“Banker Referral, I Love Them, but Don’t Understand Why I Get Some of Them”

I am always grateful for all referrals that I get. 25% of my mortgage practice are referrals that come from banks and credit unions. Fortunately, I am able to get 9 out of every 10 of these transactions closed. Sure some of them I can understand why they can’t get them done, but some of the others, I just don’t get.

There seems to be a pattern, most of these referrals are borrowers that are self-employed or owners of multiple properties and folks that need an FHA 203K loan. Are many of these transactions easy? Heck no, but so what!

I recently received a referral from a bank loan officer who was sitting with a client and wanted to refer her. His introduction was very telling, as he was telling Wendy that we would be able to get her loan done in a much shorter time period.

Wendy was a dog groomer, self-employed and also receiving a pension. Her loan was pretty easy to do, once all of the income was properly documented. She did say to me that she was a bit surprised that the loan officer referred her out, as she had never considered using a mortgage broker, but was delighted that the referral was made.

Keep those referrals coming, I don’t mind doing any transaction that someone feels may be too hard to do.