The best advice I could give them is to get into a situation with a company that offers great, great sales support. There are so many lenders and banks and employers in this industry that are so concerned about compliance that they’re afraid to approve loans.
Getting in with a company that really understands sales would be another one, because quite frankly, if the loan officer, such as me, doesn’t do what I do, we don’t need an operations office, we don’t need an underwriter, and we don’t need a closer. The company that I work with, Bank of England, is all about making sure that the loan officers have the best tools to be able to provide the best customer service.
Ken: It sounds like having a great team behind you, being a great networker and communicator are all really important things. Are there some things that a new mortgage broker might think they are supposed to do to succeed, but that can actually hurt their chances of success?
Kim: Not really. I think that a lot of it, and myself included, it’s almost like you have to go through all the processes and make your mistakes. It’s like anything, you learn from your mistakes.
Every single loan file is different, so I would assume that every single loan officer is different. You have to be able to adjust and adapt. Everything’s not going to fit in that perfect little black-and-white mortgage loan, so you have to able to think outside the box, but within an industry that is very much stay-in-the-box.
Ken: Kim, early on in your career, was there anything that happened that really just solidified your wanting to be in this business; that just made you passionate and know that this was the right business for you?
Kim: Absolutely. There were several instances, but one happened very early on. The first company I worked with was an internet lead-based company. I would be handed leads every day, and I would make my phone calls.
I happened to call this lady. I got her voice mail, and she didn’t call back. I tried again the next day, and she didn’t call back; but just as I was about to put a note on the lead indicating no response, my phone rang, and it was her. She was calling me back to tell me that she was actually sitting at the closing table, and she was looking at her loan, and she just didn’t feel right about it.
There had been some damage to her home, she needed to refinance and use some money to do the repairs that the insurance didn’t cover. She had three days from the day she signed until her refi would close. With a three day right of rescission, I had only three days to verify everything.
She sent me her paperwork, and this was back in the day when the broker could take the yield spread and put it in their pocket rather than the client’s pocket. I looked at the loan, and she had told them how much money she needed. I believe the loan was about $180,000, and they were putting roughly about $15,000 worth of commission in their pocket, and she was going to be short $6,000 of her objective.
I very quickly did a bunch of numbers, requalified her, and thirty days later, she did have to go back through the process, she did cancel her loan, and she not only got her $6,000, but her rate was about a half a point better, and she didn’t have to take as large a loan as initially indicated.
It was at that point I realized the commissions will come, and your paychecks will come if you just do the right thing and really disclose people and let them know exactly what they’re getting into.
Ken: It sounds like those other people were trying to be a little sneaky and weren’t really looking out for her best interests.
Kim: Yes, and what happened was, back in the day, and it doesn’t happen as much now, but there’s certain things that when you call someone and you don’t have a relationship or you haven’t been referred to them, so you don’t know their level of integrity. You tell them, “Oh, I’m having a wedding, and I have to have $10,000 by this date.” Well, ding, ding, ding, all of sudden you’re two weeks before you need that $10,000, you’re pretty much going to sign anything that they put before you, and that’s not okay. That’s not okay. We should be all on the same level playing field, and customer service is what will set you apart in this industry.
Ken: I love your passion for your business, Kim. That’s great.
Kim: Thank you.
Ken: I think experience is key to make a loan happen, right? What’s the one thing that you can attribute your success to more than anything else?      Â
Kim: I think it’s because I have really, really, really paid attention to customer service, and always making sure the customer is 100 percent satisfied, there’s no surprises at closing. I think that comes from the fact that I’ve never chased my commission. I’ve always been in it truly for the benefit of the client. There has to be benefit for them for me to be able to do my job well.
Ken: How can people reach you, Kim, if they’re interested in learning more about your business, or maybe even getting a loan?
Kim: I have my office line, which is 480-907-7792. My mobile phone, 602-339-1950, my e-mail KLenz@englending.com, and then also text message to my cell phone is acceptable as well.
