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ATT Real Estate Agents... What do you want in a mortgage broker?

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ATT Real Estate Agents... What do you want in a mortgage broker? UNOME 03-27-2006
Posted by UNOME on March 27, 2006, 10:15 am
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The purpose of this post is to test my assertions and illicit feedback
on; 1) What do you think are the critical components/ingredients of a
successful relationship between a RE agent and loan officer, 2) In what
order of priority/importance do you place them in.

This is what my experience has taught me (in order of importance):

1. I want to increase the number houses you sell.
2. I want to increase the transaction value of each house sold
3. I want to get paid (minimize attrition; lost deals) and get paid
faster (quick closing times).
4. I want to increase the number of customers I service (lead
sharing/lead generation/marketing assistance; reciprocal lead exchange)
5. I want consistent and accurate communication of the loan status.

There is of course a lot of other attributes of an agent/LO
relationship that are important, but I believe that I have touched upon
the top 5.

Do you agree with the components included above? Do agree with the
order of importance? Is there anything that has been left out that
would qualify as being more important then the above 5?

The more feedback the better guys; thank you for your postings in
advance.

Regards

Posted by Allen Greenspan on March 29, 2006, 3:18 pm
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In my many years of banking and lending I have found the number one critical
components/ingredients of a
successful relationship between a RE agent and loan officer.

Be related in some way. 1)Sister, brother, cousin, brothern-law,
mothern-law, mother, father, ect.

Or do what many lender's do in lieu of a family relationship. Pay 1/2 of
your fee to the realtor (this is illegal but it is how the industry
operates).

Don't chase rainbows, you can walk on water as a loan officer/broker but if
you are not paying the realtor or if you are not related, find another way
to generate leads.

This is not what you want to hear but it is reality nevertheless. It is all
about keeping max commission. You can take training, get coaching, do self
improvement until you are broke, but is will not change how the business
operates.

I paid 10k in advertising for a local realtor 2 years ago and the realtor
only sent me unemployed, in bankruptcy, in foreclosure clients: all were
applying for 100% financing. I later found out that all this agent's deals
went through his wife (who operates under her maiden name)

Cheers!

> The purpose of this post is to test my assertions and illicit feedback
> on; 1) What do you think are the critical components/ingredients of a
> successful relationship between a RE agent and loan officer, 2) In what
> order of priority/importance do you place them in.
>
> This is what my experience has taught me (in order of importance):
>
> 1. I want to increase the number houses you sell.
> 2. I want to increase the transaction value of each house sold
> 3. I want to get paid (minimize attrition; lost deals) and get paid
> faster (quick closing times).
> 4. I want to increase the number of customers I service (lead
> sharing/lead generation/marketing assistance; reciprocal lead exchange)
> 5. I want consistent and accurate communication of the loan status.
>
> There is of course a lot of other attributes of an agent/LO
> relationship that are important, but I believe that I have touched upon
> the top 5.
>
> Do you agree with the components included above? Do agree with the
> order of importance? Is there anything that has been left out that
> would qualify as being more important then the above 5?
>
> The more feedback the better guys; thank you for your postings in
> advance.
>
> Regards



Posted by $cott on March 30, 2006, 10:05 pm
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UNOME wrote:
> The purpose of this post is to test my assertions and illicit feedback
> on; 1) What do you think are the critical components/ingredients of a
> successful relationship between a RE agent and loan officer, 2) In what
> order of priority/importance do you place them in.
>
> This is what my experience has taught me (in order of importance):
>
> 1. I want to increase the number houses you sell.
> 2. I want to increase the transaction value of each house sold
> 3. I want to get paid (minimize attrition; lost deals) and get paid
> faster (quick closing times).
> 4. I want to increase the number of customers I service (lead
> sharing/lead generation/marketing assistance; reciprocal lead exchange)
> 5. I want consistent and accurate communication of the loan status.
>
> There is of course a lot of other attributes of an agent/LO
> relationship that are important, but I believe that I have touched upon
> the top 5.
>
> Do you agree with the components included above? Do agree with the
> order of importance? Is there anything that has been left out that
> would qualify as being more important then the above 5?
>
> The more feedback the better guys; thank you for your postings in
> advance.
>
> Regards

Your message is a carbon copy from a post I put up on March 26th
(http://groups.google.com/group/alt.real-estate-agents/browse_frm/thread/89ef976a4bfe73e9/0c712e5a0409ee50?q=scott+miller&rnum=3#0c712e5a0409ee50);
do you want to hire me (I usually get paid for this sort of thing)?
They say that imitation is the highest form of flattery; why don't I
feel flattered?

