Choosing, and working with, the "right" loan originator is an important decision when purchasing or refinancing a home

After almost 44 years of toiling as a Massachusetts real estate attorney, I can honestly relate to you that I have seen almost "everything" in the way of actions by loan originators ('LO's").

I have worked with many LO's who are, in a word, "passing through". This is a job they have taken to make some money, and they really are not in the business for the long-run. That being said, they were perfectly willing to request that I take actions which were not "long run" either. Could I close this transaction today, and say I did it yesterday? Could I just "slap" a Notary Seal on this mortgage? "I can assure you that the person's signature is real" I have politely reneged to these and other questions, and, by some matter of means, my "long run" is still running. I quickly "shucked" these LO's.

Then there were the LO's who consistently over-promised and under-delivered. I am sure I can get your client this rate, and the deal in 20 days. Well, maybe 30, or perhaps 60. And, that rate I promised, it's only available to doctors who make $350,000 or more annually and have an 800 credit score. All others pay much more. These people have had to be removed from my contacts list, as well. They may have meant well, but they have too often put me in a position where I look bad. I can usually do that just as well, by myself.

Which leads me to my "must do, must be, no exceptions" criteria for referring business to LO's which I am setting forth below:

     1. Communicate with the referral, and do it quickly. I am giving out your name. I am saying that you value their business just as much, or even more, than I do. Call them!! Email them!!! Meet with them!!! RIGHT AWAY.

       2. Give my referral an honest appraisal of their chances of getting the mortgage they are seeking.  That means, in most part, asking for, and persisting on getting, all the information you need to make decisions. Ask probing questions "sooner, rather than later".

     3. Once you take on the referral, understand, and meet, the mortgage contingency dates and closing dates set forth in the sales documents. Sure, the Realtor can assume this responsibility, or so can I. But the person who knows best about the transaction, and where it sits, is the LO. It is up to the LO to run with the ball here, kick butt if the Borrower is not being responsive, and follow through. The other real estate professionals in the deal will certainly help. But his deal is yours!!!

Over the years, I have found, and lost, many Loan Originators. I now have a coterie of five (5) people to whom I send all my referrals. They are involved in Lending from different perspectives, so the actual choice of referral varies with the profile of the deal and the Borrower. One thing the Fantastic Five have in common is they are willing to follow MY RULES (set forth above). It is my referral, and I will accept nothing less!!!!!!!