Loan Officer George
Loan OfficerForum Replies Created
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Becoming a preferred lender for a home builder can significantly boost your business by providing you with a steady stream of referrals. Here’s a strategic approach to becoming a preferred lender:
1. Research Builders in Your Market
Identify home builders in your area and research their business, projects, and target audience. You can find builders by:
Attending home builder events or trade shows.
Searching for new construction developments.
Look online for builders with standing inventory of homes
2. Build Relationships with Builders
Establish strong connections with builders and their teams. Networking and building trust are key. You can:
Attend builder-sponsored events.
Connect with sales agents working for builders..
3. Understand Their Needs
Builders look for lenders who offer:
Reliable closing timelines: They need lenders who can close deals efficiently and on time.
Clear communication: Keep builders informed about the loan process so they can manage buyer expectations.
Competitive loan programs: Offer flexible and competitive mortgage products that cater to a variety of buyers, including first-time homebuyers, VA, FHA, and conventional loans.
4. Offer Builder Incentives
Partnering with builders often involves offering buyer incentives such as:
Lower closing costs.
Discounted interest rates. This can be done by selling the builder forward commitments
5. Provide Ongoing Support and Updates
Stay engaged by:
Offering builders regular market updates.
Educating their sales teams on mortgage programs and trends.
Continuously refining your services based on feedback from builders and buyers.
This strategic partnership requires continuous effort and follow-up, but the reward is a stable source of new business.
6. Exceptional Follow-Up
Builders want to know that the lender is diligent and provides follow-up after closings. This includes:
Checking in with buyers to ensure satisfaction.
Offering ongoing support if any issues arise post-closing.
Maintaining a relationship with both the builder and the buyer to create long-term referral opportunities.
By meeting these requirements, you can position yourself as a reliable and valuable partner to home builders, which will increase your chances of becoming a preferred lender.
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Working for a Fed Charter has it benefits. You can skip the licensing fees. You can lend in all 50 states. With a well run mortgage platform you still have the ability to Broker.
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We use Informative Research and the soft inquiry reports for 2 borrowers are going to 60.00. Full reports are going to 80.00
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You’re welcome Danny
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You’re welcome Gus,
The builder market is a good niche. If you are looking for fall out deals the big builders have them. If you contact the sales managers, transaction coordinators and project managers and build a relationship they can be great referral sources. If their in house lender can’t get them done particularly if they are under contract.