Both mortgage loan originators and real estate professionals benefit from referrals. In fact, industry experts suggest that referrals comprise the major source income for agents involve in the buying and selling of property. The best thing that a FHA mortgage originator can do is to create partnerships with realtors, developers, and real estate agents.
Understanding this aspect of the partnership can not only increase referral business significantly, but also lead to the creation of a fruitful realtorloan officer relationship. Loan officers can boost their loan volume via longterm referral relationships by creating an effective and timely communication system which involves informing homebuyers and real estate agents of loan statuses, delays, and concerns during the loan process. Most importantly, honesty should be a key factor in any partnership involving loan officers and real estate professionals. Establishing a robust system of communication keeps your real estate partners updated, and they in turn can provide the maximum value to their clients.
In fact, the ultimate aim of the partnership should be client satisfaction. They are the ones laying out the biggest investment. Try to understand their concerns. If there are delays or other issues during the loan process and your partners and client as are not informed on time, then you can say goodbye to future referrals. But remember that is a strategic partnership, and success also depends on working with right kind of realtor. Conduct interviews, and also do some background and reference checks. Don’t waste time with inexperience or realtors.
Ask them about past experiences working with other originators, and if possible, confirm their sources as well. Likewise, be ready keep your own experience and qualifications up for scrutiny. This is only fair enough. Other questions to consider are: The last factor is often overlooked. Once again, this is a professional relationship, and unless your partner is empathetic, the connection wouldn’t last for long. So be sure check how the agent deals with situations like a loan not closing on time. For further help on FHA mortgage loan financing, contact: Udoma A.