What Do You Expect From Your Lender?

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Education & Training with ActiveRain

What Do You Expect From Your Lender?

We all know that we'd like our lender to be responsive, give great service to our clients and be able to close the loan on time. Ask any agent that's been in the business for a few years, and they will tell you these are a few of the things they value in their lender. But what exactly is expected of a loan officer in order to meet an agent's expectations?

Do you expect your lender to respond immediately? Do you think 'being responsive' means that they respond within 24 hours? No doubt, agent's definition of 'responsive' is going to very from agent to agent.

In this survey, we'd love you to share with us your exact expectations of your loan officer. In an effort to go beyond the obvious qualities that you find desirable in your lender, we'd love to learn some of the specifics of what you expect from that trusted partner that's helped build your business.

Anyone who has found an amazing loan officer would be quick to tell you how valuable they have been for their business. We'd love some insight on what that person means to you exactly.

Please Take The Survey

We ask that you take 5-10 minutes (It seems members are finding the survey takes closer to 12-15 minutes) to complete this survey about your expectations for your lender. Your responses will be completely anonymous.

If you choose to leave your ActiveRain user name at the end of the survey, we will award your account 1000 points for your completed survey.

In addition, anyone that leaves their user name will be entered to win an iPad Mini or one of three $50 Amazon gift cards. Winners will be notified on April 1st (and it won't be an April Fool's Joke.......although wouldn't it be fun if we notified 1000's of people that they won......and then 'April Fool'ed' them, haha.......yeah, probably not a good idea)


 

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Re-Blogged 7 times:

Re-Blogged By Re-Blogged At
  1. Debbie Reynolds 03/04/2013 08:14 PM
  2. Cheryl Ritchie 03/04/2013 08:41 PM
  3. Bridget McGee 03/04/2013 10:58 PM
  4. Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900 03/04/2013 11:52 PM
  5. Judith Parker 03/05/2013 03:59 AM
  6. Michael Jacobs 03/05/2013 02:13 PM
  7. Susan Haughton 03/06/2013 10:04 AM
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Rainmaker
273,796
Paddy Deighan JD PhD
Aston McLaren Inc - Vail, CO
Paddy Deighan J.D. Ph.D

I am a throwback, I expect good faith and fair dealing and that is a rarity in today's environment....

Mar 06, 2013 01:23 AM #67
Rainmaker
68,062
Miriam Dillon
Homes On 30a - Rosemary Beach, FL
Realtor in Rosemary Beach, SoWal and all of 30A

I actually enjoyed taking this survey.  It reminded me that I need to reach out and thank my "go to" lenders who have provided my customers with excellent service.  

Mar 06, 2013 06:27 AM #68
Rainmaker
77,973
Mike Sibbald
Elevations Real Estate, LLC - Fort Collins, CO
Broker/Owner Elevations Real Estate, LLC

Great survey.  Now if the lender's our clients come with sometimes could see the results that would be great!  Thank you for providing this, Mike.

Mar 06, 2013 11:40 AM #69
Ambassador
1,762,821
Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor & Dunedin FL Residential Real Estate

Survey complete and no it wouldn't be a good idea to contact 1000 that they won as an April Fool's joke.....that could go REALLY wrong............

Mar 06, 2013 01:19 PM #70
Rainer
60,843
Jack Wickham
Clarksville, TN
Building with Integrity
I am going to complete it as I have some ideas I would like to share from a builder perspective.
Mar 06, 2013 10:55 PM #71
Rainmaker
576,712
Cheryl Johnson
Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA - Highland Park, CA

I completed the survey, and signed my name. 

Why do I have this sneaking suspicion that I just became a lead for some hotshot new mortgage company, and that I will probably now be bombarded with even more phone calls and emails from over-eager vendors. :-)   Very deep sigh.

Yes, I, too, would have phrased some of the questions differently.  For instance, #14 ... its not that I would "recommend" a higher cost loan for a faster closing ... but I certainly would present it as a viable option....

And, since, I am sure there are some mortgage folks reading all these comments, in response to question #23, here is something "near and dear" to my heart:

In my community there are a number of 1920s vintage, small mixed-use properties, maybe a little barber shop or small retail type shop in front, and a little house or duplex behind .... the major residential lenders, for the most part won't touch these ... the major commerical lenders don't want them because they are too small.... 

And yet the mixed use live/work concept has so many advantage especially in today's world.

A lender who could put together financing on these would make many friends.  :-)

 

Mar 07, 2013 05:08 AM #72
Rainmaker
238,153
Roger Johnson
CENTURY 21 American Homes - Hickory, NC
Realtor - Hickory NC Real Estate

Okay, Bob, if the true goal was to get more concrete ideas about what agents expect from their loan officer, then why all the questions about the agent? How is it important to know my age, rank and serial number? Where I work? How long I've been in the business? How much I produce?

Let's face it, the goal of these surveys is nothing more than to garner as much info as possible on the agents so that Market Leader and spam market to them more effectively.

The questions on the lender for the most part were simply awful, both in wording and in possible answers.

