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Biggest Mistakes to Avoid as a Loan Officer

Companies are adjusting their lending requirements as fast as governments are changing regulations and updating stay-at-home orders, fueling increased communication as everyone tries to figure out what the steady flow of changes means for them.  

Lenders used to be distracted by competitive pressures more than anything else. How do we get in front of prospects at just the right time?  How do we get approvals done more quickly? How do we close more rapidly and create great borrower and referral partner experiences that will encourage them to refer us to others?  

Don’t worry, we’ve got you covered! We compiled a list of common mistakes from property lenders for you to avoid so you can always be on your A game! 

MISTAKE #1

Compliance in marketing.

Most loan officers tend to relax after securing a few deals that will facilitate them to pay the bills for the month and are left with the disastrous cycle of worry in the next month. It is essential to plan and invest in a marketing strategy that will ensure you are one step ahead of your competitors.

Having a good business reputation will go a long way in finding new clientele through referrals from old clients.

MISTAKE #2

Neglect of inbound calls by loan officers.

All the marketing done could go to waste if you are not able to respond to inquiries. You should be available and answer inquiries expediently so that your clients don’t feel neglected. Pay keen attention to language and customer care skills. Sometimes all it takes for a potential client to become a full time customer is a little push in the right direction.

MISTAKE #3

Failure to adopt new technology.

The world is a dynamic place, with technological advancements in each sector of the economy. As a loan officer, it is of paramount importance to adapt your business with these changing times. Put in place systems that will ensure easier and efficient operations.

Choose a technological system that is efficient, affordable, and will optimally suit your needs.

MISTAKE #4

Communication.

Failure of loan officers to effectively communicate the details of the loan applied for may lead to you losing your clientele. Have proper listening skills and ask follow up questions for clarification. At the end of the client interview, ask them if they fully understand the terms and conditions of the loan contract. Be clear and informative in your replies to the client’s questions.

At First Equity Funding, we do more than provide commercial and residential fix & flip loans. We help real estate investors analyze and identify investable opportunities, ensure fast approvals of real estate fix & flip loans, and offer construction consultancy to help plan and schedule the project more efficiently. For more information on the services we offer please contact us today!