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At first glance, you may think, “What do these three things have to do with each other?” All are issues which mortgage loan originators face today. Each presents its own unique challenges but also provides some new opportunities.
TRID has created a major shift in the closing process. This sometimes leads to delays in loan closings which, no matter the reason, are blamed on the Loan Originator. Although this creates some problems, with MSAs in place, in most cases, the LO could still rely on repeat business from the Realtor involved.
However, with CFPB’s recent assault, many lenders have discontinued their services agreements with Realtors and Builders. This means they must earn their business the old fashion way – through quality products and services. A closing delay surely doesn’t help.
But, in every challenge – lies opportunity. The elimination of many of these MSAs has helped to level the playing field for all LO’s, especially the good ones. Those LO’s who still go out every day and hustle for referrals by providing quality loans and service to their customers. These are the LO’s that may benefit the most from the elimination of the MSA.
TRID also provides the opportunity for more business. The LO’s who make the effort to understand the new law and its rules and requirements, and take the time to fully explain the new process to their customers, including their Realtors, will benefit. They will become the go-to person on their transactions. They will be the one that everyone depends on to get the job done.
This is a good thing. The more reliant a customer becomes on a service provider, the more business that provider will get from that customer. All you need to do is – deliver.
Successful LO’s can take advantage of these opportunities through education and communication. Know your products and services, including TRID, inside and out. Take the time to educate the Realtors and applicants on the new TRID process. What they can expect, what may and can go wrong and what each can do to work together to ensure things go smoothly. Be the resource to guide them through the maze to a safe, successful and timely loan closing.
It’s just good business. Provide a needed product and service better than your competition. It’s hard work, but those who do it, and do it right, will reap the rewards. The others will complain about all the things that stand in the way of their being successful. It’s much easier to make excuses for failures than to work hard to overcome obstacles and be a success.
This also all holds true for the LO’s company. There will be plenty of business available for mortgage lenders and their LO’s in 2016. Those who go about concentrating on providing good customer service will be the ones to garner most of it. Do what needs to be done to be number one.
The game has changed. Play different.
