Why Most Lenders Don't Provide Adequate Consultation

It is very important that you take the time to be very thoughtful about your homeownership needs and goals... both short-term and long-term. 

You will find that most lenders are not structured to provide this level of service for two main reasons:

1. Experience.  As a broad statement, most Loan Officers in this business lack the experience to fully consult you.  Most Lenders experience very high turnover in the Loan Officer workforce - many turning over their entire staff each year.  Most Lenders only offer (at best) a one week "crash course", which is supposed to equip the newly hired Loan Officer with the tools necessary to counsel a customer adequately.  Unfortunately, the mortgage business and process is much more complicated than that.  In our opinion, your Loan Officer should have no less than five (5) years of direct mortgage loan experience to begin to have the adequate experience with a wide variety of customers, products, markets, and underwriting situations.  Anything less should be called what it is... you are dealing with a customer service representative.  And, that is O.K. if that is all you need, but we can't think of one customer that would be served well with this level of guidance.

2. Goals.  Lender's often set hourly and daily goals for the number of customers their Loan Officers must talk to.  You will find this to be especially true when dealing with a Loan Officer working in a "call center".  Believe it or not, in many of these cases, Loan Officers that work for these types of Lenders are often reprimanded for spending too much time on the phone with customers!  You deserve much more attention to your specific situation and goals if you are to obtain the best mortgage financing for you.

This is not to say that you cannot find great Lenders or Loan Officers in this business.  If you know what you are looking for, know what questions to ask, and spend enough time on the phones shopping Lenders and Loan Officers, you can find one.  Unfortunately, more often than not, you wont be working with a Loan Officer that is experienced or skilled enough to provide you with the depth of counsel that a serious financial instrument, like a mortgage loan, requires.

National Home Loan Advocates will ensure you get the attention you need!