What are First-Time Borrowers Looking for in a Loan Officer?

Many loan officers get the bulk of their business from first-time borrowers. It’s a smart strategy that protects them in times like this where refi’s are few and far between. If you want long-term success in the industry, keeping your pipeline full of purchase business will help you get there. You may have every intention of focusing on more purchase business, but don’t know exactly where to start. The key to success with first-time buyers is to understand what they’re looking for in a Loan Officer. You probably already offer everything they want — you just need to communicate that to them effectively.

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They need to know they can trust you with what is likely the largest financial decision in their lives. Having a modern, professional, consistently updated online presence will get you noticed. But there has to be more than a good exterior — you have to also provide substance. Let them know who you are and what you’re about. If they can relate to you, they’re going to be much more likely to take the next step and reach out. Start with a warm, well-written bio that’s the same wherever you have a presence online.?

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First-time borrowers don’t just need someone to facilitate the borrowing process for them, they’re looking for someone who will take the time to educate them along the way. They want to be part of a collaborative process. They need someone with patience to simplify things, so they understand, and answer all of their questions without ever making them feel like a nuisance.

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They also value honesty and authenticity — in fact, it’s a must. They want to work with a loan officer that makes them a priority and doesn’t treat them like they’re just another transaction. You should be available to communicate on other platforms apart from phone, email, and text. They also want to be ‘kept in the loop’, even when there are no pressing deadlines or major updates. If they believe that you want what’s best for them as much as they do, then you’ll have an easier time converting prospects to clients, and then getting those clients to tell their friends and family about you.

Thanks for reading!

John

If you’re a loan officer, sales manager, or branch manager considering a move, don’t hesitate to reach out to hear about some terrific opportunities.

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John Gardella

Regional Manager — Supreme Lending

615.439.2569

[email protected]