Importance Of Mortgage Lender Reviews And Testimonials

The home buying process is both an exciting and stressful process at the same time. Choosing a mortgage lender is one of the most important tasks for a mortgage loan applicant. Whether you are a home buyer seeking a home purchase mortgage loan or a homeowner seeking to refinance your current home loan, choosing and hiring a mortgage loan officer who you can get along with is the most important task in the whole mortgage application process. Many home loan shoppers count heavily on mortgage lender reviews and testimonials. On this article, I will offer our viewers on my opinion on the importance of mortgage lender reviews and testimonials. As a manager of a team of mortgage loan originators, I will also write about on how to avoid negative mortgage lender reviews and testimonials to advise newer mortgage loan officers or mortgage loan originators who consistently get negative mortgage lender reviews and testimonials.

How Consumers Choose Mortgage Lenders

There are many ways home shoppers choose mortgage lenders. The most common way on how mortgage loan borrowers choose mortgage lenders is through word of mouth. Many real estate agents refer mortgage loan officers. Family members and close friends often refer mortgage loan officers who they had a good experience with in the past. Many mortgage loan borrowers will often will choose a mortgage loan officer through television advertisement, mass mailers they have gotten, telemarketing calls from loan officers, or radio ads. However, the majority of mortgage shoppers go on the internet and will do their own research and part of their research will be researching mortgage lender reviews and testimonials.

Borrowers Choosing Mortgage Lenders Online

The internet offers wealth of information and the majority of consumers shopping for mortgage lenders, realtors, attorneys, insurance agents, home inspectors, contractors, and other service providers will search the world wide web. Mortgage shoppers who had a mortgage part of bankruptcy and are having a hard time finding a lender who offers such home loans in the past may Google  “Mortgage Part Of Bankruptcy” and pages of mortgage lenders and mortgage loan officers will show up on Google. The top few listings may be Google Pay Per Click Ads where mortgage lenders pay a fee to Google to be on the top for certain keywords. Following the Google Ads will be lists of mortgage websites that offers home loans to borrowers who had mortgage part of bankruptcy . These Google listings may be mortgage articles, topics on mortgage forums, or just loan officers talking about this topic. Mortgage shoppers may find an article interesting and contact the contact information on the website and speak to a licensed mortgage loan originator. Once they feel comfortable with speaking to the mortgage loan originator and want to proceed further, mortgage shoppers will often leave the website and may Google search the mortgage company the loan officer represents and the mortgage loan officer as well. This is when mortgage lender reviews and testimonials come up on Google.

Bad Mortgage Lender Reviews And Testimonials

When researching mortgage lender reviews, consumers need to always try to be as objective as possible and look at two sides of the story. Say you interview a mortgage loan officer on the phone and you are very happy with what the loan officer had to say and what they have to offer and have a comfort level with the loan officer. However, you want to do a final background check on the loan officer and the company the mortgage loan officer represents. The loan officer works for a larger mortgage company that does hundreds of millions dollars worth of mortgage loan volume a year and have offices in most of the 50 states and the company have been around for decades. However, when you do a Google Search of ABC MORTGAGE COMPANY you see many bad mortgage lender reviews and testimonials. You then Google the individual mortgage loan officer and there is not a blemish on the mortgage loan officer in question and the subject loan officer has stellar mortgage lender reviews and testimonials. What do you do? Why does the company have dozens if not hundreds of bad mortgage lender reviews and testimonials and the mortgage loan officer have nothing but positive reviews and testimonials. This case often happens and many mortgage loan shoppers run into a dilemma on whether or not to go with the mortgage loan officer.

As mentioned earlier, larger mortgage companies will have a tendency to have more negative mortgage lender reviews and testimonials due to the volume that they do. Unfortunately, the Mortgage Process can be an extremely stressful process where every i’s needs to be dotted and t’s needs to be crossed. The mortgage loan officer can do the very best they can but may run into internal problems with the mortgage underwriter where the underwriter can be conditioning the file to death or being extremely anal. There are cases where mortgage loan processors may misplace the paperwork and the processor may ask the loan officer to contact the borrower and get the paperwork again. There are cases where the appraisal gets ordered by the mortgage processor or back office earlier than the required date and that appraisal turns out to not be valid and a second appraisal can be requested. Mortgage loan applicants can satisfy all mortgage conditions that has been requested on the conditional mortgage loan approval but after submission for a clear to close, the mortgage underwriter comes back with a bunch of other mortgage conditions. There are cases where mortgage loan closings gets delayed for one reason or another and the mortgage loan borrower needs to reschedule and cancel their vacation days off from work.  Ultimately, the mortgage loan officer, no matter how conscientious he or she is, is vulnerable to negative mortgage lender reviews and testimonials even though he or she has done everything possible and then some to help the mortgage loan borrower. I have seen countless of cases where mortgage loan officers have gone way beyond the call of duty and even lost sleep at night and have gotten bad reviews and testimonials.

How To Avoid Negative Mortgage Lender Reviews And Testimonials

One proven way to avoid negative mortgage lender reviews and testimonials is to always be in constant communication with the mortgage loan borrower. Whether it is good news or bad news, never avoid taking a borrower’s phone calls. I have witnessed so many talented and experienced mortgage loan officers who really care for their borrowers receive poor mortgage lender reviews and testimonials because they avoid taking their borrower’s phone calls or give them consistent updates on their mortgage loan process.  Consumers understand the complexity in getting a home loan, especially if the borrower has less than perfect credit or higher debt to income ratios. A big part of the mortgage loan originator’s responsibility should be educating the consumer. Work as a team. I have gotten so many positive mortgage lender reviews and testimonials from borrowers who went through an extremely grueling mortgage process but the borrower was very happy due to the fact that I called them on a daily basis, whether there was news or no news. We eventually became lifelong friends. Mortgage loan originators should always return borrowers phone calls no matter what.

Why Do Mortgage Companies Get Negative Mortgage Lender Reviews And Testimonials

All mortgage companies are regulated by both federal and state mortgage regulators and the mortgage process is basically the same whether a consumer chooses Mortgage Lender A or Mortgage Lender B. Mortgage companies have loan officers that represent them and when an incompetent loan officer originates a mortgage loan by a public consumer and that mortgage loan officer turns in an incomplete mortgage file or does not qualify the mortgage borrower correctly, the borrower will go through a very tough time and eventually get their home loan denied. This is the very cause of bad and negative mortgage lender reviews and testimonials about a mortgage lender. Even though the mortgage lender has the best mortgage operations systems and the best back end employees, one rotten apple can bruise the mortgage company’s reputation. That is why many larger mortgage companies may have multiple bad mortgage lender reviews and testimonials. Consumers shopping for a home loan need to keep in mind that there are always two sides of the story and need to objectively judge the positive and negative reviews and decide if that mortgage lender is the right lender for them.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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