Mar 07, 2013 07:54 AM #73
Rainmaker
1,273,382
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Intersting survery.  I look forward to seeing the results.  thanks for putting this together.

Mar 07, 2013 10:15 AM #74
Staff
624,688
Bob Stewart
ActiveRain - Seattle, WA
Community Evangelist

I'll repeat for both Cheryl and Roger, We will not use any of the info in this survey to market to you. The only person that will see the user name associated with the responses is our developer so that he can award points and so that we can know who participated in order to award the prizes.

After that, any identifying info will be stripped off the survey data.

I'm not sure exactly how to confirm this for you other than to ask you to take me at my word.

Mar 07, 2013 10:16 AM #75
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

I generaly don't post links, but back in May of 2007 I explained what I excepted of my LO"s:

Stone Tablets / Bill's Rules For Loan Rep's

Bill

Mar 07, 2013 11:58 AM #76
Rainmaker
1,264,455
Wanda Kubat-Nerdin
Prado & Kramer Real Estate, St. George, UT 84770 - Saint George, UT
Your Preferred St. George Area Real Estate Agent.

Done! Some questions were far from why I would choose a capable mortgage person. Customer service and successful results rate high with me.

Mar 07, 2013 11:59 AM #77
Ambassador
1,576,229
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 800-610-7253 DRE01267479 - Costa M

I'm off to take the survey even if it takes more than 5 minutes, and I agree pranking over iPads probably not so much ; )

Mar 07, 2013 12:23 PM #78
Rainmaker
996,761
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Bob, I don't know about anyone else, but, as you requested, I will take you at your word.  I believe you are an honorable person, and would not misrepresent.  Have a great Thursday!

Mar 07, 2013 12:43 PM #79
Rainmaker
45,713
Sean Young
Home Loans by Sean Young - FirstCal Mortgage - Highlands Ranch, CO
Colorado loan officer

I did a survey about two years ago to Colorado real estate agents and the number 1 thing wanted was better communication from loan officers. I made many changes to my system after that survey and I have received a really great response since. This is a good reminder to send out a new one as needs do change and it is always good to get constructive criticism. 

Mar 07, 2013 02:46 PM #80
Ambassador
795,552
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Very interseting survey....

HelpfulHannah

Mar 07, 2013 03:16 PM #81
Rainmaker
243,033
Bill Dean
Worth Clark Realty St. Louis, Mo. - Fenton, MO
William Dean - Broker, Salesperson

Finally a survey worth taking!  I would havve found this one worthwhile even if there were not points involved!

Also I agree with comment # 69.  It's a pity that ALL lenders do not get to see the results.  I just left a msg. and email this morning to a lender who was gone from the company and no one felt I needed to know this???  It was an office extension assigned to that L O and no one would have heard the voice mail and likely NOT opened the email.   I only found this out by calling another contact at that office.   Can I send this survey to some of the other LO's that I WILL use again?  Please!   Thanks   wdonline12

Mar 07, 2013 06:33 PM #82
Rainmaker
345,733
Mike McCann - Nebraska Land Broker
Mike McCann - Broker, Based in Kearney & Serving Rural Nebraska - Kearney, NE
Nebraska Farm Land For Sale 308-627-3700

Hi Bob and AR,

I felt the survey was a little awkwardly put together in some of the questions which would did not give me the opportunity to answer them accurately.

Mar 07, 2013 07:58 PM #83
Ambassador
368,716
Bill & Cyndi Daves
Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA
TeamDAVES - Your REALTORS In the GA/NC Mountains!

Done - although I agree with some of the others that a couple of the questions were a little difficult to understand at first.   The ones I had to number - well that took me 10 minutes to figure out they were moving around LOL!

Cyndi

Mar 11, 2013 04:05 PM #84
Rainmaker
345,733
Mike McCann - Nebraska Land Broker
Mike McCann - Broker, Based in Kearney & Serving Rural Nebraska - Kearney, NE
Nebraska Farm Land For Sale 308-627-3700

SO o  March 7th I do the survey and am told that we will get 1,000 points for doing it.  Today is the 15th (late) and yet no points for doing it.  What gives?

If either the real estate agent or lender took 8 days to do what they said they were going to do...well we know it would probably cost them a client....

Mar 15, 2013 08:46 PM #85
Staff
624,688
Bob Stewart
ActiveRain - Seattle, WA
Community Evangelist
Mike McCann, I owe you an apology. I should have been more clear in the original blog post. One of the hallmarks of a great lender would be setting expectations up front. I failed to do that. Please forgive me. Points will be awarded at the conclusion of the survey. We do not have the manpower to award points one at a time and with a couple thousand expected participants it's most efficient for us if we award the points to everyone at the same time at the end. That way we can hand the entire list to our developers and they write a fancy piece of code (ok I'm not a developer so I don't know how fancy it actually is.....but it's fancy to me) that awards them to all 2000+ people at once. I guess the good news is that you are not alone in your disappointment. I have probably disappointed a lot of people. I hope you can understand and I'll definitely be more clear the next time we do one of these when you can expect your points.
Mar 16, 2013 12:12 PM #87
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