Building your Business with Mortgage Loan Officers

By Ray Rodriguez

Building a new home is as American as the American dream itself. And despite the floundering economy, demand for new home construction remains higher than ever. Now is the time for builders to capitalize on the recovery of the housing market and forge strong relationships with industry experts. Here are a few key reasons why you should establish a relationship with your local mortgage loan officer (MLO):

  1. Diverse Financing Options – Financing is a critical part of the home-buying process, and MLOs can provide a wealth of knowledge on loan options. Most regional MLOs offer robust product suites to meet a variety of financial situations.
  2. Educational Resource – MLOs provide expertise through every step of the mortgage process – from obtaining a pre-qualification letter to "live loan" status updates and submitting loan paperwork to the final sale. They understand the many moving parts of a loan and can calculate the options. Find an MLO that will determine the best option for your buyer.
  3. Discounts and Benefits for Banking Customers Chances are, if your buyers are banking at a local institution, they will qualify for an added discount or incentive applied over the life of the mortgage loan. While incentives add value to the ordinary banking relationship, the ability to enter a familiar neighborhood store and begin the mortgage process is invaluable. It makes the buyer feel more comfortable with the process.
  4. Ongoing Communication – A good working relationship between an MLO and builder is built on trust, reliability and communication. The best MLOs notify you and the buyer immediately when they require additional clarification or documentation. Experienced MLOs understand that timely communication keeps the process moving forward. All of these factors help build a stronger reputation for the builder and improve a client's home-buying experience.

Of course, finding the right MLO is critical. Not every bank or MLO will have what you or your buyers need. Get to know the MLOs in your area, so you can give your buyers more options. When speaking with MLOs, evaluate response time, follow-through and accessibility, since these factors are important to a successful partnership. In the end, you will discover knowledgeable, committed and dependable professionals who can become partners in building your business and helping your clients achieve the American dream of owning a new home.

Ray Rodriguez is vice president and regional mortgage sales manager for Metro New York at TD Bank, America's Most Convenient Bank®. He is responsible for training and developing the mortgage sales team and growing the market share within his region. Ray has more than 21 years of experience in the mortgage banking industry.

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