Her answer was...."they must be busy".  To everyone reading this, busy is an overused and abused word..

Thank you, Jeff, thank you. Whatever happened to hiring an assistant, automating the mundane, delegating to a co-worker. I am too tired of busy. Even when I fail I don't pull out the busy excuse; I strive to answer the challenge honestly.

I dropped the ball. I'm sorry I let you down. None of us are perfect but there's so such thing as free slack either.

Well done. This could have come off as angry and frustrated but you presented your case with finesse and aplumb.

Yes, service can be a hard thing to quantify on an "estimate".  Excuses are never factored into an estimate either. 

Jeff:

Your professional demeanor speaks for its self. I would not waste too much time on what did not happen, and since your business is doing well, just accept that you will always have competition and that you will never be able to please everyone.

When it comes to people's money (buyers, sellers, realtors) they want answers now!!  If you realize that and pride your business on operating in that fashion, it's no wonder you're doing well!

ANDREW.....  it's so easy to write in an angry tone, at least for me. Especially since I am so passionate about what I do, that I sometimes speak before thinking.  Gee, I guess I am human.. lol Seriously, so thank you for that compliment.  I am glad that it came off the way that you mentioned. thanks for the compliment.

RON..... bingo.... service is an extremely hard thing to acknowledge when price is flashed in your face. The unfortunate thing is that you usually don't realize this until you are 3/4 of the way through the process... or when it's way too late, when you are at closing. In regards to the e-mail from my one client, they realized my service in the beginning, but then threw it right out the door... waiting for 2 other loan officers to get back to them. And we are not talking about 48 hours, but over 96 hours....

LORRAINE..... well, thank you very much. I kind of hate writing these sometimes, because I don't want to sound full of myself. But I do believe in myself, know that I am better than the average loan officer, and that I shoot straight from the hip... hence why I have a 99% closing ration, once I take a loan application.

Overall, you are correct, not to waste to much time on what didn't happen. 10 years ago, I did, and I have learned from this and from others.  You are 110% correct, we can't please everyone. This is a hard thing to swallow, but it can bring your business down, if you aren't careful about that. Accepting competition?  I welcome it, if we were all on the same playing field. But that is not the case. If you ever get a chance, read this... : Consumers need to be aware of these Red Flags !!!!!  thanks

MARC B. ...... yes, many want answers now, but I am finding that so many will accept the...."I am busy" answer... I tell this to clients, but tell them when I will get back to them also. Sometimes there aren't enough hours in a day.... but over 72 hours with no good faith estimate is definitely a problem.

Jeff,  I agree with you about the abuse of the word 'busy.'  It's just an excuse!  I do feel that a good faith estimate should be given within 24 hours.  So, I must admit, that I'm intrigued to know why you fired her.  We've all had to do that, but...

Really well stated my friend. I also hate that 'busy' word, even when I am - I'm going to make a concerted effort to stop using it.

From a Realtor's perspective, I agree that comparing GFE's from different days only serves as a disadvantage to those who work fast. Which is why it's so important to educate our clients about the rest of the fees, completeness, etc. THAT, and TIMLINESS = SERVICE are the crucial points to compare. Because everyone will come close to the same rate on the day it locks.

So why did you fire her??

MARC & JENNIFER.... and too everyone else.  I basically sent an e-mail the other day, wishing her good luck with their new purcahse....  and signed my name.  But why did I do this?  Even after they finally got the good faith estimates from the two other lenders, I asked her 3 times, yes, 3 times if she would e-mail me what she received. I had also asked a few other questions in all 3 of these e-mails, just to see how she would respond. She answered all my questions, except the good faith estimate question. And as I stated, I put this same question in 3 different e-mails. Even if she didn't want to show them to me, then tell me. But don't ignore me when I am honestly trying to help you.  Secondly, she did share with me the first one that she got from Wells Fargo.... 

So, not sure others would have handled it... maybe just wait to see if she would contact me?  Yes, I could have done this.  And it's not my ego...or that I am conceited.  But that I take great pride in what I do....  and sometimes you just have to let clients go. I don't need to work with someone that won't allow me to help them.

MARC & JENNIFER.... yes, the phrase, "I am busy" is abused... yes, I use it occaisonally, but I still get back to people in a timely manner.... but not 3 or 4 days later.  Even if it's a quick e-mail..  thanks for both of your detailed comments.

