You want to find a loan officer or want to know how yours is reviewed, where do you go? Usually you check Zillow, Yelp, and Facebook. But is it enough to checkout loan officer social reviews? Social reviews are a powerful way for a community to rate and review a person, product, or service – but many reviews are biased and askew. Loan officers will typically only ask for reviews from positive transactions – if there was any friction in the transaction, they won’t ask the borrower for a review. A loan officer’s reputation is foundation to their business and they will fight to keep it that way.
Public Social Reviews
Some of the most visible review sites for loan officers are Zillow, Yelp, Facebook, and a variety of other real estate and mortgage specific websites. Many of these websites do not verify that the borrower posting the review actually did business with that loan officer. Zillow tries to do this, but from our research, most of the reviews on Zillow are not verified.
The Problem with Loan Officer Social Reviews
- Many are biased and emotionally charged, especially negative reviews.
- Some competing loan officers use social reviews to attack other loan officers – don’t trust every review.
- People are more likely to review a service, product, or person after a negative experience versus a positive experience. Read more about this phenomenon here on page 4.
Why We Rely on Loan Officer Social Reviews
We commonly rely on loan officer social reviews because we feel they come from a network for trust – our peers. Loan officer social reviews should be taken into account when reviewing a loan officer. Loan officer social reviews are usually indicative of what type of customer service experience we will have with a loan officer. Here at Seattle Loan Officers, we weigh loan officer social reviews heavily and then augment them with other data sources (outlined below).
Reputation Management Services
Many loan officers, branches, and mortgage companies rely on reputation management services to manage their online presence. Loan officer recognize that loan officer social reviews are wildly impactful, so they use services like Birdeye to manage their online reputation. Reputation management services will help enhance positive reviews and mitigate negative reviews. These reputation management services can make a loan officer seem better than they really are.
Other Sources of Loan Officer Data
Loan officer social reviews are a great place to start when researching a loan officer. But it’s important to augment that information with most concrete information. We suggest two main resources when evaluating loan officers on your own:
- Modex – A revolutionary website for the mortgage banking space, we can use Modex to see what type of business a loan officer does and where they do their business. Modex tracks production of loan officers through public records and gives us useful insights.
- NMLS Consumer Access – Created in 2008 following the financial crisis of 2007/2008, the NMLS Consumer Access allows consumers to review regulatory information on loan officer including their employment history, where they work, and if there has been any negative regulatory, legal, or criminal action against them.
By reviewing Modex and the NMLS Consumer Access you will have a better idea of your loan officer from a data-centric view. Modex and the NMLS do not have bias as their information is based strictly on public records and regulatory records. Here, at Seattle Loan Officer we do all of this research for you – we examine social reviews, Modex, NMLS Consumer access and more resources to get your bias-free reviews on loan officers in Seattle.
Final Thoughts and What You Should Do as a Consumer
Read loan officer social reviews, but take them all with a grain of salt. Your best bet is to checkout the reviews on our site. We clear out the garbage, biased, and inaccurate reviews and create bias-free reviews for loan officer in the Seattle area. If you’re going to be doing your own research, be cautious with loan officer social reviews. Augment the reviews with other concrete data from Modex and the NMLS.