Random thoughts on art, technology, stuff, and occasionally Real Estate: Open Letter To Brian Brady,

Open Letter To Brian Brady,

Hi Brian,

I was going to write this as a private email to you, then the thought occurred to me that it might stimulate some interesting discussion here on Active Rain.

Anyway, a bright young loan rep called on my office today, all ready with her company spiel about her lender's sign rider with an 800 number lead capture system.

I told her it against my policy to advertise any lender on our listing signs, and I didn't want the public to think we were in bed with any one particular lender.

As the conversation went on, I also told her that the only things that mattered to me were a). the lender performs on time and as promised, and b). that the lender knows their sh*t.

I asked her that if a client were to ask her advice on whether or not to lock in a rate today, what would she answer.  Luckily for me, she was a little uncertain on that one, so I didn't have to come up with any other questions.  A question about YSP was knocking at the back of my mind, but I realized I'd have to go back and re-read your YSP tutorial before I opened my big mouth.

Which brings me to the purpose of this little memo.

Brian, could you come up with some "talking points" that a real estate broker (or agent) could ask a potential lender about... for the express purpose of determining if the lender knows their sh*t?

And some commentary about each point?  I'd bet I'm not the only person here that would find it useful.



Cheryl Johnson // Bob Tayor Properties, Inc.


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Comment balloon 16 commentsCheryl Johnson • December 28 2007 09:04PM


What a great idea Cheryl. I hope you get those "talking points" from Brian. I know I could use some.
Posted by Monika McGillicuddy, NH Real Estate Broker (Prudential Verani Realty) over 10 years ago
Even after years in the business, I would find that very useful.  I've never been one to tie myself to just one lender ... guess I just like to keep the options open for any buyers I might work with... everyone has different needs and I don't think "just one lender" relationship can ever fit everyone's needs.  I would like to have those "talking points" and I think it would make a great post.
Posted by Jan Evett, Broker Associate, 20 years+ in real estate (The Premier Property Group LLC) over 10 years ago
I like the idea too. Would love some questions.
Posted by LaNita Cates (REMAX of Joliet) over 10 years ago
Happy Holidays Cheryl I SOOOO love your blogs.  One of the best ways to find out if a lender knows their sh*t is to know it ourselves.  Many agents take the high road when it comes to loans.  They hide behind the that's not my job thing.  You do not know how to build a clock to know what time it is but you do need to know how to set the clock to get the accurate time. 
Posted by C.J. Johnson, Tehachapi-CA over 10 years ago

I am a huge fan of Brian, and agree I would love to hear his take on this, Cheryl. I have often said that Realtors who do not take the time to know their loan officers should not complain when things go wrong. You appear to have a sincere desire to make certain a loan officer knows their stuff, and for that I compliment you.

Since you have asked Brian and not me, I will refrain from answering.....but I will keep this in mind for a future post. As a former Realtor, I am always interested in improving the working relationship between mortgage professionals, and Realtors.

Posted by Janet Guilbault, San Francisco Bay Area Direct Mortgage Lender ( Guild Mortgage) over 10 years ago
Cheryl,  I found that the best relationship is developed over time.  As a normal practise we give a minimum of 2 names to customers who request a reference.
Posted by Bill Gillhespy, Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos (16 Sunview Blvd) over 10 years ago

Check out this link:


As a Loan Officer and a REALTOR, I feel that these are the best questions for the "client" to ask a potential lender...  Notice I said, "client".  Too many agents try to get involved in the financial end of the real estate transaction although they are not licensed to act on behalf of the "client" in the financial end of a real estate transaction.

Posted by Billy J. CarrollJr., BSBA (Bullard Homes, Inc.) over 10 years ago
Can't go wrong just starting with A & B, I'll have to poke back by to see Brians response!  He really is the most opinionated (LOL) and one of my favorites!!  :-)
Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Director of Education & Industry Outreach at eXp Realty & RE Tech Campus) over 10 years ago

Janet,  When you write your post, please do come back and add a link to it, I'm really interested in what everyone has to say....

Billy, I'm thinking of general type questions to interview  potential loan reps to see if they understand their market and know what they're doing, not the financially specific questions that would be appropriate for a client to ask.

Posted by Cheryl Johnson (Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA) over 10 years ago
On of my favorite questions to ask new lenders is how much time I should allow for the financing contingency when I write a contract.  If they start bellowing out that the can get me a commitment within days I know they are not the type I can trust.
Posted by No Longer Active (Real Estate) over 10 years ago
Dan, Good one!
Posted by Cheryl Johnson (Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA) over 10 years ago

Talking points for Realtors is such a good idea.  Colorado has new contracts this year, stipulating the buyer can "opt out" if the financing terms aren't to their liking!  Dealing with this shall be an interesting turn of events.  Listing brokers are going to push for early completion of loan commitments.

Guess the best solution is for the buyer to have a LOAN is place before they even START looking for a home.

BTW, I'm glad you turned down the "call capture" riders. Tacky, tacky, tacky.


Posted by Kristal Kraft, Selling Metro Denver Real Estate - 303-589-2022 (The Berkshire Group Realtors) over 10 years ago

Cheryl, Good for you for turning down the riders.

Posted by Kay Perry (Kay Perry, Broker) over 10 years ago

Hey Cheryl:

I think I covered most of what you seek here:


A snippet:

The professional Realtor has always helped a would be homebuyer by referring her to a credible financing source. That paradigm has shifted much in the past few years as lenders have positioned themselves as the first stop on the home buying highway. Our marketing message has basically been the aforementioned Tony Montana quote. That message has caused a new phenomenon for Realtors that I call “Alien Mortgage Originators”. The point of my post here is to temper the xenophobia that exists in Realtors’ hearts when dealing with Alien Mortgage Originators. These five tips will help Realtors identify which Alien Originators are credible and which are just a voice on the phone looking to scalp your buyer.


Posted by Brian Brady over 10 years ago
Shoot, Brian, I forgot you had already covered the topic in depth!  Thank you for pointing me back at that!
Posted by Cheryl Johnson (Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA) over 10 years ago

What a great question and what a great resource the article is! Here on Active rain...ask and ye shall receive, huh?

Thanks for your post

Posted by Joeann Fossland, Master Certified Coach to Motivated Agents (Advantage Solutions Group) over 10 years ago