I treat friends and referrals from friends with a lot more grace and tolerance, but for rate-shoppers that I don't know (or like) I have little patience. I don't know if there has been a more volatile 2-week period in the mortgage rate world except for four 2-week periods in the mid-80's. And it has been a complete joy to tell rate shoppers that for me to guarantee a rate I need a $400 non-refundable deposit and if they want a float-down option, I need a .25% non-refundable deposit.
When they say, "No one else is requiring that!" I encourage them to go do their loan with "No one else," and see what kind of service they get and what final rate is on the note! One shopper that did this to me ignored my counsel and came back to me yesterday..."Ok, you were right. Can I get the 5.25% you originally offered me at 1pt origination?" "Yea, let me switch on my flux-capacitor and travel back in time to get it for you!" I said with a chuckle in my voice.
This was priceless! There was a long pause on the phone and finally he said, "I'll bring the $400 deposit by this afternoon for whatever rate is available today."
It isn't worth my time dealing with rate shoppers and the misery they bring into my life because they suck the life out of me during the length of the transaction! They bring every bit of misinformation and media baloney to my email and voice-mail daily.
I give great service, great counsel, and completely competitive rates. But I am not a 501c3 non-profit agency...I did that gig and loved it for 10 years of my life (but I also sent out monthly support letters).
There you go, my rant of the day.
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