I would ask for references, as well as the fees and rates.

How long have they been in business.  Can they provide a list of referrals.  Do they table fund.  Does the lender attend closings.  Does the lender provide their cell phone number.  Just to mention a few.

Will the money be at the closing table without having to extend

Origination fee and who is the loan being sold to

You got some great answers here.  Welcome to AR -  I hope you encourage your agents to join AR too! 

Work with their bank since many records are already on file.

Often I get officer to waive the credit report and other fees.

If it is free to the borrower they are more opt to go on getting pre-approal letter ready. The sooner they get the letter the sooner I show them properties. No letter no showing-sorry.

A buyer should ask what the APR is from each lender, which would put them all on the same playing field, and also if they close on time. 

Good morning Joan. Most loan officers will do a good job, search out information about them on sites like Linkedin. and Google their name.

do you have referrals.

Joan Dickie The buyer really needs to stop asking and start answering ... Their questions will be explained and answered in the lenders disclosure ... once they get the lenders recommendation they can shop it around. But asking tons of questions up front is usually not necessary in my opinion.

Dear LO,

I know you are not the captain of the ship and many things beyond your control can happen. What I need to know is:

1 Does our company offer portfolio loans?

2. What is the criteria to qualify.

3. If the process in which you want me to engage fails, I need you to agree PLAN B will be an approved prortfolio loan.

I would ask what fees they charge and how likely they are to close on time.

Joan,
As a former lender I can tell you that it is more important that the buyer tell the lender vital information than ask the lender questions. If the lender is any good, they will address the things the buyer might ask, they will offer the right programs, good rates, close on time, etc.

Lenders don’t have time to ask borrowers the 1,001 questions about everything that can impact getting a loan closed. You would be amazed at the “things” that can derail a closing that buyers fail to disclose.

The question is great and asnswers are right!

Great answers from AR memebers.

What percentage of your preApprovals close?

Most lenders want to do a good job...as future business depends on it.  And...it does not matter how long someone has been in the business.  I know lenders/brokers who have been in the business for a short time and work harder than seasoned 30 year lenders/brokers.  As long as they are willing to work hard and find the right options, you're in good hands.

I would recommend asking how many product options they offer.  Can they only provide what their lending company offers...or can they broker out (offering several options).  Some lenders can do a hybrid, which offers the best in rates/pricing but may open the door to options that otherwise would not be available to them.

Search online to find professional profiles and reviews from social media sites and real estate sites (Trulia, Zillow, Lender411, Facebook, LinkedIn, etc.)

It's like any relationship...buyers will need to disclose a lot of confidential information.  Whoever they choose, they need to feel comfortable with the person.

Hi Joan, after reading every answer, there are 4 answers that came up more than once. References, Fees, closing on time, and shopping around. It tells me that these answers came from real estate agents who have worked with mortgage brokers and have gotten a bad expericence. I do not give references (other than title companies I've worked with). I value my customer's privacy too much to have them get calls from strangers. Always ask what the rate and fees are and then compare them to more than one lender. Most of the other answers given are ones that you would not ask a bank. Ask the lender to explain APR and how many dates of interest are they using in that figure, since the APR changes depending on the number of days used. Who the loan is sold to, Table Funding and Portfolio loans questions are not necessary. Ask for the rate, term of the loan, fees and monthly payment. After you get their documents, verify that information.