What would make you trust a loan officer that is trying to help you refinance?
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I am a loan officer and i have not been able to get too many people to refinance. As you know we live on a commission base and sometimes it gets pretty hard.
What would make you trust a loan officer that is trying to help you refinance?I spend 10 years in the mortgage industry, everything from processing and (very successful) origination to business development and senior management. Generally, the main reason for distrust of LOs is the public's fear (often completely justified) that the LO is hiding fees and padding commission in ways the uneducated borrower has no way to detect.
I always offered to show the applicant a COMPLETE breakdown of costs, including explaining rebates in detail, so they would know exactly what I was making on the loan.
Also, make sure you give them an initial overview of the loan process, including how your specific company does it and the time frames to expect.
What is true in every form of business is absolutely true in mortgage lending: It's your job to set the customer's expectations....and when their expectations aren't met, you have a ticked off customer who won't trust you again, and you have no one to blame but yourself.
Best to you.
What would make you trust a loan officer that is trying to help you refinance?Answer their questions honestly and if you don't know the answer then tell them you don't know but you will do everything you can to find out. And just treat them how you would want to be treated in the same situation.
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