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Is your client being taken for a ride?

Are you the type of consumer that believes what ever someone tells you? That the loan officer uses the word promise? Even if they put it in writing, that this should be the truth and nothing but the truth? Sorry for the fantasy world that so many of us live in, but this is not always reality.

sexy car beat up car

So, which ride did you get taken for? Where you promised the car with upgrades? Or the car without an engine?

Find out what almost happened to this client and read Mortgage Financing.... it could be a ride you wished that you never took!!!

Posted by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans on 05/31/2007 12:04 PM

Comments (14)

1st time home buyers, mortgages, fha, real estate, buyers, cherry hill real estate

14 Comments on Is your client being taken for a ride?

MAY

2007

I like the pictures you placed side by side.

Jeff

The new blog is looking good. Best of luck with it.

Ricardo.... thanks, I guess. Just curious, did you read the full blog on the other site?

Ed..... thanks a lot, I truly appreciate that. I am still learning about these sites and how to utilize them.

Jeff:

Very informative. Like the new blog - best of luck with it.

Sandra

"Trust me..... I am a Loan Officer"

;-)

Sandra..... thank you very much for both of your compliments. And thanks for stopping by.

Tom.... but can you spell mortgage? ;o)

Many borrowers especially the non speaking ones are being bombarded by fraudlent lenders who are trying to shove them into the Hybrid Option ARM.

They are selling it as a 30 year fixed at a 2% rate

Eddy

It's frustrating when you see a client reward a company with their business after they've been made aware of how poorly they're being treated. It makes me crazy.

Apparently, the most important thing for this customer was how quickly he'd have access to the money, not the overall cost of the mortgage. Too bad you didn't have a source that could close it quickly for you.

JUN

2007

Eddy...... not just the Option Arms.... but those loans with higher rates. Mine even spoke English and at first he thought it was semi fair. And then started thinking of staying with them at first when they dropped their rate by 2%. Good to see you and thanks for stopping by.

Don..... I truly appreciate your comments and agree... but this client did stick with me. Did you read the link to the whole story? And yes, I can get loans done and have in 3 business days. But those were purchase deals that I had to save that were denied by other lenders. This is a refinance and I am not going to drop everything and stop the so-called conveyor belt for a refinance.

I under promise and not over promise.... so many do it the other way. And I even told this client the worse case and 3 times he kept asking me if I thought it would be done sooner. I just don't budge, even if I am going to lose a deal. I have found many will stretch the truth to keep the client.

Thanks for your input and feedback.

Likewise Jeff. Staying firm is a key to long term longevity in this business. Borrowers will always be unrealisitic its our job to educate them..................

Eddy

JUN

2007

Eddy.. some good points. Thanks for your input.

Jeff,

Its good to hear from other mortgage brokers who care about doing a good job for their clients.

great article

JUN

2007

John.... yes, there are many out there. But the overall picture is that we need to educate the consumer. Thanks for stopping by.

Mortgage Companies need to stop hiring "sales" people, and hire true motgage consultants. Too many companies reward their top liars with bonuses - that makes the company just as wrong.

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