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Loan depot

loanDepot’s team approach paves road to successful close for home buyers

Pictured: Victoria Homan, David Rodriguez, Jonathan Kosow

Pictured: Victoria Homan, David Rodriguez, Jonathan Kosow

loanDepot has a simple philosophy that there is strength in numbers. Navigating the ups and downs of the housing market requires a team effort, and that is certainly true now more than ever. 

loanDepot – aka #TeamloanDepot – embraces an extended family that includes the firm’s loan consultants along with real estate agents, attorneys and professionals that are all working together on behalf of the client. “My agent is the pilot, the attorney is the co-pilot and the loan consultants at loanDepot are the air traffic controllers, telling them when to take off, what storm clouds to watch out for and when to land,” says David Rodriguez, a loan consultant at loanDepot in New York City. 

When The Real Deal last talked with the team at loanDepot, the firm highlighted its high-tech and high-touch services that can give homebuyers the speed and agility they need to better navigate any market cycle. In the current environment, taking a home purchase from start to finish with a successful close also requires strong collaboration and communication with the team at every step along the way.

“Working with our transaction team partners is a dream because of the level of great communication from all. We all focus to do our best for the client and trust each other and our team pool of knowledge,” says Victoria Homan, a loan consultant at loanDepot in New York City. That “dream team” makes transactions move fast and seamlessly helps bring even the toughest transactions to a successful close. That smooth closing is key to gain a client’s trust and generate return customers and referrals. 

“You are only as good as your last deal, and that last deal takes all of the transaction team to result in a happily closed homeowner,” she says.

That team needs to be ready to hit the ground running. When an agent gets a new lead, it’s important to talk about financing options, budgets and pre-approval. Once the client has the conversation with a loanDepot agent to get pre-approved, they know what their price range is and where to start looking for homes so the agent isn’t wasting his or her time showing their client a $1 million co-op when the client may not qualify or may not be a great co-op candidate.

Collaboration gives clients an edge

Having a strong transaction team can help clients quickly adapt to market changes. For example, sellers are reluctant to accept lowball offers in the current market, but they are willing to give concessions. Once loanDepot has provided pre-approval, the buyer and agent are coming back to their loan consultant before an offer is made to figure out ways to get the price down. “That’s where we will suggest things like buying down the rate or structuring the deal so that the buyer can get the seller to pay for closing costs, which are a big sticking point in New York,” says Rodriguez. Oftentimes, that’s where the attorney steps in to provide the proper language and legalese.

“It’s important to have a team who can do that work on the front-end, because putting together a clean, concise offer is giving some buyers a leg up in the current market,” adds Rodriguez.

Once that offer has been made, then the focus shifts to good communication between all parties to make sure that documents are in order, questions are answered,  and appraisals are happening. The team also can work together to resolve any issues that might arise, which is often par for the course in New York real estate.

For example, loanDepot worked on a deal recently where the budget for a co-op was negative. In that case, Rodriguez had to get the treasurer of the co-op and the attorney on the phone to discover how the co-op was supplementing the budget in order to get an exception on the building so that it wasn’t declined by the lender. “We were able to work together to get the information needed to get it approved,” he says.

“Another advantage of the agent, the attorney and the loan consultant all working together is keeping the buyer loyal,” says Jonathan Kosow, loanDepot branch manager for the New York City area. For example, a buyer that is shopping for a home might see something on a Sunday that they want to buy and contact their loan consultant directly. “In everything we’re doing, such as updating pre-approval letters, we’re always referencing the real estate agent so it keeps everyone on the same page,” he says. “That doesn’t mean copying the agent on confidential emails, but loanDepot consultants always reference the agent to reinforce to the buyer that everyone is working together,” he adds.

Internally, loanDepot’s loan consultants also leverage the knowledge and experience of their peers to help their transaction team, such as bringing in expertise in jumbo loans or FHA loans. “Collectively, as a group we are more successful because of that team environment,” says Kosow.

Sharing the knowledge

Another important aspect to building a strong transaction team is education. The formal training programs at real estate brokerage firms that existed 10 to 15 years ago have fallen by the wayside. These days, it is the partners – the loan consultants and title companies – that are shouldering some of the work in training a new generation of agents. loanDepot is proactive in educating junior agents on a variety of issues ranging from mortgage products and rates to some of the practical aspects, such as business planning, prospecting tools and setting goals.

“One of the fun things about it is working closely with agents, building strong relationships and seeing them really grow and develop over the years,” says Kosow.

Rodriguez teaches mortgage 101 classes that help both buyers and agents. Loan products that were more common back in 2007 and 2008 when mortgage rates were higher are now coming back into play, such as 2-1 buydown financing. “We’re training non-stop on the products that are out there and revisiting the basics of mortgage 101 and what it takes to get a mortgage,” says Rodriguez. He also makes himself available to work with junior agents who are new to the industry and have questions on items like running sample revenue forms or discussing how the federal funds rate impacts residential mortgages.

Looking back to 2021, homes were selling fast and there were a lot of highly qualified buyers that were coming to the table with 30 percent down. Now there is a resurgence of first-time homebuyers that perhaps have only 10 percent. “We are going out to the market to educate real estate agents that you can qualify with less than 20% down. They may not qualify for a co-op on Park Avenue, but banks have a lot of programs to offer and assist these buyers,” says Rodriguez. 

“At loanDepot, we’re in it together, and helping real estate agents and attorneys be more successful drives more business and more referrals for everyone,” adds Kosow.