Mortgage Customer Service That Delivers – How to Spot a Good Mortgage Broker

Finding the right mortgage broker can be just as crucial as finding the right home or property.  You might have the opportunity to get some amazing deals, but without the right broker in your corner, those deals can either pass you by or be literally “too good to be true.” The right broker will keep you informed and “in the loop” for the best available service possible.

So how do you know if the broker you have chosen will deliver the best customer service available?  Here are some things to look out for:

1)      A good broker gets actual “pre-approval” by running it through the loan originator’s software/computer program. 

A lot of retail lenders can’t offer the customer service that a private mortgage banker can provide, primarily because they set the stage for their own failures.  Take pre-approvals for example—while a retail lender may provide a hurried pre-approval based on numbers given to him on a client’s word, a mortgage banker who provides the right kind of customer service will actually have  Fannie’s/Freddie’s/FHA’s operating system approval rather than simply collecting paperwork and passing it to someone down the road.

2)      A good broker is transparent and won’t low-ball prices.

Accurate pricing depends on a number of factors, including specific characteristics related to the borrower, property and transaction.  If any of these blanks are left empty, so to speak, the price quoted cannot be completely accurate.  If a loan originator quotes you a price, be sure to ask if it’s set in stone.  If he or she is low-balling for the sake of getting your business, there is a lack of transparency from the outset, and you probably want to find another broker, especially if you’re given a price without first quizzing you about loan size, down payment, use of property, assets, income and documentation.

3)      A good broker makes communication easy.

A mortgage broker who provides good customer service will show you from the beginning that he or she wants to make communication a breeze.  This might mean offering bilingual services or just being available by phone to answer the questions you might have.  If it’s easy to communicate, you can rest assured that customer service will also be a priority.