Historically, most originators have done a fair job of guid- ing borrowers through the mortgage process — ensuring their individual needs are met and that the funding is ecured quickly with little inconvenience.
Homebuyers, in the past, however, rarely questioned where the
money was coming from for their mortgage, what truly qualified them
for a mortgage beyond their credit score or what would happen with
their mortgage once it was signed and they were in their home. In many
ways, these “good old days” were considered by many to be a golden
age for our industry.
The often-opaque practices of this past era, however, are no longer
applicable today. Thanks to the advent of digital resources and the internet, borrowers have access to more information about the mortgage
process than ever before. Although the best originators always have
striven to provide transparency and honest execution of transactions,
this has now become a vital necessity.
Become an adviser
Despite improvements to the pre-approval process and some mortgage companies even offering borrowers the opportunity to be pre-underwritten, many borrowers still delay approaching an originator until
later in the process, typically after selecting their desired home. The truth
is that in doing so, borrowers miss out on a valuable opportunity.
An experienced originator can help borrowers clearly understand and
avoid potential mistakes along the way while also helping them make
more informed and well-educated decisions regarding their new home
and its impact on their overall financial wellness. This is why it’s so important for mortgage professionals to more actively engage borrowers with
the “heart of a teacher,” and not solely as a salesperson looking to make a
transaction. Any borrower who walks into a branch should be treated as
one would a family member or close friend, regardless of where they are
in their home search.
Borrowers also come with high expectations, expecting to close a
loan rapidly, oftentimes well outside of their price range. It’s an originator’s job to help put those expectations into perspective for them —
honestly and transparently.
136 Scotsman Guide Residential Edition | ScotsmanGuide.com | September 2018
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