Real estate agents to originators: Stop over-promising

by MPA05 Aug 2013

The most common complaint real estate agents receive about loan originators is mismanaging expectations, industry figures have said.

Marc Manieri, loan origination coach for The Rainmaker Method, has told the Florida Association of Mortgage Professionals annual conference that new originators often over-promise before knowing they can deliver. The best way to manage expectations for real estate agents is to keep open communication and to meet with borrowers and agents at least weekly to update them on the status of their loan, Manieri said.

Real estate agents attending the conference have argued that originators over-promising and under-delivering is a common complaint from borrowers, with originators often setting unrealistic goals for loan closings or pre-approving borrowers without all the necessary information.

Manieri told the conference that originators should be up-front about the probability of a loan going through, before real estate agents and borrowers moving forward with a deal. If borrowers and agents receive the news later rather than sooner, he said, originators are likely to lose both the client and future referrals.

Poll

Should CFPB have more supervision over credit agencies?