The Top Nine Qualities of A Good Mortgage Loan Originator

Mortgage Loan

Finding the best mortgage loan originator can be a very difficult task, but it is essential when conducting a home-buying and home-selling procedure.  Most people are willing to help finance homes, but it is important to consider the seven top qualities of a good mortgage loan originator to ensure you have happy service experience.

#1:  Good Old-Fashioned Desire And Self-Image

Believe it or not, the traditional attributes of desire with a healthy self-image are core to all performers in any industry, including the mortgage industry.  Before LP Comp, the one to three loans per month performers did relatively well financially, and we know why.  When changes in compensation made headway, these individuals were pushed to increased levels of performance and a difficult transition.  If drive or desire and self-image are not evidentiary traits in your mortgage loan originator, then no amount of training, support or accountability can alter that.

Top performers will always have their engines running on high.  They will always ask for business, and “no” will never mean absolutely “no” but “not yet”.  They fake it until they make it, but will never fail and see what they tried as something that didn’t work.  If they cannot gain business, they are sure the realtor is making a mistake or the LO feels they have to show more value.  If a client chooses a different lender, the loan officer will return to the drawing board to analyze what he or she can do to achieve a more positive result next time.  Drive, ambition, competitiveness and positive self-image are essential!

#2:  Using The Assembly-Line Analogy

One may say that having no business plan or strategy includes having no product discipline, and I would agree with this state.  However, when I meet the above-average performer who is attempting to be all things to every person, I would change my opinion.  I have no grudge against specialty programs, but I feel one must have the commitment to become a skilled tradesman in your craft and deliver the best borrowing experience for your customers.  In the end, they are the ones picking up the tab.

While you may consider doing a single reverse mortgage per year to make you an expert, this is not the case.  A strong performer would not consider conducting along they cannot do at least five times per month, which eliminates the specialty loan.  They prefer to use assembly-line analogies where Ford is not trying to build the Mustang at an Explorer plant.  If you can’t excel at something, then it’s best to refer.

#3:  Walking You Through The Process

One of the most important traits a mortgage loan originator should have is walking you through the full mortgage process.  This is beneficial as they are going out of their way to ensure you, the customer, fully understand what the process involves, especially if you are a first-time buyer.  By learning about the process, you will discover what loans you are eligible for, what the basic requirements are, and what documentation is required to prove you qualify for the loan.

#4:  They Respond To You

An important characteristic for a good mortgage loan originator is the responsiveness trait, meaning that they respond to your inquiries.  This indicates that you, as a client, are one of their priorities and are being taken seriously.  If you are constantly attempting to get in touch with the person, and do not receive a response, you will become frustrated.  Moreover, it can take longer than necessary to complete the mortgage loan process.

#5:  The  Answer (And Ask) Questions

The best mortgage company Texas has to offer has loan originators that welcome questions, and they ask some of their own.  Even if you have purchased and sold real estate before, you may have concerns you wish to approach.  In addition to addressing all of the questions, a mortgage loan originator should take time to ask questions and identify your financial budget; thereby, helping you find the best mortgage loan for your needs.  Moreover, raising these key issues can help you meet loan requirements if you currently do not.

#6:  They Remain Organized

To be a successful figure in the mortgage industry, it is important to create and maintain a structured work schedule with a daily to-do list that is completed.  Would you like to work with a mortgage loan originator who does not meet their daily to-dos or plans appointments without realizing they have previous plans at the same time?  No, not at all!  This type of professional tends to be confused, disorganized and give clients negative experiences.

#7:  A Direct Approach

One of the greatest qualities of a loan originator is using a direct approach.  When a person is forthright, you can be sure that they will answer your question honestly and not be evasive.  This can build a strong bond and rapport between you, which is significant when dealing with mortgage loans.

#8:  Constantly Learning

The mortgage industry is one that is constantly changing; therefore, it is essential that one remains updated on the new techniques.  If your mortgage loan originator does not know about these changes, you will not receive the most suitable guidance regarding different loan options.

#9:  No Pressure

The best loan originators do not place any pressure on their customers.  Deciding on a loan is a large commitment, and a good LO will not rush you in making your choice.  You will receive all the time you need to find the best option for your requirements.