If you are a commercial loan officer at a bank, you’ve likely had to turn down loans for clients because their credentials and credit history do not fit the bank's set programs or strict guidelines. Although most guidelines aren’t flexible enough to get to close at your bank, it doesn’t mean you can’t still provide a service to your client, keep the relationship intact, and make a profit. Denying clients in need of funding isn’t desirable for anyone, but there is a solution to ensure their loan application is not a lost cause.
Instead of leaving the client at a dead end, build a network of brokers whoCAN do it and split a referral fee. This allows you to:
Maintain a relationship with that client
Build credibility as a trusted advisor providing above and beyond service
Create a mutually-beneficial network with other brokers
Make money off of referral fees
The Pay Off
The extra effort to refer to other brokers will boost your service and pay off. The smaller businesses that don’t have enough cashflow to secure a loan from a bank are perfect opportunities to do a little research and source the loan with a broker who has more leeway in loan requirements, and earn compensation for the referral. The Sound Mortgage offers a referral fee to bankers, loan officers, and other brokers as a 1:1 split. We believe the most important person is the person who gets the deal, so we split all commissions with the referral person 50/50.
Lose the Risk!
The notion that turned down loans are too risky or a lost cause is actually just a lost opportunity for commission that benefits the client, local brokers, and your reputation as an adviser that gets the job done. Let The Sound Mortgage be your qualified source for referrals and Request a Consultation today.