
Yes, there really is a loan officer in the doughnut at times. What I am talking about is how business referrals are sourced in the mortgage industry. I’m afraid business is still referred the old-fashioned way. Not by who earns it, but by who brings the freshest doughnuts to the Realtor office meeting. Or who picks up the tab at happy hour, or buys your Realtor tickets to the hockey game. And also, who hangs around the most in the realtor offices. Does this sound like a professional way to analyze a business vendor?
Are you confident in getting a referral based on these methods?
I hope you are, because this is still how business is done in our industry 8 times out of 10.
And I am not saying that things do not work out with this method. Obviously if they did not, referrals would not be farmed out based on such a social method. What I am contending is that you may not be getting the top professional for the job, or the lowest price, or the best loan product. I am saying that in most professional transactions business is analyzed with much more objectivity, data analysis, metrics, and attention to detail. It should not be who comes in the office with the best doughnut selection.
Getting a mortgage professional should instead be about things like:
- who is the most experienced,
- who has the broadest base of products,
- who has a highly skilled team behind them,
- who is the most innovative,
- who returns calls and emails quickly,
- who is the most highly thought of across the industry,
- and who has the fastest turn times.
Take a hard look at a mortgage professional’s website
Look at a mortgage loan officer’s website, if they even have one that goes beyond one or two pages. And get an idea of their experience in all of the other things that you need to analyze. Combine that with a hard look at their price and see if that is competitive. See if you believe that they will execute and deliver a competitive price. Also ask yourself if you believe that you like them and would be happy to work with them. That sounds like a well thought out decision as to who to use as a service provider. Buy your doughnuts on your own. Take a more analytical approach when you choose a mortgage professional.
To contact me to discuss your scenario, mortgage rates, or other mortgage questions, click here to schedule a call or you can email me directly.
Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.