How to find a mortgage lender who will focus on you
A survey by J.D. Powers released last summer reported significant declines in customer satisfaction when dealing with mortgage brokers,
“The drop in perceptions of the industry was driven primarily by a significant jump in the number of customers saying that their mortgage servicer is focused more on profit than customer experience,” explains Diana Olick in a recent CNBC article.
“At least 10 percent said their time was wasted during interactions with their mortgage servicer.”
Another key takeaway from the survey was the importance of service over high tech tools and apps, even for the growing number of millennials who are purchasing homes, and this is where local mortgage brokers often get much higher satisfaction ratings.
“Smaller, local lenders typically have one major advantage over the big guns: Because they’re a smaller operation, they may be able to offer you a more personal touch,” writes Angela Colley in an article from realtor.com.
“A smaller lender lives off your future business. They want to have you feel like you’re being treated as a person as opposed to a number.”
How do you find the right local mortgage broker?
Consider these five points:
1. The more loan officers under one roof, the more likely you could be a number.
Big offices can be a sign of big success, but for the mortgage company rather than the customer. Look for offices with fewer loan officers and you are likely to end up working with someone who will spend the time you need them to on your home purchase.
2. Pay attention to the office atmosphere.
Buying a home can be a stressful thing. You want to work with a company who is focused on making it less stressful for you, and that starts with the attitude in the office. Does the place feel friendly? Do the people appear to enjoy working there? Does it make you feel relaxed or even more stressed to be there? Find a place that feels good and chances are your experience will be good.
3. It all begins with the questions.
The best brokers know the right questions rather than following the same script for every customer. They also listen to your responses so they think about how to make the process easier for you when it comes to documentation.
Brokers who only dig deep into credit scores or debt to income ratios without getting more information that that can lead to more common-sense underwriting decisions.
Remember that big banks have to manage every customer in the same way in order to manage a massive load of clients. Local brokers ask the questions, spend the time and have the products that can personalize your mortgage to best fit your needs.
4. Look for broad lending experience
Are you a truck driver, longshoreman or self-employed? This is where the local mortgage broker can shine. A significant portion of home buyers have jobs or work that don’t follow conventional employment, but they are still plenty qualified to buy a house.
Military families also need a broker who will help identify all sources of income, including allowances, special duty payments and base pay. Bigger banks often miss these by looking solely at the family’s W2’s. The best local brokers will help you get credit for all forms of income.
5. Make sure they are focused on your success.
The best mortgage brokers are not looking for ways to turn loans down, but rather figure out figure out a way to make a loan work.
In addition, good loan offices will stay close to the business, and try to make it happen quickly.
Take a little time at the beginning of the process doing your research and you will save a lot of time and stress later on when you go to purchase your home.
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To learn more, contact:
Chip Simkins III – NMLS # 202695
Chairman/Mortgage Loan Originator
OVM Financial, Inc is an Equal Housing Lender. NMLS #86788 nmlsconsumeraccess.org. We lend to the following states: VA #MC-3038, NC #140706-104 © 2017 OVM. All Rights Reserved. www.ovmfinancial.com