What do Texas REALTORS® Want from Mortgage Lenders?

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We all know what borrowers want – a lender who will get them the loan they want quickly – and at the lowest possible rate with the lowest possible fees. We’re pleased to say we meet that want for home buyers all over the great state of Texas.

But what do Texas REALTORS® want?

That question was posed on a forum recently, and we at Homewood Mortgage, LLC – the Mike Clover Group were gratified to know that we’re providing exactly what Texas REALTORS® want: Timely communication.

Many agents today want a pre-approval letter before they begin showing homes.  Whether they have asked for this letter in advance or shown a few homes first, if they’ve referred a Texas homebuyer to us they want to be notified when that buyer keeps an appointment and becomes pre-approved – or not.

If more documents are required, agents want to know whether or not their buyers are acting responsively – providing everything we ask for.

Next, if a borrower is approved for only a specific type of loan, agents want to know in order to show only homes that can be financed with that loan.

Once the loan process is underway, agents want to be kept advised of progress. They want to know when the appraisal has been ordered, when it will occur, and the name of the appraiser. Of course they want to know the results.

When underwriters come back with additional requests, agents want to know. If there’s a problem with title or any kind of unforeseen glitch, they want us to get in touch. Perhaps they can help speed the solution, but they can’t help unless they know the problem.

If it appears that there will be a delay in closing that Texas home loan, they want to know immediately, so both the sellers and the buyers can be informed and take steps to deal with it. After all, some of those sellers are waiting for this loan to close so they can close on a new home. And often both buyers and sellers have arranged for movers from a reputable company like Rentco to transport their furnishings on specific days. If there’s a change, they need to know as far in advance as possible.

Not surprisingly, most agents would like a weekly progress report, even if we have no new news to report. They want assurance that we haven’t forgotten them or their clients.

And finally – when they call us, they want us to either answer the phone or return the call in a timely manner. They don’t want to call repeatedly and get no response. They don’t want to email or text and get no response.

In short, agents want their buyers’ lenders to be responsive to both them and the borrowers and to communicate freely and well. When things are going well, they want to know so that they can reassure nervous buyers and sellers that all is progressing normally. When things aren’t going well, they want to know as soon as possible so they can take steps to mitigate any damage caused by the delay – and so they can assist in solving the problems.

All of that seems simple and straight forward… We at Homewood Mortgage, LLC – the Mike Clover Group do it as a matter of routine.

Unfortunately, not all lenders believe in communication. If they did, these items would not be on agents’ “wish lists.”

Mike Clover
Mortgage Banker
www.mikeclover.com

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