Hawaii Randy's Real Estate Opinions: Have You Changed Your Practices for Lender Referrals?

Have You Changed Your Practices for Lender Referrals?

Broken BankSince the lending industry is in the shake up period, I am curious to see what have been the experiences of other professionals in our industry.  Many mortgage brokers and lenders have closed their doors or gotten absorbed by others.  Many of the loan programs have or are drying up. I am sure many of you have felt the impact in different ways.

During this period of change for the mortgage industry, have you changed your approach to how you give referrals to loan officers and lenders?  Do you still use brokers or do you find yourself giving more of your referrals to primary lenders?  Are you seeing more or less loans being done by internet and out of state lenders?

What types of loans are your clients getting these days?  Has there been much of a shift in the types of loans they are getting?  What are the challenges you are seeing in your market?

I am sure my experience is not typical.  I honestly have not seen much of a change in regards to my Oahu buyers.  I have always given the majority of referrals to local funding Hawaii lenders and have pushed to get my clients pre-approvals with full docs.  My buyer's loans have gone through and continue to go through smoothly.  A large percentage of my buyers are military so many utilize their VA benefits.  Sub prime has been a tiny percentage of my business.  The changes in the subprime market, really has no impact on my day to day business.

I have had a few less than desirable situations that resulted during transactions where I represented the seller and the buyer used a broker or an out of state lender, who dropped the ball. 

I am sure that many of you have faced this nightmare.  An out of state lender, the deadlines are passing and they can not be reached.  At the last minute or even after the deadlines have passed, there is a major problem.

In a market of change it is the professionals who will survive and thrive; all others will struggle or get out of the business.  Hopefully they will not leave a wake of destruction on their way out.



Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 2 commentsRandy Prothero • March 13 2008 08:11PM


Mine is like yours as my client's are mostly military or local residents. VA, FHA and Conventional 30 yr. are all I've been doing.
Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Liberty Homes) almost 11 years ago
Sally - That has made the lending problems not as big of an issue for our buyers.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) almost 11 years ago

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