Loan Officers must offer something new and positive if they want more Realtors to refer business to them. After all, every successful Realtor already has a referral relationship with at least one Originator. To open new doors, you must have a unique, problem-solving approach.
Agents will pay attention when you can qualify potential homebuyers who have been turned down by other lenders. Many Realtors are unaware how much lost business results from relying on lenders who only handle agency loans.
Despite the tremendous growth and reliable performance of non-QM mortgages during the last five years, most Real Estate Agents remain unaware that excellent alternatives exist for people who fail to prequalify with their preferred lenders.
According to “Coach” Bob Williamson, who trains mortgage professionals, Realtors have no incentive to talk to a new Originator unless they are either unhappy with the ones they have or believe that you “could offer them more than they are currently getting from the lender they already have.”
That’s where expertise in non-QM loans can differentiate you from your competitors.
“I cold-call Realtors every day and I’d say that 80 percent are either unaware of non-QM loans or never before heard from an Originator who specializes in them,” said John Ribbler of Custom Mortgage Services in Cumming, Ga. “My intro is simple: ‘Do you have a point person for people who have trouble pre-qualifying?’”
Mr. Ribbler told me that his opening query often draws out detailed stories about lost business opportunities. He says that even Realtors who have basic knowledge of non-QM loans are unaware how many different products are available to accommodate the diverse range of people who need them.
“Realtors always want to learn new ways to grow their businesses,” Mr. Ribbler said. “When talking about non-QM mortgages, I get quality time on the phone and make those conversations memorable. That’s the key to establishing long-term relationships.”
Mr. Ribbler is among a growing number of independent Loan Officers who rely on Angel Oak Mortgage Solutions (AOMS) for core knowledge about alternative loans and the tools he needs to manage the mortgage finance process from pre-qualification through closing. After establishing that all-important personal relationship, he follows up with personalized flyers. When a Realtor wants to know what they can do for a client, they use the AOMS Quick Quote (AngelOakMS.com/QuickQuote
) tool to instantly gauge the prospect’s potential.
Most importantly, he says his AOMS Account Executive is available by phone day and night. To learn more about building unique, value-driven Realtor relationships, contact your Account Executive by calling (866) 837-6312 or at AngelOakMS.com/Map
Tom Hutchens is Executive Vice President, Production at Angel Oak Mortgage Solutions, an Atlanta-based wholesale and correspondent lender leading the non-QM space for four years and licensed in over 35 states. Tom has been in the real estate lending business for nearly 20 years. He may be reached by phone at (855) 539-4910 or e-mail [email protected].
This article originally appeared in the August 2018 print edition of National Mortgage Professional Magazine.