Business practices often hold just as much weight as loan programs
Charles Wagner, senior vice president, CBC National Bank
As published in Scotsman Guide's Residential Edition, May 2010.
By some estimates, the wholesale-lending market has lost hundreds of lenders since 2007. Mortgage brokers who focus on the basics of the lending business -- and who carry out those tenets well -- can continue to fund deals despite the market contraction. One of the most-important aspects of doing business involves building and maintaining relationships with remaining lenders. Choosing strong lenders with which to team can prove vitally important.
As you look for new lending partners, consider those that provide you direct access to their underwriters and wholesale managers. When lenders block such access, friction and misunderstandings about underwriting often result. You also should seek lenders that respect and value your work. Lenders can prove this by:
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Offering you an open invitation to visit them and meet their underwriters, processors and managers;
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Promoting regular communication by phone, e-mail and text between you and their staff;
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Returning your voice-mail messages promptly;
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Developing a collegial working relationship that offers insight into their service-delivery platform;
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Helping you understand why they reject certain loan proposals;
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Cooperating closely with you, especially on last-minute details such as closing schedules;
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Treating you with respect at all times; and
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Making astute risk-management decisions.
Lenders shouldn't look at you as a customer-service provider but as the tip of the spear -- a vital part of their operation. In turn, you should consider yourself their colleague in a process that hinges on solid performance from all parties involved.
As you seek new lenders, you also should look for those that manage risk appropriately through market focus and quality management. Ask yourself if the lenders hire experienced professionals and people with whom you would like to work. Hiring the right people for the right jobs can promote overall organizational success.
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