Overall, I do educate my clients...  and I respect them. If they are looking for a professional, they need to allow me to do my job properly. This is one of their biggest investments in their life.... not just like buying a car. I am finding too many loan officers are misleading these consumers... making them believe one thing when they are actually leaving details out.  Hey.... I always say that I am not god nor perfect... but I consider myself to be pretty damn good, thorough when qualifying someone, and educating them along the way. I can't tell you how many people that I talk to, when I ask them the basic questions, that they were never ask those and told about certain things from their previous loan officer.

Unrelated... Jeff, any feedback about our Northeast Active Rain gathering? I owe you a phone call. I agree that May and June are tough but then September will bring the whole Back-to-School obligations.

Should you and I damn the Torpedoes and plan anyway and see if we can't PULL folks in with dazzling, irresistable marketing? :)

Jeff, I have to think if they're not going to give you excellent & timely customer service right from the beginning, they're certainly not going to get it later on as well. There are times I am answering emails at midnight because I don't want people to think I am not getting back to them.

Jeff - Well stated!  I try to make sure I'm never 'too busy' to give clients the absolute best service and most attention feasible.  So because of this, I have no problem firing a client to make way for another who has more respect for my time, my service, and my attention.

I agree with your post. When I was actively working as an agent, I looked for mortgage brokers such as yourself to work with. You know, the kind who could return a phone call the same day, C-O-M-M-U-N-I-C-A-T-E with the client, and get them the pre-qual in a timely manner. I only had two brokers I could rely on. They were always "busy" because they were good.

The "shady" ones where the ones who got the business, then didn't return calls, led the client along during the escrow to believe all was ok, then the DAY OF CLOSING called with the bad news: either the loan didn't come through (gee, I guess they were too busy to call and update the clients weeks before) OR the interest rates were higher than the client was expecting, and the broker talked the client into taking that ARM any. Just sign on the dotted line and we can refinance in a few months! they would tell my client. What they didn't tell them was that there was a pre-payment penalty for refinancing within a certain time frame.

I don't miss this aspect of my real estate days.

Keep up the good work!

ANDREW....  I will be addressing that tomorrow......  it still looks like the 22nd will be the day.  Just a little disappointing because there hasn't been much feedback and it always seems like pulling teeth. 

CAROLE.....  I totally agree, which is a lot of what I was trying to get across in this post... and the same message that I was trying to get across to this particular consumer aka you thought who would have been a good client.  How long is one willing to wait and understand that this might be the way these loan officers operate even during the application process.

FIRST CHOICE, aka JASON SaRdI....  add your name dude...  ;o)    Even when I am extremely busy, because you can never not be to busy at times, but at least follow up with a phone call or e-mail letting the consumer know this. What killed me here is that she never even heard from either loan officer for 4 days, until they sent the good faith estimates.  Since I fired her, should I even send her the link to this blog?  And thanks for the polite compliment.

KRISTI......   everyone commenting all seem to agree. I would love to hear from consumers out there that went this route and it didn't work. I am not here to point fingers at people, but for this post to be an awareness to so many others. At least so they would be on their toes and follow up with the loan officer, press his or her buttons, to get an answer... and not just sit back and wait. Because in the end, the percentages are against the consumer, when first receiving this kind service.  And this is not something that I am making up.  Just the bare facts and the truth by numbers. 

Overall, maybe this client still feels comfortable, because she was referred to 2 of her realtor's loan officers.  But you know what... that doesn't always work either. I have 3 clients as proof from last month. Well, 2 of them to where they were referred to their preferred loan officers and both dropped the ball, big time. I mentioned it briefly in here and in a few other posts.  And lastly, thanks for the kind words.

Jeff - Nicely done.  You know I have written a couple of "open letter" style blogs.  I liked this one.  Feels good, doesn't it?

Jeff: If we had a feeling for our customer's psyche, we'd all be rich! You did the right thing. Hopefully they'll choose you for your service and expertise. Many times I haven't been chosen but the customer often either refers me anyway or chooses me next time. The good ones always prevail in the end. Never forget that. Have a fantastic day!

Paul

Very good points Jeff! It can be frustrating when you know you've been on top of your game, while other smerely phone it in. But I firmly believe like others that the professionalism will win in the end:)

Hi Jeff,

Great post.  I have seen that senario more than once.  Can you imagine if it was you who took 4-5-6 days to return a good faith estimate or even a response,  would they be as lenient with you.  Probably not.

