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Refinancing Bullies

By
Real Estate Agent with Keller Williams Coastal Area Partners

I wanted to get some opinions on a situation that occured to me recently. My husband and I talked about refinancing our home when the mortgage rates had dropped. We kept getting tons of flyers, mailers, and letters about the VA streamlining program. So, my husband called one of the brokers.

When we discussed this, it was our intent to stay in this area as long as we could. We loved the house and really didn't want to try to find another home that suited us so well. But with things the way they are and everything going on in the world, we decided that we would not be keeping this house. In fact, we will be moving in a year and placing the home for sale in 6 months.

Anyways, we had talked to a broker about our options back then. We were going to refinance. After we changed our minds (nothing was signed but they did call for a pay off on our current), we told them that we were no longer going to refinance. I thought that was the end of it.

A couple weeks later, I got a call from then asking for the mortgage information again and when we would be signing the documents. I politely told him that we had decided not to refinance. He asked to speak to my husband. I reminded him that my husband was deployed. He asked me to have him email him to confirm this. I told him, we no longer wanted to refinance. And then I said goodbye.

Then a couple days go past before I receive another call. This guy claims he's a supervisor or some guy over the guy I spoke to. He asked if I had indeed wanted to close the file and no longer finance. I told him that, yes, we no longer wanted to refinance. He said he just had to verify and then the call was over.

The next day, another man from the company calls. He wanted to find out why we no longer wanted to refinance. I told him what I told the other two. He said ok. He said he just needed to confirm. I told him I had already confirmed this with two other people. I gave him the names. He explains he was just taking over files for someone else and mine was in there.

I thought it was over. I guess I was wrong. I receive LOAN documents in the mail today. What in the world? Do these people think I would ever consider them again? After everything they have done. I am disgusted with them. If you politely tell three people that you don't want their services any longer, should you still be pursued like this? I feel like they are trying to bully me into refinancing!


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cpower21@gmail.com
Keller Williams Realty Coastal Area Partners
Office: 912-356-5001
Cell: 912-308-2699
www.westchathamhomes.com

Prudential Preferred Realty Butler PA
Prudential Preferred Realty - Butler, PA

Wow!  I would be MAD at phone call number TWO!  You are very patient!

Maybe they should be writing loans for people who actually want one!

And, God Bless you and your husband for what you are doing for all of us!

Feb 25, 2008 01:45 PM
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

And I ask why we have a bad reputation.

I am a mortgage broker and just going to give you my Monday morning quarterback.

1. First contact "hung on" to your file.
2. Your file was then "turned in" and may have gone into a "tickler" file
3. Someone (usually a different LO) called to see if you were still in the market
4. My guess is that it was turned down. Sent to processing for filing and someone else looked at it (sounds like they had a deal to save you some money). Tried again.
5. Turned in to management were someone else looked at it again and tried again. This point it should be over but then you got your mail.
6. Chances are during this period your info was transmitted (all using SSL) to a lender for pre-approval. The end investor is required to provide you with a set of application and RESPA docs. Some investors do this at closing while others mail. Sounds like you had one that mailed.

On this side of the business I am surprised at the amount of follow up. I tend to find most can never get a return call.

Just my two cents and best of luck in the future.

 Tony Grego - Indiana Mortgage Broker

 

BTW, are you sure you don't want to refi? (just kidding) 

Feb 25, 2008 01:53 PM
Christina Jimenez
Reliant Realty - Elk Grove, CA

That is just crazy and as if you were not stressed enough with your husband being deployed.

Best Wishes to you in the future.

Feb 25, 2008 01:59 PM
Laurie Logan
Keller Williams Realty, Inc., Broker Associate - Madison, WI
South Central WI Real Estate
That is an amazing story... I suppose they think they have nothing to lose. How wrong they are!
Feb 25, 2008 03:10 PM
Christy Powers
Keller Williams Coastal Area Partners - Pooler, GA
Pooler, Savannah Real Estate Agent

Jayne: Thank You. I try to be patient. I understand that things can fall through the cracks. But that was just way OVER board!

Tony: LOL....yes, I am sure I don't want to refi.....especially not using them! I'll let you know though...lol. The funny thing is, they gave the refi stuff to the mortgage lender that we are currently using. That just seems odd to me.  

Christina: I agree. I couldn't believe he didn't take my word for it and wanted my husband's confirmation. I felt like a child.

Laurie: I guess so. It was extremely annoying and then a bit over the top receiving papers for it.  

Feb 26, 2008 08:05 AM
Rich Dansereau
Positive Real Estate Professionals - Knoxville, TN
A previous lender that I worked for had a policy for our manager to follow up to try to "save" deals. This was an awful situation when trying to build relationships for future referral business based on what you tried to do. Just imagine that you have developed a relationship with a client and they tell you (for whatever reason) that they do not want to go through with the deal. Granted this is not something you want to hear but it happens; so ask for referrals, send a note with business cards and move on. Per this company's guidelines, you inform your manager that the client does not wish to move forward. The manager then insists on calling this client and trying to sell them; that is not good. This high pressure technique oftentimes serves to destroy any relationship you may have built with the client and makes you seem incompetent. Needless to say, I did not stay with this lender very long and this was one of the main reasons. Sorry for your experience and please know that not all loan officers and lenders behave in this manner.
Feb 26, 2008 08:40 AM
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Thanks Christy!

I am glad that you enjoyed and saw the humor. I only do Indiana. Why you received papers does not surprise me. It is not uncommon at all. The broker/ender side does not communicate with the servicing side at all (and we ask why we have a subprime/alt A/prime mess)

Good Luck

Tony 

Feb 26, 2008 08:44 AM