When we received an offer on a house we have listed, the very first person we contact, even before the seller, is the Loan Officer who provided us with a pre-approval letter. We need to assure the seller that this offer is good, or not so good depending on what we know about the buyer's qualifications from the loan officer's report.
As frustrating as it is, most loan officers do not want to divulge any information at all! Granted, we know the confidentiality agreement created with his client: the buyer, our buyer now. Some of them refer us to the agent who wrote the offer, The Selling Agent, who in turn does not provide helpful information either. To me this is like... for the next 30-45 days, you will be living in my house... and you don't want to talk to me? All we want to know is how well have you qualified this buyer. The seller will make plans based on what you tell us! So please, talk to us! Give us a fair report, we will help you with extensions when needed if we know what YOU are working on with the buyers loan.
Some of the best reports we have ever had is when the loan officer gives us a good report of his client,"... we have run his credit report, we have verification of funds, his paystufs shows good tenure in his job..." etc, etc. He does not have to give us every detail but the Seller will feel better knowing that there is a good relationship established between the buyer and his lender. If there is a delay the seller will most likely go along with it if he/she knows how easy of difficult the loan is going to be. Surprises at the last minute is what creates problems for everybody in the transaction, especially when we are led to believe that "all is fine" (that in my book is a red flag)
We all know the consequences of getting a loan officer that does not perform on time because he/she did not do a complete job of properly qualifying the borrower before granting him/her a well-written letter of pre-approval.
In my inbox I get flyers and brochures from almost every lender in town. We all know how important is to have loyal clients and how much it cost to generate a new one. After 23 years selling real estate in the same area, I have lenders I work with on a regular basis, but I am always open to looking at alternatives and new financing products.
The day I receive an offer on one of my listings, I began working with a new lender weather I like it or not! Because of the that loan officer can call me daily... for about 30 to 45 days, (the length of the escrow) and I will have to take his/her call. I might be so impressed with this "new Lender" that I might become his/her client.
Sadly this does not happen, most lenders just want to talk to the Selling Agent, their client. How easy would it be for them to take every opportunity to impress one new Realtor every time there is an escrow open, the Listing Agent should be treated like a new client, you have been given the opportunity to work with a potential new client, why do you ignore him/her? After all, the LA represents the other half of the transaction, the happiness of his client, the Seller is equally as important as the happiness of the loan officer's client, the Buyer.
Most loan officers I speak to want to tell me how they work, and how good they are. During a transaction the lender can show us how they work, (which is by far more effective of course!) But most lenders just miss that great opportunity to gain a new client. Keep an eye open for the Listing Agents...Do a good job of communicating with him/her about the transaction and you might gain a brand new client.