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My lender? I have a list of lenders I use, not a lender.
Chris Ann Cleland
Raymond E. Camp
Michael Thacker - Re/M...
I am very careful about recommending any specific lenders. But I do have a list of those my clients have worked with, those who received positive reviews. PS. I just started a "lenders from hell" list just in case a client wants to work with one of them.
Fair Oaks, CA
My first lending partner was my lender before I got into real estate.
Second lender approached me to do a radio show and she became my lender.
Third, and current lending partner, I found right here in the Rain.
John Meussner is my preferred lending partner. He refinanced my residence in 2014 and every client he has served raves about him. Rightfully so. He is licensed in four states.
What's important: Responsive. Knows their stuff. Honest.
Not important but appreciated: funny ... a great sense of humor.
Fair Oaks, CA
I have several lenders that I refer business to, but the one that seems to be my primary invests a LOT of his time in my business. He sits in with me on about 15-20 open houses a year, and is always available to answer questions that my clients have.
In the end, I let my clients decide if to use any that I refer them to, or someone that they like. I do stress however, its not a "price alone" decision anymore!
The Thacker Group - Kentucky Select Properties
Chrissi Chapman Topoleski
Most of the lenders I work with were on the other side of the deals when I had the listings. If they went above and beyond, I met with them and added them to my Favorite List. I have had lenders cold call me and I always have one question for them.
What are you going to do to promote my business if I hand my buyers over to you. Sadly - none of them have a good answer yet.
Michael Thacker - Re/M...
I find new lenders by how well they performed for the buyers of my listings.
What I need is great service, and no surprises. If you tell me something will happen, it needs to happen unless there are significant extenuating circumstances. BTW, my clients need to love you and thank me for referring them to you.
Michael Thacker - Re/M...
I have a list. I always look for lenders who did agreat job for the buyer of my listings and ask them for their card at the settlement
He had an office at the real estate brokerage. Over 30 years in the business. Very knowledgeable and very respected. Quoted in the real estate section of the Dallas Morning News on a regular basis. Also frequently appears on CNN and Fox Business discussing the lending industry. And he attends each and every closing.
I don't have just one lender. I have found them in different ways over the years.
my favorite... he found me. the ones I use, I keep on the list because they communicate, are honest, treat our mutual clients well and close on time.
On ActiveRain, and he's good.
A listing agent recommended him to me when my lender could not get the deal approved back in 2009. I talked to him off and on over a year and then started feeding him all my business. I like knowing what is going on and he tells me plus I like knowing the mortgage programs and he educates me. Says most agents don't want to know. Just says to get the job done and let them know when closing is.
he closes deals that he says he will - he had a relationship with my office
My lender is part of our brokerages affiliated business arrange nun and luckily I am happy to use all ABA vendors
I found my lender through doing transactions. The important feature is that they can get transactions closed on time.
I have a team and one of my members had worked with a particular lender. The most important thing about a lender I use is for the lender to answer the phone when I call specially during the weekend when I need a pre approval letter to write an offer.
In the beginning of my real estate career I ran into some bad lenders. Now I am careful to get referrals from other agents or title officers before I try any new lenders.
I have 2 I love. It's simple: they do not screw up. In a decade and a half.
Found the lenders I use through working with them. It's most important they be responsive, know their stuff and make sure when I refer someone to them, that client doesn't feel they have entered a black hole.
He worked into my model one day and we started talking. I gave a client and he did a great job. He has been the go to agent for me. He closes buyer that would never close with any of lender because he thinks outside the box. I have 3 most important to me: he follows up with the client, follows up with me and if they can close he gets them closed.
I found him by luck and I use him because he is GOOD!
The lenders I have found and still use have come with my buyers and have had successful closings
I don't have just one lender but a few. Most I've found by being on the other side of the transaction.
I have 3 that I use, and sometimes it's the type of loan they need that makes me decide who to recommend. My lending partner invests time and money into my business as well, co-marketing, making flyers, doing open houses, willing to answer questions, and will sit down with my clients (like all 3 will) and really give them an education. Oh, and he's always ready to close early.
"No one else knows what they're doing either!"
How did I find my preferred lender(s)?
They called me. They met me at brokers opens. They dropped by because they saw 'Open House' on the lawn.
What is most important about the lender I prefer?
There is only ONE thing.....and its a BIGGIE.
It not paying a penalty if you, the lender, miss the closing date.
It is not co-marketing or that little free app you have.
Sorry it is not your exceptional communications or attentiveness.
It is not your task management skills but it is this one thing
THE ASSURANCE OF CLOSING.
If you say you can, you must.
Now, I do ask, "What are the resources you control that provides the assurance of closing?"
One lender I work with is here on AR in my area. The others are lenders that I have worked with for quite some time. There are 2 partners in our office that are available but I do not use. I do not like how they do business & seem a little stuffy about loan size, etc.
A lender has to follow up on a timely basis. Email is great for that. Some lenders are great at this & others are just horrible. For some reason, lenders do not think that this contact 'is their job' but that of their assistants. Maybe so, but what happens when you don't hear from anybody?
I do try to match the buyers personality with the LO.
Howard Hanna Financial, they go above & beyond to get the transaction closed.
Reputation locally. These days the name of the lender agent is as important as realtor. They must perform per contract.
In our brokerage same office there are 5 lenders. Same building same floor there are 3.
Referrals. The most important thing to me is that when they say our clients are underwritten approved that it means the same as cash in the bank. I don't want to hear about a last minute discovery from UW right before we are about to close. Btw...it does happen more often than it should (personal experience).
I interview the lenders that are on my list.
My biggest plus is one that calls back in a resonable amount of time.
We met one of our lenders when she was teaching a class. We enjoy working with her because she is experienced and knowledgeable and she shares that with others. She also has various programs that can help our clients.
William - My lender is the same lender my broker used. What is most important is that they are honest and don't hide anything from me (communication), as well as skilled in loan programs and finding ways to get transactions closed.
I interviewed 5 of them, three handed me a stack of papers to fill out so they could see if I would fit into some federal program.
Two took a good look at business plan, that narrowed it down, and I chose the one with the experience and common sense to lend me money and sound advice.
I send business his way all the time and have worked with him on more deals than I can remember.