Summary: The mortgage loan industry is difficult enough to navigate on its own, so having a bad loan officer can really compound the issues. Here are a few things you might see from a bad loan officer.
- Reviews are really bad.
- Customer’s questions are never answered
- Phone calls & emails are ignored
- Clients are pressured to act quickly
- Constant delays & slow processing
The Reviews Are Really Bad
Word of mouth remains one of the most powerful marketing tools in the digital age. It’s much easier for consumers to spread their opinions of businesses these days; after all, a business’s reputation can be elevated or downgraded with a few thumb strokes on a smartphone. When you’re looking for a lender during the home purchase process, it’s good to check reviews before making your choice.
As you read reviews, keep in mind that one or two bad experiences out of hundreds should not be the focus. Instead, try to notice patterns for a more objective measure of the service quality you can expect. For example, if several reviewers note that it was hard to communicate with their MLO, that could be a red flag indicating disorganization or disinterest from the mortgage loan officer who handled the file. On the other hand, you also want to be wary of a slew of 5-star ratings that suggest perfect performance. Although that’s an ideal situation, it’s not often that 100% of clients are happy 100% of the time.
Not Answering the Customer’s Questions
Customer service is one of the top duties of a mortgage loan officer. They act as a guide for homebuyers going through the financing stage of homeownership, and they’re responsible for fielding tough questions clients have about a process that isn’t always so straightforward. So, if you come across an MLO who is evasive about your questions, that’s a good sign to take your business elsewhere.
If the MLO you are working with can’t seem to ever give you a clear answer no matter what questions you ask, or if they fail to take the time to make sure you understand something more complex, that signals someone who is disinterested in providing you the service you deserve.
Phone Calls & Emails Are Never Answered
Mortgage loan officers are busy professionals. However, they should never ignore their clients’ attempts to communicate. Sometimes, the MLO you are working with may not be in the office to answer your call, but they should always make sure that they return any messages you leave. This rule also goes for written communication. If you find yourself double or even triple e-mailing because you never got a response to your first e-mail, you may be dealing with an inattentive MLO.
Pressuring Clients to Act Too Quickly
One glaring red flag is when an MLO tries to pressure you into signing on the dotted line too quickly. A good mortgage loan officer will not only take the time to explain loan products in detail, but will also answer your questions, and be patient while you decide.
Not only is this behavior a sign of bad client service, but predatory lenders will often try to rush prospective homebuyers into signing up for loans that are meant to take advantage of clients; meanwhile, the company and the MLO sit back and make money. Shady lenders who push clients to sign without reading the fine print—and neglect explaining the implications of the loan for your personal situation—should not be trusted.
Constant Delays & Slow Processing
Sometimes the mortgage loan process can be bumpy. But, if you are constantly experiencing delays, it may be a sign that your MLO is not being diligent regarding you as a client. Whether it’s taking an inordinate amount of time to return emails or phone calls or not notifying you of problems that can affect the processing of your application in a timely manner, these are all signs that the MLO may be disorganized or underwater.
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