5 Things Great Loan Officers Always Do

Ask the right questions.

This goes without saying, but it bears repeating. The more questions you ask, the better you’ll be able to match your client with a loan that really works for them. What is their credit rating? How long do they expect to own the home? What are their plans for the home, i.e. vacation, rental, or primary residence? Do they want a condo, duplex, or single-family home? If you have a rock-bottom advertised rate, this might not always be the best option. Present multiple options that make sense for their needs, those that span different interest rates and terms. This way, the customer will feel like you’re putting their best interests in the forefront — and not yours.

Communicate, communicate, communicate.

Mortgage pros know all the ins about out of their industry — and can explain them to customers in simple, easy-to-understand terms. And don’t just explain it once, thinking they’ll understand. If customers look like a deer in the headlights, they’re lost. Explain it again. Over-communicate if you have to. You might know the jargon, but they don’t. Pros want their customers to understand exactly what they’re doing and the papers they are signing. Most importantly, if the mortgage rate for some reason fluctuates, inform them immediately. If you made a mistake, admit it. Be transparent. The most important thing on the line is your reputation. Make sure you shore it with complete and utter honesty.

Expect the Unexpected.

If errors come up, for instance, if a mortgage program was discontinued, be ready with another option — options, actually. Have a variety of loans in your hip pocket. Furthermore, if a customer sees their credit report and it’s not correct, be ready to run their credit again and do it quickly. Time matters.

Close on Time.

If this doesn’t happen, it could cost you. A rate might be lost or even, the home they’re dreaming of could be snatched out from under them. The rhythm of how pros do business is a learned art. What this takes is lots of pre-planning and preparation. Do everything that’s in your power to make sure you close on time.

Don’t Push Your Customers.

Even though your clients can afford a large mortgage — and you can see this on paper plus the numbers tell you they can swing it — don’t push them towards it. This relates to asking the right questions: what is their overall financial situation? What other debts do they have? Are there some life circumstances (such as possible upcoming educational costs OR caring for an elderly family member) that are looming or just around the corner? It also relates to putting yourself in their shoes. How would you like someone to interact with you if the circumstances were reversed? Making your customers feel comfortable and confident in their payments is, among other things, the most important factor in this equation. And after everything is said and done, you want to get recommendations from your clients, which will be the catalyst for future deals. Do the right thing. Every. Single. Time. It’ll pay off in so many ways.