Set Expectations for Your Clients and Realtors all the way to Closing.

It’s 6:05 in the morning.  I just spent the last ten minutes making sure that my phone wouldn’t ring until 10 or later.  How?  By sending one sentence emails to all of the deals that I have working.  A couple examples:

Dear XXXX,

Your file is still in underwriting.  I will let you know if the status changes.  I expect it to come back Wednesday mid morning, but I will let you know if it comes out sooner.

You can of course call me or mike at (614) 839-4850 with any concerns.

Or another (same transaction).  Diane will be gleeful to hear that an inhouse title company screwed up.  Took them 20 days to get a CPL and they acted like I was the problem.  I digress.

Dear Selling Agent,  [CC: Listing Agent]

We are awaiting conditions from underwriting and this is routine.  We expect to have this out of underwriting by Wednesday, with some probable minor conditions.  I will inform you of anything that’s outstanding at that time, but I do expect that your in house title company will have to provide a CPL; we requested one on 2/4/08 and again on 2/13, and a third time on 2/15.  In order to close on time, we need one by Thursday of this week.   Call me at any time.

The worst call a loan officer can get goes something where the Realtor calls, he asks how you are..you ask how he is, and then he says, "I don’t know, you tell me."  It’s an interruption and an obligation.  If you spend just a few minutes eah morning writing 1-4 sentence emails on each deal you’re working, you prevent interruptions and are free to work your schedule.  If you assume that Realtors can’t/won’t, and shouldn’t have to wait to hear back from you, you will be getting more done with fewer interruptions.

Setting Expectations for Clients

It may seem basic, but at the initial meeting with every client, we need to walk them through our process, including:

• When you are eligible for a rate lock.
• What causes rates to change
• What they need to do to get fully approved
• Who’s paying for the appraisal
• How a rescission period works.
• The timing for any guarantees

It used to be that my clients would presume they were locked based on the good faith estimate.  I had some people that were unhappy with that, and since homeowners are not gamblers or speculators by nature, it was a hard question to have to answer when rates went in the wrong direction, and they would claim they never knew (thank you litigious society).  You’re not renegotiating anything if you set expectations correctly and deliver upon them.  That idea is the difference between a novice originator and a real pro.