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Banks can increase the efficiency of their mortgage businesses by requiring loan officers to generate leads from outside referral sources and assigning officers only to branches in markets with high origination potential.
July 9 -
Lennar Homes and RBC Bank have formalized their unofficial agreement to help provide mortgages to Canadians buying homes in Southwest Florida.
September 3
Real estate agents have a lot of advice for mortgage lenders about how to do their job better, according to a new TD Bank survey.
Lenders need to provide easier access to affordable mortgage loans, according to nearly 70% of the more than 150 agents who participated in the survey. Only 20% of homebuyers are aware of such options, most of the participants said.
Two in five real estate agents think it is harder than ever for buyers to secure a loan, and see overpricing and lack of knowledge as the main turnoff for first-time homebuyers.
The survey also reveals that real estate agents directly influence the lending process. Up to 64% of buyers ask mortgage lending questions to their agents, leading to 2 1/2 hours of discussions on average. Nearly 80% of the real estate agents surveyed recommended a lender to a buyer during their last sale; and more than one third recommended the same lender to every buyer who asked for help.
Roughly 65% of respondents reported that the most important factor they look for when recommending a lender is timeliness of closings. Two in five agents see lenders' understanding of buyers' needs and pre-approval rates as factors to consider when making lender recommendations.
Survey participants also advised these improvements be made to the lending process: better communication with buyers on their loan status (75%); increase loan process transparency (64%); and form partnerships with real estate agents (39%).