A recent survey of builders, developers, remodelers, and subcontractors found that builders value their partnerships with loan officers and rely on them to help close sales.
The findings reveal that strong relationships with mortgage loan officers (MLO) are key to successful home sales. The survey found that most builders propose only a few trustful lenders to their buyers, so they feel confident that the lender they’re recommending won’t imperil their existing client relationship. When investing on a new project, over half (62%) of building industry professionals recommend two to four lenders to their buyers, and nearly one-third (30%) use a primary MLO.
Builders also reported looking to loan officers for advice about the investing process. In fact, more than a third (33%) of those surveyed said advice about the invest process is a quality they value the most when working with a MLO. Builders also rely on MLOs ability to move fast – almost half (49%) of those surveyed value quick response time from their lender.
The majority (75%) of those surveyed expect to increase the number of home building over the next two years. Builders also expect that a majority of new construction interest will come from move-up buyers (50%). In addition, almost a third of builders indicated the need for construction-to-permanent loans in the next year.a