Several months ago I was meeting with a Realtor friend and we were discussing our businesses. I mentioned that I was constantly improving my systems and was looking at what I could do to thank the Realtors on both sides of the transaction. My thought was that a good car wash would be appropriate, and since it wasn't tied to future business, it would probably be RESPA compliant.
His response was enlightening and life changing. He stated " I might not be like most Realtors, .... no, I think I am like most.... What would mean the most would be a heart-felt thank you card. Better yet, why don't you just show up to the closing and not make me have to answer your questions." Wow, ...make me not have to answer your questions... I asked what percentage of loan officers were at his closings. He said maybe 1% if that.
This got me thinking. How often does a Realtor or Title Officer have to answer questions that only I have the answer to. Or how often have they been put into an uncomfortable position because they were not aware of the reasons that I placed the borrower into a particular loan program or interest rate.
I made the decision to make every closing that I could. It's been a further drain on my schedule, but has been well worth it. Almost every closing has had a question raised that only I could answer. A couple of times there were issues that needed to be addressed that only I was aware of.
But the reward has been fantastic. I have cemented the relationship with several Realtors who know that I am looking out for everyone's best interest and prove it by showing up at closing. My clients know that I will be there to make sure that there are no surprises and I have several Title companies who view me as a cut-above the rest.
This is the commitment that I make to every client and business partner. I will do my best to be at the closing, and if not possible, I will be available by phone and will have a copy of the paperwork in front of me. Whenever possible, I will have reviewed the closing documents and discussed them with the client the day prior.
Larry Morris specializes in relocations and Sherwood, Oregon neighborhoods. He can be reached at larry@PDX-Mortgage.com. His website is www.PDX-Mortgage.com. This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved
Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
Yes it is Michael. It's also a great accountability tool. It's kind of hard to take advantage of someone if you have to be there when thgey sign. It's also a great way to compete against the long distance internet lenders.
Thanks for visiting.
Good post Larry. I also go to my closings. I earned a new referral source because I sent a Thank You card after a closing I attended to the seller's Realtor.
I think Realtors are always looking our for the Loan Officers to trick their borrowers into certain loan conditions. When you show up you are showing your credibility and your willingness to stand up for the quality of your loan and your service. Who wouldn't want to work with someone like that?
Great advice. If people think they don't have the time to do this they are mistaken. Even if you push another closing back or even lose a lead because of it, you should realize that attending could net you many leads and closings in the future.
I never thought to ask the loan offcier to be at the closing......
nice post!!
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I used to go to every closing that I could. Answer questions, keep the customer at ease, and thank everyone involved when it was all said and done.
Now being in the title business, I can say that about 90% of the purchase closings my office does are without a loan officer and sometimes even without a realtor which blows me away. Granted our escrow officers are some of the best in the business and I'm usually there to answer loan related questions, it's still mind boggling to me.
Great post, and great advice to loan officers and Realtors alike, try to make it to your closings.