typing

    

     Last week after a particularly frustrating day, I wrote a message on my Facebook.  It was meant to be somewhat "tongue in cheek", but evidently that wasn't as apparent as I thought it was.  My comment was that I was going to put an educational seminar together for today's home buyers.  The topic would obviously cover the lending process, but would also cover all the many changes recently made within our industry. 

     I suggested that the largest portion of the seminar would be directed at those buyers that had previously closed a loan and were looking to refinance currently.  The focus of this portion would be what a buyer should currently expect during his purchase and financing process in contrast to his prior experiences. 

     The message I was trying to make ... and obviously did so very poorly ... was that expectations are fine if they are reasonable.  That day I was feeling that many of my clients and referral partners expectations were possibly a little "over the top" and I was feeling a little battered.  Thus my commenlearningts. 

     Now before anyone gets upset ... let me explain that I think there is an accountability to be met by a lender.  I also think that customers and referral partners are right to expect and demand a high level of expertise, professionalism, knowledge, accountability, honesty, and results from the lender they are working with.  That is not even up for debate.

     My simple point I was trying to make was this ... the customer has responsibilities and obligations within a transaction too.  Today's real estate transactions many times follow a twisting and bumpy path.  Costumers need to know and understand this ... and formulate their expectations around current reality.  

    

     Lenders and agents are real estate professionals ... not magicians and psychics.   Transactions are simply not conducted or accomplished like they once were.  Everyone involved needs to contribute towards a successful closing.  Everyone needs to do their part.

    My little comment seemingly struck a nerve on Facebook.  I received many responses to it expressing a thumbs-up on the idea.  Many thought a seminar should be mandatory too!  At the time I was being facetious ... but I think I'm on to something. 

   

     What are your thoughts and opinions?

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Gene Mundt, Sr. Vice President - Chicago Bancorp mortgage lender     

Gene Mundt

Regional Manager - Mortgage Lender

                                                                    Personal NMLS #216987

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10 Comments on My Sense of Humor Eluded Everyone ... But They Thought It Was a Great Idea!

JAN
05
2010
137,601 Points

Gene,

Education is of great value.  So many people, who come into a transaction, whether they have been there before or whether they think they know the process, are usually short on the total knowledge needed to complete the transaction.
10:25am • #1
762,343 Points 69 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Maybe you can call it "Getting it Right the First Time."  The seminar sounds like a great idea to run with, Gene.
10:50am • #2
620,207 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

A seminar for buyers/refinancers is a great idea. I feel your pain though; it's tough getting nuances through to folks online.
11:41am • #3
498,639 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Jacob:  You're so right .. and on top of it, nowdays ... no matter how many times you have closed a loan in the past ... it's all going to seem vastly different now.  Perhaps the most dramatic way is the request for documentation.  Seems like the underwriters can never get enough.  All the requests certainly slow the process down too.  It's sometimes hard to make customers (and referral partners) understand that it's either comply ... or you don't close.  I do think the education is good for them ... but the tricky part will be convincing them to agree.

Hopefully '2010' shakes out to be a better year for us all ...

Gene
3:58pm • #4
498,639 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Jane:  Welcome Back!  Glad to see you again ....

I'm thinking you may be right ... maybe I tripped on to something that should be explored.  Not only by me, but the industry as a whole.  Mandatory counseling ... they do it with Reverse Mortgages.  Maybe not a bad idea across the board ...

Lottie:

I'm thinking my mother-in-law, the ex-English grammar teacher, would be greatly disappointed in me at times.  I need to sharpen my skills of expression and craftsmanship with words.  But, maybe my poor humor and inadvertent comment on Facebook will turn out to reap benefits for me.  I've talked to someone about producing a webinar on this topic (and a few others) already.  Maybe there's a career in film awaiting me!!   I'm just hoping my acting skills are better than my verbal explanations ...

Gene

 

 

 
4:04pm • #5
JAN
06
2010
596,136 Points 70 Featured Posts Outside Blog Called Shot Master

Gene - Sometimes its hard to get a point across online and so often things get misconstrued.  But I couldn't agree with you more about educating buyers about how completely different todays lending environment is compared to a couple of years ago.
1:17am • #6
498,639 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Donne:  I'm working on being able to convey my thoughts via words better ...  an uphill battle.  Education of clients is important, no doubt.  But they have to participate in the education.  Getting them to understand that it is for their benefit .. and that I'm not just trying to drive them crazy ... is hard.  Everyone's in such a rush ... that the important details sometimes get pushed aside.  I think ultimately, that comes back to bite you.  I keep trying!

Thanks for writing ... and btw ... great new pic!

Gene
9:36am • #7
1 Featured Post

We hold their hands and do what we can, but they have to participate.
12:38pm • #8
JAN
09
2010

I have found that from the very beginning start  to prepare your client. Over 80% of my transactions last year were from Foreclosures/REO and it was a long process.  Some transactions were taking over 90 days to close, but by kinda putting "worst case sceniro" out there, buyers were more prepard to go through the hassel because they knew what a great deal they were getting.
10:43am • #9
498,639 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Terri:  Engaging customers in their own transactions can sometimes be a challenge, no doubt.  When they are though .. it surely makes the effort much more easy and enjoyable.  Good to see you, Terri!

Melanie:  The old saying ... "patience is a virtue" sure rings true nowdays in real estate.  Convincing customers of that is sometimes very difficult.  Many times I can understand their frustrations and dismay, but the present market IS what it IS ... and everyone needs to cope.  As you say, the end result should soften that chore some ...

Gene  
3:49pm • #10


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