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Fast Food and microwaves dominate our society. Everyone wants this or that right away. You, as a Loan Officer, have to understand this when dealing with your borrowers. Some folks want the whole finacing process to take 37 minutes and they don't understand why it takes longer.
For us in the Mortgage Business, we get it. We understand that one of the biggest financial purchases of our borrower's life takes a bit longer than microwave popcorn. The trick is to relay that to our borrowers.
A good Loan Officer will sit down with the borrower and lay out the entire process; from the first phone call, to the follow up phone calls; from the collecting info from the application to gather documents for the processor; from the contacting of the appraiser, to the paying the appraiser at the door. (oh, if you don't have your clients pay for their own appraisal you may be missing a HUGE piece of the "business relationship" puzzle)
Once this process is clearly define things go more smoothly. Once it is established what is expected of the borrower and what the borrower can expect from the Loan Officer or Mortgage Broker, the whole concept of a "Microwaved Mortgage" is discarded and business as usual can proceed as usual.
Too many Loan Officers in our industry want to rush, rush, rush and get the clients in and out. Folks, this is NOT a revolving door industry. Oh sure, if you work at a "chop shop" as I call it (like in the movie "Boiler Room") then all this stuff is of no use to you. But if you're in this for the long haul, and you're a Loan Officer looking for referral business, you may want to pay attention.
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