Doesn't the law state that the good faith estimate has to be provided to the consumer within 48 hours?

If I give some one  a referral, and they don't respond in a reasonable time they are off my referral list, as it reflects on me as well.  I have told my clients if they are going to shop loans, they must do so on the same day, so they are comparing apples to apples.

If we realtors waited four days to get back to clients, we wouldn't have any business!!

Jeff, Don't you ever just want to reach through your  e-mails and smack people..:-) Maybe that is why I prefer face to face meetings..lol

Jeff you are still doing an excellent job. There is no reason that someone couldn't give a GFE within 24 hours.

This isn't only happening in real estate, but many service related industries. I am currently getting bids to landscape my new home, and it is taking some landscaping businesses two weeks to send me an estimate. They all claim to be busy, but heavens sake, if someone is offering you business, at least tell them how long it takes to get back to you, or like you say, work a few extra hours past closing time to get the job done!

JASON....  yes, it did feel good.  And thanks for the polite compliment.

PAUL.....  yes, the good ones usually prevail at the end. And yes, we can't win them all. But when you point this out to them and they still ignore it?   rut row....

LAURA.....  yes, as Paul and you stated, the professionalism will win in the end...  and yes, it can be frustrating. And no, I am not perfect nor expect to win them all. But the answer that she gave me.... just not accpetable.  "they must be busy"......  gee, I wonder what the loan officers answer was with their delay in the good faith estimate.  Thanks for the kind words.

PATRICK......  lol... it's funny....  my luck, probably not... maybe I should try that.  Nah, keep doing what I do and treat people the way that I would want to be treated.  thanks for the compliment.

LISA.....   3 days....   this is through RESPA.... but you know what is sad?   It's hard to determine the 3 days, because there is no time stamp.  Besides, that is from the date of application, trchnically.  But what is sad is that I talk to 3 to 5 people a month that never get a good faith estimate after the loan officer pre-quals them.  That is sad... and more so when they never give them one after they do an application.

CAROL......   that's a good point.  But I bet you not all realtors are the same though.  But you do give some great advice..  "shop on the same day"....  thanks

MATT.....  lol.... nah.  And if that could happen, I would need a new screen every other week... lol  Yes, I like face to face, but as I mentioned to someone else, 65% of my business is out of state. And I usually have a pretty good success rate when speaking to them.

 jeff,

 Well said. Mortgage and Real estate are not that different . You know if you do not get back to a client, it doesn't mean they are busy. it is a red flag and your clients I ma sorry didn't know any better. It is their loss. Nothing is better than a good service and follow up in both our industries.

 Great post.

Dear Consumer,

Thank you for your inquiry. I'd just like to clarify what your looking for.

Your letter indicated you want the lowest rate with the lowest cost! Everyone wants the best deal, the best mortgage, the lowest cost. You're shopping for a bargain. I'm sorry to tell you I can't compete.

It's easy and can even be legal to quote you that low rate low cost loan, but all to often the lowest cost / lowest rate estimates don't close. You won't know this untill just before your closing when the real rate and cost will be disclosed, and it's to late to go elsewhere. Do you want to be turned down for the "best rate/cost estimate or to purchase the home with a good rate?

When consumers seek the best deal by looking at the estimates they seldom get it!

Based on the information you've provided I attached three "Good Faith Estimates, and Truth in Lending" forms, these are all the same loan. You'll notice you have choices! My fees are not dependent upon your rate I make the same on all 3, but your rate will determine who pays for my services, you or the lender.

If you truly seek the" best deal" I suggest that you shop for the best agent! The only protection the consumer has is the personal integrity of their loan originator. Towards that end I have also attached three pages of recent clients, who will gladly speak to you. Please respect their time and note the hours they are available shown under their full name, address, and phone numbers.

If I can be of service, if you truly want to own the house please call me.

Bill

Jeff,

I suspect you'd pass my test more often than the low rate / low cost test.

Keep up the good work.

Well said! Candid "open letter" with many good points!

If a GFE will take longer than 24 hours...you simply need to communicate up front and manage the customer's expectations. Just don't blow it after you agree with the customer that they'll hear back from you by "12Noon on Wednesday"!

Jeff, Congrats, this was definitely worth getting featured!

This is a really good post. And because of it, you will get even more business. Keep up the good work and keeping the rest of us on our toes!

Respect?

I recently heard af a borrower who allowed their loan to be processed AND underwritten by 2 different companies before they chose their deal.....

