Loan Officers and Realtors: Definitions and Goals

There are several important parties who may play a role in your mortgage and homebuying situation, and two of the most well-known are loan officers and realtors. In fact, these two individuals or entities will often work together or complement each other in important ways, helping clients achieve their final goal of homeownership.

At Primary Residential Mortgage, our loan officers are the best in the business, with numerous local connections that help us best serve you in the home loan realm – including to realtors who we’ve worked extensively with in the past. What does a realtor do, and how do their tasks and goals mesh with loan officers? This two-part blog series will go over several important details.

Defining Realtors

First and foremost, let’s define a realtor so you have a baseline here. A realtor, also known as a real estate broker, real estate agent or a few other similar terms, is simply an individual who represents both buyers and sellers during real estate transactions.

In most cases, realtors work under a licensed broker as they represent their clients – though there are those who work independently. Realtors may actually be broken down into a few sub-categories: Seller’s agents, buyer’s agents, dual agents and transaction brokers (a limited form of representation).

Realtor Goals

Realtors generally have three primary goals for a buyer:

• Work with willing and able buyers to find properties that meet their needs and financial constraints.
• Negotiate a good deal for the buyer so they get optimal terms on their loan and property.
• Maintain order in the process and help clients navigate any difficult areas.

Loan officers play a significant role in helping realtors meet these goals, and vice versa. While the two perform different tasks for clients, there are several areas where they organically connect. We’ll go over those in our upcoming sections.

Ready and Able

We mentioned above that realtors generally work with “ready and able” buyers. What does this mean, and what role do loan officers play?

Generally, this phrase refers to buyers who have at least a basic understanding of their purchasing power on the homebuying market. This means getting either pre-qualified or pre-approved (or both), which happens through a loan officer – the easier this process is, including many companies like ours who offer online application methods, the simpler this will be for the buyer. This is one of the key areas where the loan officer-realtor link can be seen: Realtors with connections to good loan origination companies will be able to make this process far easier for their clients, which leads to a greater chance of recommendation and repeat business.

For more on the connection between realtors and loan officers, or to learn about any of our mortgage rates or mortgage lender services, speak to the staff at Primary Residential Mortgage today.

*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.