Mortgage Blog

The Loan Agent is a career, or a small business. I call myself
loan originator(LO) sometimes.

For most people, we are the servicing person who helps the buyers
or borrowers to get the loans, with the best rates/options if possible.

Recently, a few realtors want to work with me and refer the business
to me because I can close their transactions smoothly. We worked together
just because our mutual clients. And they like the way I close the loans.
And they acknoledge my value to their clients and tried working with
me for the mutual benefits.

I still don't commit to work with those agents yet. To me, like I always said
my cleints' interest first(not their clients) is my first priority.
I will help my clients(purchase or refi) to get the best rates first.

A few years ago, the book of "Rich Dad Poor Dad" was so popular when the
real estate was hot. And the author Robert Kiyosaki mentioned that if
you want to invest successfuly in real estate, you should have a team,
which includes the lawyear, CPA, banker, realtor, handyman(or property
management) and loan agent(or banker). Yes, LOs are part of the team
as well.

The value of the loan agent is not simply to get a good rates, we help you
to have some planning as well when investing.

If you read my previous blog before, I have some very good investors who
can have very good sense of the RE market and grasp all the opportunity
they can. They can use ALT-A loans when the underwriting guideline is
loose, change to ARM immediately before the ARM rate rose and refinanced
again to low ARM rates recently. And when the investors do the loans,
they do not loans with any LOs, they only work with good LOs.

Sometime ago, one previous client cancelled a signed loan because
the rate of 5.125%(400k loan) was too high and he wanted to get 5% with another
person. And later, by comparison, he liked my way of doing business(good
rates, smooth transaction, no surprise, etc) and he wanted to work with me
again. But the only thing I am not so sure is that I don't know whether he will
choose to cancel a signed loan again when the rate is 0.125% lower.
And the 0.125% rate fluctuation is normal for any market.