How does RELO work?
Great question!
What is RELO?
RELO is an acronym for Real Estate Loan Officer and is a way for current licensed Real Estate agents to partner with the lender on each conventional, jumbo and non-QM loan that they close. As a RELO agent you are now not only an authority on Real Estate but you will be trained and licensed as a Loan Originator giving you the ability to better understand both sides of the deal allowing you to better serve every one of your clients.
What are your responsibilities as a RELO?
As a RELO agent you will receive your very own link that customers will use to complete the application. This will initiate the next steps in the prequalification process in which your personal team and personal assigned Loan Partner will facilitate. Your Loan Partner will pull the application, within 24 hours, run credit and Automated Underwriting then send a documents needs list to your client to complete the process. You will be copied on every aspect of the mortgage process keeping you informed of progress like you have never had before. You will have the ability to reach out directly to Processors, Underwriter, Doc and Funders and have the ability to price loans with your Loan Partner assuring your client the best possible rate and terms.
Best Practice as a RELO
It will be best for you to divert all questions related to the loan, program and fees to your Loan Partner. “Mr. Client that is a great question and one that my team will be happy to answer. Let me get my Loan Partner to call you right away.” You do not need to become a proficient Loan Originator, that is what your team is for. You need to stay proficient in Real Estate, sell homes, generate buyers and have them use your link to complete the prequalification process. The only difference in your daily routine when you have a new buyer moving forward will be sending them your link to complete the application. After that the process will be the same.
RELO Benefits
The benefits of being a Licensed RELO Agent are prodigious. You will be able to better serve your clients having a greater understanding of the mortgage process. You will be able to advise them with a higher level of authority with the knowledge you will gain from this experience. You will be better informed in real time through every step in the lending process. You will have unparalleled access to the behind the scenes of the mortgage industry. You will actually know the processor and underwriter who are the ones to metaphorically sign the check for the client. You will know from the start of your conversation at a higher degree then ever before if your client will qualify. When you accept a contract, and you see a prequalification letter on your listings you will have better awareness whether they are truly qualified or not. AND you will share the revenue with your Loan Partner on every Conventional, Jumbo and non-QM loan allowing you a new never before had marketing budget to help you double your current business.
