The relationship between a mortgage loan officer and a Realtor or real estate agent is symbiotic. Both rely on the other in order to complete their job.
They rely on each other to compose real estate transactions that are infamous for complicated paperwork and unforeseen roadblocks. The two rely on each to complete complicated paperwork and overcome unforeseen roadblocks.
These transactions can be held up by anything, such as naive homeowners.
While it can feel frustrating at times to wait on paperwork, it’s important to keep the relationship with the loan officer friendly and productive.
Here are two keys to keeping the relationship between yourself and the loan officer mutually beneficial – accountability and steady communication.
Accountability is a puzzle where everyone is bringing their own pieces: the borrower, the Realtor or real estate agent, and the loan officer. A clear plan of action outlining each player’s role will help keep everyone on track.
You’re in this together. Set realistic expectations for everyone involved. Reducing uncertainty is helpful on all fronts.
Communication applies to the relationship between the Realtor and real estate agent and loan officer as well as the relationship between the Realtor or real estate agent, loan officer, and potential buyer.
Closing a loan is a delicate juggling act. Borrowers aren’t fully aware of the complexities behind the loan officer’s desk. There’s a reason closing a mortgage takes between four to six weeks. As a Realtor or real estate agent, it’s important to keep yourself and your clients on task to avoid headaches later.
Both of you are busy! Don’t shy away from checking in with your loan officer. Gentle reminders between the two of you for paperwork or closing dates will be a blessing to you both.
It’s better to slip in a reminder in an email than to flood someone’s phone with calls and text messages asking for the buyer’s spouse’s date of birth. A call or email can clear up most questions.
Remember you’re on the same team.
At the end of the day, plans don’t always go as expected. There will be mistakes on both sides, which is why trust is a critical part of the Realtor and real estate agent and loan officer relationship. Loans will be declined and homebuyers will pull out at the last minute. The last thing to do is blame each other.
This relationship can generate business for both parties. Realtors and real estate agents can count on their preferred loan officers to effectively manage client’s loans, and loan officers will have a steady stream of business.