Well, a seed I have sown has finally shown some financial life.
BNI (Business Network International) is a referral based network organization. There are a couple of blogs about it in the Rain if you would like more information or Google it. Great concept.
I joined in February and have received a few referrals, but Tuesday was my first client. And it wasn't an easy sale.
The scenario: Client was in the middle of a refi of his pool hall. Mid-score 638. Everything was fine until an old and PAID utility bill appeared on his report. Concurrently, the criteria for his loan changed from a minimum of 640 to 680. The loan is dead.
I was referred to him by one of my mortgage contacts. I reviewed his report, explained what my product can do and he seemed ready to start. Just needed to think about it. Next day I called and he had spoken to another mortgage broker who promised he could raise his scores in 48 hours. Okay. Go for it. It wasn't going to cost him a thing. Just time. And honestly, I don't know everything. Maybe it would work.
Well, you know the end of the story. I called the client 72 hours later. Left a message. Weekend. Called Monday. Left a message. Tuesday. Client called me twice. Missed the first call and picked up the second before I had retrieved my messages. Yeah, the broker totally changed his story saying there were issues with the LTV. The client was definitely ready and willing to bow to the inevitable. There isn't any magical way to dispute items on your credit report. It takes time. There isn't a guarantee since the disputes are based on law, but I can warranty through my company that we will do our job (110% refund if we don't).
He will be calling me back with a couple of referrals.BNI works. Being honest, ethical and professional works. Do your best and don't badger the client: That works too.