Regards,

Scott Miller
Commercial and Residential Lender/Broker

www.RealEstate-IQ.com
www.EZMortgageLoanz.com


Posted by Jay Reifert on April 2, 2006, 5:08 pm
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Hey...Scott...I can do you the biggest favor of your life,
if you'd like. I can tell you exactly what any serious
buyer agent SHOULD want from a lender, and for that matter,
what any serious lender should want, so they aren't wasting
their time, either.

Interested?

If so, I'll put it out here. However, while I don't mind
if you use it to enhance your business practices within
your office, I do expect that you won't steal my intellectual
property, as you claim the person has done to you, below.

So...interested?

http://www.real-reform.org/pcnonebas.pdf

PS: My wife and I are both licensed loan originators. My
buyer agency clients, via this fact, gain access to mortgages
with rates that are typically as low or lower than any other source...with
NO closing costs on their first mortgage. If
they go with simultaneous first and second, there are the
typical closing costs that they would experience from any
other source on the second.

I grew tired of babysitting lenders better than two years
ago. We now handle that end of things for any client who
wishes to have us handle it. (Better than ninety percent
have us take care of it for them.)

--

Jay Reifert -- Fitchburg/Madison ****** http://www.real-reform.org
http://profiles.yahoo.com/jay_reifert ** http://www.true-agent.com
http://www.madison-real-estate.com

mailto:true-agents@12345true-agent.com <-----------Remember to
remove the numbers from
the email address before
hitting send.



$cott wrote:
> UNOME wrote:
>> The purpose of this post is to test my assertions and illicit
>> feedback on; 1) What do you think are the critical
>> components/ingredients of a successful relationship between a RE
>> agent and loan officer, 2) In what order of priority/importance do
>> you place them in.
>>
>> This is what my experience has taught me (in order of importance):
>>
>> 1. I want to increase the number houses you sell.
>> 2. I want to increase the transaction value of each house sold
>> 3. I want to get paid (minimize attrition; lost deals) and get paid
>> faster (quick closing times).
>> 4. I want to increase the number of customers I service (lead
>> sharing/lead generation/marketing assistance; reciprocal lead
>> exchange)
>> 5. I want consistent and accurate communication of the loan status.
>>
>> There is of course a lot of other attributes of an agent/LO
>> relationship that are important, but I believe that I have touched
>> upon the top 5.
>>
>> Do you agree with the components included above? Do agree with the
>> order of importance? Is there anything that has been left out that
>> would qualify as being more important then the above 5?
>>
>> The more feedback the better guys; thank you for your postings in
>> advance.
>>
>> Regards
>
> Your message is a carbon copy from a post I put up on March 26th
>
(http://groups.google.com/group/alt.real-estate-agents/browse_frm/thread/89ef976a4bfe73e9/0c712e5a0409ee50?q=scott+miller&rnum=3#0c712e5a0409ee50);
> do you want to hire me (I usually get paid for this sort of thing)?
> They say that imitation is the highest form of flattery; why don't I
> feel flattered?
>
> Regards,
>
> Scott Miller
> Commercial and Residential Lender/Broker
>
> www.RealEstate-IQ.com
> www.EZMortgageLoanz.com



Posted by $cott on April 3, 2006, 3:48 am
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Jay Reifert wrote:
> Hey...Scott...I can do you the biggest favor of your life,
> if you'd like. I can tell you exactly what any serious
> buyer agent SHOULD want from a lender, and for that matter,
> what any serious lender should want, so they aren't wasting
> their time, either.
>
> Interested?
>
> If so, I'll put it out here. However, while I don't mind
> if you use it to enhance your business practices within
> your office, I do expect that you won't steal my intellectual
> property, as you claim the person has done to you, below.
>
> So...interested?
>
> PS: My wife and I are both licensed loan originators. My
> buyer agency clients, via this fact, gain access to mortgages
> with rates that are typically as low or lower than any other source...with
> NO closing costs on their first mortgage. If
> they go with simultaneous first and second, there are the
> typical closing costs that they would experience from any
> other source on the second.
>
> I grew tired of babysitting lenders better than two years
> ago. We now handle that end of things for any client who
> wishes to have us handle it. (Better than ninety percent
> have us take care of it for them.)

Hey...Jay....not quite sure what your response had to do with the
thread.....Representing the buyer on a purchase and finance; is that a
form of dual agency? I know it's legal, but don't you frown upon that
in your real estate practice?

Let me guess, you do a lot of FHA loans.


Regards,

Scott Miller
Commercial and Residential Lender
1.877.716.6495
EZMortgageLoanz@aol.com

www.RealEstate-IQ.com
www.EZMortgageLoanz.com


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