Originators who become a preferred lender for major real estate agencies or developers should expect to get the majority of loans for themselves, but not all, according to a top 50 mortgage originator.
EverBank announced yesterday it would become RE/MAX’s preferred lender in its four retail offices in New Jersey, and one top originator has said preferred lender status delivers serious benefits. As a preferred lender for roughly 80 new construction developments in the Boston area, Allyson Kreycik of Guaranteed Rate says she captures from 70% to 80% of all new mortgage originations.
Too many times, builders deal with lenders that say they can commit, but then financing falls apart at the last second, she added. That is where they value preferred lending relationships.
To become and stay a preferred lender, you have to continually ensure that you can put together strong financing for houses they are determined to sell.
The other key to developing and managing preferred lending relationships is to help the builder or developer become ready for financing, Kreycik said. There is a team at Guaranteed Rate that is solely dedicated to getting the condo building approved by investors, she mentioned.
Kreycik was ranked a top-50 mortgage originator and the sixth top female originator for Mortgage Executive Magazine in 2012, for the US 163m loans in 2012.