan officers and real estate agents both play major parts in turning renters into homeowners.
While their jobs don’t technically intersect, a symbiotic relationship between the two parties can yield the best results for borrowers. With their mortgage expertise, loan officers can support real estate agents by providing accurate information and guiding clients through getting a mortgage.
Find your lowest mortgage rate. Start here
Similarly, Berry and Glick liken real estate agents to quarterbacks since they “set the plays” by coordinating the various aspects of the home buying process. Collaboration and communication can often lead to success transactions and satisfied clients.
Value separates mediocre from great
Of course, for a real estate or mortgage professional to become indispensable, they need to go well beyond the bare minimum. “Simply working for a bank and handing out paperclips at seminars is not enough to make a difference,” Berry quips.
For loan officers, that could mean broadening the mortgage types you offer. Wider expertise means being able to work with a larger pool of borrowers, especially those who don’t qualify for traditional home loans.
Another way would be to provide fully underwritten pre-approvals to their clients. It can give would-be home buyers a competitive advantage in a multi-bid scenario. By obtaining a pre-approval for the highest amount the buyer can qualify for, loan officers can demonstrate to sellers that their clients are strong buyers and can afford to pay more. However, the lender should always thoroughly review and verify clients’ financial information, ensuring that their pre-approval letters are accurate and reliable.
For real estate agents, being highly knowledgeable about their housing market gives clients a leg up. This includes local laws and zoning regulations, as well as details of what’s for sale.
Check your home buying eligibility. Start here
The bottom line
Providing value is crucial for loan officers and real estate agents to differentiate themselves from mediocre ones.
By specializing in multiple areas, staying up-to-date on industry trends and building a big network, these professionals can better serve their clients.
Moreover, effective collaboration between the two sides helps the home buying process move smoothly. This includes discussing potential challenges, such as low appraisals, and preparing buyers for worst-case scenarios.
By being transparent and proactive in their communication, loan officers and real estate agents can build trust with each other and the borrower to establish themselves as valuable partners.
Time to make a move? Let us find the right mortgage for you
Source: themortgagereports.com