It is fully within your right to fire your loan officer if, for whatever reason, you are not comfortable with the person you are using at the moment. In the many years I have managed mortgage divisions and companies, I have had to move clients from one loan officer to another for a multitude of reasons. It is a right, not a privilege, for you to be able to work with the best loan officer possible. If that is not happening at any given time, I encourage you to contact someone higher up in the company with which you are currently working, or switch lenders to find the right fit.
I cant stress enough that you need not feel the least bit guilty about requesting to work with a different loan officer. The manager you speak with would rather keep your business and put you with another loan officer than have you go to another lender all together. You are the customer and you know the old saying. This list is but a start and includes some of the more common things I have seen in my day.
One more way to help you Manage your Mortgage.
Too old school
Is your loan officer only up to speed on the generic, vanilla, conventional loan products? Is your loan officer trying to convince you that he/she has been in the business forever, but is completely up to date on all the latest programs and guidelines?? Trust your gut!
The loan officer you are working with has told you during your first meeting that the process will be pretty quick and painless and to call him/her with any question or need. The pitch you heard during the meeting where the loan officer is trying hard to get your business needs to be the actual case of what you experience. If you continue to run up against a brick wall every time you ask questions, or you feel like you are not getting any answers when you ask questions, then request, and I steal a quote from a great leader from our past, for them to “tear down that wall!”
Trying too hard?
Is your loan officer trying too hard to get you to take a specific loan program? Do you feel like you are being forced into a certain product? Forget the fact that we loan officers are required to present you, the client, with more than a single mortgage option, if you are not being given a choice and are only being shown a single option, be weary. Being given a multitude of reasons to go with a specific product before you can take a breath and ask a question is not good, take that as a potential red flag.
Not paying attention
Do you feel like your loan officer is just not in the game?!?! If you feel like you are working with a loan officer who just doesn’t seem focused on the task at hand and seems like is not even listening to you, it is time to consider firing that person. THE most important thing your loan officer needs to do is to listen to your needs to then make an educated presentation of options to you. Your loan officer can’t do that if he/she is not paying 100% attention to the task at hand and your conversation.
All image and no substance
If you get the slightest hint of being sold on an image versus your loan officer knowing what he/she is doing, RUN!!!!! Just because a loan officer dresses like an Italian suit model and drives a Maserati, don’t just assume he/she is the best loan officer around. I have seen MANY cases where a freshly pressed shirt and spotless paint job has been more important than your needs.
One of you just isn’t comfortable
If you are not the only person on the mortgage, you need to be sure and make your decisions about your mortgage collectively. If any of the other parties on the loan have a bad feeling about your loan officer, don’t discount that. Trust your gut and that goes for everyone involved.
In over their head
Your mortgage loan originator owes it to you to let you know if he/she is not familiar with a program that may be a good choice for you. In my very early days in this business, I couldn’t get my head around the FHA program. Not sure why as it is actually an easier program to originate in some respects, but I digress. When I have a client who needs a product that I have only originated a couple of times in my career or none at all, I should refer that client to another loan officer who is familiar with that product. You should not be the loan that your loan officer cuts his/her teeth on and learns a new program. If the program you need is out of your loan officer’s league, ask for a specialist.
Realtors don;t like hearing this, but I am a HUGE advocate for them handling their job and I will handle mine. If you have a Realtor who swears that he/she can handle the mortgage side of the process, or can act as a mortgage adviser acting on your behalf, you need to seriously think about this. They have a real estate license and hopefully some experience in that field. I can assure you, especially in today’s environment, it is a full-time job providing you with a mortgage loan. There are WAY too many things that can go wrong with your mortgage for you to be dealing with a part-time loan officer. There should be one person helping with your real estate needs and then a mortgage loan originator working on your mortgage. By the way, your mortgage request and all personal information can not be discussed with anyone other than you. I have completely alienated some Realtors in my day when I would not discuss details about their buyers’ financial picture. You need to be sure that these roles are separate, no matter how good the Realtor states he/she is on the mortgage side. (trust me!)
If you and your loan officer do not share the same values, move on to a better fit. I have had to move clients from one loan officer to another for reasons that are way out there. Some of these include the loan officer:
- used bad language
- smelled bad
- came to a meeting under the influence
- made a racial joke (to an inter-racial couple!)
- spoke to the husband and not the wife, and she was the sole bread winner in that family
- asked the customer to shut their baby up so she could concentrate
- accidentally had pornography appear on his computer screen when trying to go into a loan program during the meeting (this one is my all-time worst as I had to let the loan officer go that very day)
- actually tried to seduce the borrower by making blunt sexual suggestions in the meeting. (didn’t find out about this one until the loan officer had already left my company)
I could go on and on, but I will save that for a later day!