What Do Customers Look for in a Loan Originator?

Insights» Marketing & Outreach

December 1, 2017by Originate Report Team

Mortgage originators are always looking for the best marketing techniques to earn more business. However, with so much competition in the marketplace, it is no longer enough to have slick advertising materials or a strong social media presence. Originators must understand what today’s borrowers expect from a loan officer.

Here are seven actions that help you earn the respect of home-buyers, home sellers, and the average borrower.

1.Walk your borrowers through the entire mortgage process.

Most borrowers understand the broader points of obtaining a mortgage, such as how their credit, income, and assets are the key underwriting criteria used to qualify them for a loan. However, many are confused by loan-to-value calculations, debt-to-income ratios, amortization schedules, and other mortgage terms. A good loan officer understands how to prepare a borrower for a mortgage application by walking them through the requirements.

2. Ask questions and welcome feedback.

From the time you entered the mortgage business, you probably heard the best way to sell a loan was to ask the borrower what they want in a mortgage. This simple approach still works. Most borrowers, even if they have bought or sold real estate before, value a loan officer who understands their expectations. Likewise, loan officers should take heed of the feedback they receive. Asking a few simple questions and listening to their concerns will help you develop a firm grasp of your borrower’s expectations.

3. Ensure you are always communicating.

While some borrowers need more attention than others, most want the same thing from their loan originator: responsiveness. Returning messages promptly and keeping them informed of the process is the best way to build trust and gain referrals. When a loan originator is not responsive to a customer’s concerns, however trivial, they risk alienating them, or worse, slowing the loan process to the point of cancellation.

4. Provide exceptional organizational skills.

You have likely run across some disorganized borrowers. However, they still demand organization from their loan officer, and that is probably the reason they are seeking a loan originator. To be successful, you must be organized in your approach to disclosures, locking rates, and the closing. By letting borrowers see your organizational skills and their benefits, their confidence in you will build and help seal the deal.

5. Always be honest and direct with your clients.

Always be upfront and forthright in any communication with your clients. Questions should be answered truthfully and without hesitation. Honesty is one of the most important qualities to offer, because your client will respect your suggestions and feel confident in the integrity you bring to the transaction.

6. Be educated and well-informed about the products you offer.

Many borrowers are confused and unsure of what loan product may be best or even appropriate for their fi
nancial situation. A firm understanding of the products you sell builds their confidence in your ability and will reassure them they made the right decision.

7. Refrain from placing too much pressure on your clients.

Many borrowers feel highly stressed when considering important financial decisions. Don’t add to their consternation by placing more pressure on their decision-making process. You will always need to address time-sensitive matters, but when offering a loan solution, demanding the borrower make a decision may leave them second guessing if they made the right choice in their selection of a loan officer.

Of course, there are other factors that play into a borrower’s decision-making process, but focusing on these seven essential actions will better prepare you as a loan professional and help you focus on what matters most to your borrowers.