Good Brokers vs Great Brokers

[Zackarias Aitchison]

Hello!

What do you find separates good Mortgage Brokers, from great Mortgage Brokers? 

What's the difference between good & great communication?

Good & Great service?

I'm curious to see what the broker perspective is on this!

Cheers

[Jason Wray]

Zackarias,

I would stick with an FDIC bank that has little to "No overlays". Nothing against mortgage brokers but I left that world years ago because of most of the delays in closings, problems with underwriting, and Non prime rates. Not to mention having to pay broker fee's and points. Communication is key to closing a loan on time and ensuring you have discussed all aspects of your personal documents and history to avoid surprises/denials.

Preventive maintenance is very important for a good banker/broker/loan officer to again avoid issue in processing or worse case underwriting.  Your banker or broker should be available Mon-Sunday and not just from 9AM to 5:30PM banker hours.  Questions need answers even on the weekends and realtors need communication with the bank/lender to do their job and be able to close on time with 3rd parties.  Your banker/broker/loan officer should be an asset and you should build a long term relationship with them so that they can provide you with back to back investment financing.

Knowing you and your finances is important and by not bouncing around and having a go to bank/lender that offers all programs both traditional and Non/QM-Portfolio is a good key to success. Look for banks/lenders that offer better guide lines like higher LTV cash out options, less money down for multi-family, Non/QM options DSCR, Self Employed loans, Bank statement loans, Asset lending, No ratio, Non-warrantable Condo's, Condo-tels, Mixed use. Its a clear view that the bank/lender has a larger capacity to fund loans on more than just traditional loans.