Top Ten Effective Lender Communication Strategies

By: WHBSolutions


Every lender has a different response time and processing time frames, but the one thing they all have in common is that they are all busy and it is not always easy to get a hold of them throughout your short sale submission process. The following ten communication strategies will help you ensure you are using the best use of your time when working on any short sale submission.

1) When making the first contact with the lender, make sure that you ask for the phone and fax numbers that will be needed for your short sale submission and for status updates. Numbers are changes or become obsolete all the time. Always check to make sure you are using the right numbers.

2) When a negotiator is assigned to your file, try to obtain the negotiator’s direct phone line, email address, and work hours. This allows you to block out times of when to work on your short sale file.

3) Be sure to provide the negotiator all of your contact information and make sure to tell them the best method and time to contact you. This sets the expectation for you so that you can manage your time on the file more effectively.

4) When receiving any communication from the lender (phone, fax, email) be sure to respond to them promptly. This will improve your turn times and you never know when the negotiator will make the time to review your response.

5) Any paperwork being sent to the lender should be of good quality. Typically, documents are faxed so it is important that your fax is sent using good quality. If your document is a bit light, try to darken it on a copy machine. If the lender can’t read the document they will request for it again and this eats up precious time.

6) Any documents that are being sent over to the lender must be verified. They get thousands of documents per day and it is easy for something to get lost. When calling to check status of a file, ensure that the documentation sent has in fact been received.

7) Any documents that are sent over should be marked with the borrower’s name and loan number. This helps them track down lost paperwork and ensures that it gets submitted to the right negotiator.

8) If a negotiator says they will do something (i.e. order a BPO - Broker’s Priced Opinion or postpone a trustee sale), make sure to verify that it has been done. Ask them when it will be done, then wait until the day after to notify them if it has not been done.

9) Use the 3C method: Be Clear, Be Concise, Be Courteous. Make sure you are as professional as you can be when on the phone with the lender and always be direct with what you want and be clear with what you need to happen.

10) Never be rude or impatient because you need to remember you are dealing with people. It is just a job to them and they could probably care less if your deal gets approved or not. So try to be patient and always show your appreciation by saying “Thank you for your time and hard work on my file.” If you are able to establish a relationship with the negotiator, they may request that all files coming from you are sent to them, which improves your level of success on future short sale transactions.

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WHB Solutions is dedicated to teaching both investors and real estate agents how to properly do short sales. Having a winning home buyer solution is critical to short sale success and short sale education! Visit our site now for a free report on getting short sales approved!

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