Best Sources of Referrals for Loan Officers

While the market grows more competitive each day, loan officers may struggle to get a steady flow of leads. Engaging with different business opportunities and a variety of customers smooths the process of expanding their undertakings and remain relevant to trends.

There are two main sources loan officers potentially get their referrals from, direct from clients or through established businesses. It is worth mentioning building relationships with businesses and individuals provide with significantly better results than aiming to close a deal. People are keen to make business with professionals they get along with. Then, establishing a strong network should be a top priority.

A loan is a transaction based on trust from the lender and borrower together, then, the way they see the loan officer turns out to be very important for making the decision.

Keeping that in mind, these are some of the most effective ways for loan officers to get referrals.

Referrals from Real State Market and Construction Sector

As a loan officer, you will need to keep an eye on how the real state market fluctuates in order to foresee possible business opportunities. You also should build a great relationship with real state professionals to stay informed about open houses and the profile of the people going to them.

In the same manner, real state professionals deliver solutions to companies in the market to buy a new office. Although it won’t be an open house, by having a good relationship with the agent, loan officers may get referrals to take care of the loan for an office.

Building companies represent an excellent flow of leads. Builders usually ask for a loan for potential housing projects.

Visit Educational Institutions

Around the 60% of Americans ask for loans to cover partly or completely their college studies. During freshmen year students could struggle to manage their finances and understanding the reach of their loan.

A great strategy to increase awareness is to solve those inquiries and provide with a detailed landscape of how to positively address debt.

This will position you as a leader in your field who wants to solve financial problems—not someone out to gouge pockets.

The Home Search

Depending on your fundings and requirements the real state agent will provide with some housing options, so there is no need for a lot of help on this step. Just keep tabs on budget and your list of must-have amenities. Try to be as pragmatic as possible with your priorities.

Offer and Negotiation

After making an offer, and if everything is in order with the house, agents will often get an answer in a couple of days.

If the price is too low or the neighborhood is steadily gaining value, the offer may get rejected a couple of times before settling for a price.

Due Diligence, Contract, and Appraisal

Once agreed on a price, the next step is to order an appraisal - without this, the lender won’t provide with the loan.

This is mandatory because the bank or credit union want to protect their investment in case they need to sell the house at auction.

The contract specifies the term to perform a house inspection. The house inspection and appraisal can be done simultaneously.

If there are any faults in the house (repairs, problems with appliances, painting, landscaping, gas and pipelines issues), you can ask for the price to be lowered. This is a renegotiation process and it may take a couple of days extra.


For the closing process, home buyers must have the paperwork reviewed, that is, mortgage terms, extra costs, and obligations.

If the due diligence, appraisal, and home insurance are already in order, the only step remaining to happily close the deal is conducting the last inspection. It may take several weeks before actually be able to move to your new home.

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