The concept of positive consumer
recognition holds true when borrowers hear the names of the
best-known mortgage industry professionals. These are the originators who may charge more for their
services, but inspire the consumer
confidence necessary to command
the higher fees. How did these professionals achieve this level of success, and how can you emulate their
professional practices to garner the
same respect and bottom line?
These professionals didn’t get
where they are simply by picking
up the phone and being nice to everyone. They know how to find the
lenders that satisfy their clients’
requirements, and then they close
deals. That’s worth more to borrowers than working with a friendly new
broker who hasn’t the faintest idea
of what to do with a commercial
loan, much less where to find the
best pricing and turn times.
These industry giants have paid
their dues and done the necessary
homework along the way, often enduring a few less-than-stellar closings in the process but wearing the
battle scars proudly years later.
They exude a confident “been
there, done that” attitude that is
reflected in stellar performance for
These big-name brokers may, as a
result, have less time or inclination
to placate clients than their less-experienced peers, but they produce consistent closings with exemplary terms. Their results reflect the
type of “tough love” attitude toward
customers whom brokers need to
succeed in an industry where many
prospective clients are merely rate
shopping, with no intention of inking a deal.
Consumer confidence is invaluable and takes years to establish.
Your name is your brand; it’s built
on your successes and, perhaps
surprisingly, your failures as well.
When you properly handle and
learn from these failures — such
as a borrower’s misrepresentation
of financials, a credit score drop
or other obstacles to a deal — the
knowledge gained helps contribute to the foundation of your successful brokerage.
Is the customer always right?
Customers are often sure they are,
but experienced mortgage professionals will attest to that not always
being the case. Thus, more important than always agreeing with
your clients is taking care of them.
When you do so, even the most difficult client may become one of your
strongest supporters in the end.
For example, third-party information or the lack of it may completely skew a deal and send the
loan down a slippery slope. When
this happens, clients may get upset
with the lender, but the real problem was that the third-party source
never presented the required information, much less provided it to the
originator and/or lender.
By explaining the situation, offering solutions, and coming through
for borrowers in instances like
these, mortgage professionals
help build their name and reputation. When a broker identifies these
types of third-party problems and
steps in to save the deal, the borrower is likely to become a longtime, repeat client as the result.
and social media
When does automation through
technology become a liability instead of an asset? Software and
online tools have the potential to
be assets in completing the transaction, but they are not a substitute for the human interaction
necessary for building your name
Imagine an automation tool where
a broker goes online and with just
a few keystrokes, is able to price a
deal for the consumer. It’s great in
theory, but the reality of the mortgage industry is that a deal is rarely
that clean-cut. Loans are often
fraught with hurdles that can’t be
solved simply by checking boxes —
they require the human touch.
Often, interaction with an actual
person is necessary for nothing
more than, for example, to reassure
the broker that the borrower’s five-year-old bankruptcy really won’t affect the pricing. If a deal is not priced
correctly because of one misplaced
fact that emerged after the initial
terms were determined through the
Anita Huedepohl is the founder and CEO of Liberty Funding, which has a focus on
providing nationwide commercial property financing. With more than 10 years in-
vested in the industry, her company’s goal is to find equitable solutions to meet
borrowers’ requirements for refinance and acquisition transactions from $2 million
to $20 million and more. Liberty Funding’s website is libertynationwide.com. Reach
Huedepohl at (615) 417-4710 or firstname.lastname@example.org.
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