OrigiNation: YOU Are the Bus Driver

In the mortgage industry, we are the bus drivers on a non-cash residential home purchase. The mortgage process and the dozens of people involved with it simply steer the application to closing. The passengers in the process cannot throw the bus driver (the mortgage loan originator) under the bus or the bus will crash with everyone inside. Many, for some reason, fail to realize this and assume the real estate agent is the driver. That is a very dangerous perception for all passengers and the driver of the bus, but even worse for the consumer/client passenger.

Our level of regulation and control on the new mortgage liability should be clear to all parties. The mortgage process is vitally important without exception and the consumer is the most protected and important passenger. For those that are trained to fight the process or not respect it, they will certainly have a bad experience. Our job is to follow the laws, maintain the speed limit so that we don’t crash, and set realistic expectations for when we’ll arrive at our destination. We might find a short cut and provide everyone with good news, or there might be a few speed bumps we need to prepare the passengers for.

Good drivers are respected and re-hired. They might even impress the passengers so much they refer them to friends and family and share great stories. Bad drivers could face complaints, or even worse, fines and potentially having their license stripped. Don’t be a bad driver. Have confidence and be a leader. Instruct and control your passengers and don’t let them try to get in the driver’s seat without a license or the ability to control the steering wheel. If you do hand that responsibility over, you will still be responsible for the outcome.

Are you an originator? Send your stories! To have topics considered in future editions, please e-mail me with “OrigiNation” in the subject line at [email protected]. These can be confidential or your name and company can be referenced if you wish. You can also join the Facebook group by searching “OrigiNation.”

Andy W. Harris, CRMS is president and owner of Lake Oswego, Ore.-based Vantage Mortgage Group Inc. and past president of the Oregon Association of Mortgage Professionals. He may be reached by phone at (877) 496-0431, e-mail [email protected] or visit VantageMortgageGroup.com.

This article originally appeared in the September 2016 print edition of National Mortgage Professional Magazine.