SHAUN....  it's good to see you back....   I agree, over 24 hours is long enough.  And thanks for the kind words.

JENNIFER K. ......   you are exactly correct.  I hear this from many friends. The same just happened to my brother-in-law, when he was trying to get estimates for the kitchen..  It's sad, and makes you wonder.  And I agree, at least let me know when to expect my estimate.

SHARONA......  I totally agree it's a red flag, in most cases. I even wrote a blog about red flags, in which there is a link in this post, above my name.

BILL.....   that is a good letter and a great way of putting it also....   when are you publishing it?   ;o)

KIRK.....  managing the customes expectations is a biggie that is normally not done or done correctly.  Well said.....  and thanks for the polite compliment.

CAROLE.....  thank you very much.  Much appreciative...

TERRI......  thank you very much.  And I hope so... time will tell. But overall, I wanted to write this for the consumer, as awareness. Just to understand what is out there and how more than just a few operate.

TOM.... ouch....    I am not sure if I have had that happen to me. At least on a FHA, once I get the FHA case number, it's a good sign.  Did you know, on FHA mortgages, if you originated the loan and charged at least an origination fee, that if they go somewhere else, you can request that fee before releasing the case number. At least this was the words from a previous boss of mine. I am going to check on that though, to see if it's correct.

Great wisdom, Jeff, in your open letter. Was Wells Fargo just plain sloppy, don't care, or do they not need the business? Timely communication is so thoughtful and just represents honest, good business.

Jeff - Perhaps your client thought you were too good to be true!  I applaud your work ethic and your determination to follow through.  I hope the client gets the kind of service she was looking for....  but a four day wait time on an initial request doesn't bode well for the remainder of the process.

Great Posting.  But,  respect is earned.  If consumers or agent don't understand how to act then it is because the Mortgage Industry has been more interested in loans that teaching their custojmers how to interface with them.

I am always amazed at some of the loan officers who claim to be busy, when they are on the golf course or shopping or cleaning their house. Anywhere, except where they should be- helping a customer.  A GFE should only take 15 minutes top, and if you are good, you should give the prospective borrower the figures at application or even before.  Knowing how much a loan is going to cost is a mjor part of the job description.  It is too bad that you are going through this, but it happens all the time.  Good Luck !

There comes a time when shopping around becomes "penny wise and pound foolish" and this is clearly the case with mortgages.  I love this post!

What about when a client during a prospective transaction all of a sudden states he or she has that phantom "family member" who is a loan officer? Then after some time they come back to you to try and refinance because they were given a raw deal from the start.

Way to represent for the Originator here on my space Jeff, keep up the solid work.

Eddy

Busy is never an excuse for not producing documents in a timely manner, well said Jeff!!

DAVID.....  In regards to Wells Fargo, it came from their MN office. So that is an inside sales person. I have found many of these types of loan officers aren't usually trained as well. Just my opinion though, but it holds true with those that work for Wells, Countrywide, DiTech, etc etc. And even though it states at the bottom of the sheet that it doesn't include escrows and MI... to me, it's very misleading. You wonder if Wells inside staff or management tells them to send this and not a full good faith estimate...  hhhhmmm and thanks for the compliment.

PENNY....   I totally agree with that statement and so do so many others on here. That's why I even say 48 hours... but once I get the clients info, I usually do the GFE right then.  A day later is just too long, hence why it's best to say, anything over 30 hours is way too long. Because we do have to eat and sleep.  ;o)

GUY......  yes, respect is earned....  but when you get a compliment such as I did, but then the consumer waits for others to get back to her, it makes you wonder what they are thinking. Especially with her comment, "they must be busy"....   it might be the same excuse they receive when they are trying to get to closing....  Sad...

KATE.....  I know this happens more than just sometimes. As I mentioned in some of the comments, this was more awareness to the average cnsumer. And once I quailfy a client, they always get the GFE e-mailed to them within minutes. If someone has taken your income over the phone and looked at your credit and they tell you what you are qualified for, there is no excuse for it to be delayed for more than an hour... as you stated, 15 minutes. Because things do happen... phone calls, emergencies... maybe the internet going down. Other than that....  no excuses. And if I am on the golf course, which does happen, I can e-mail people or return the important calls. If I qualified them prior to going out on the golf course, they would have already received their GFE. It's that simple, but it isn't in this business, which is sad and gives many of us a bad name.

DIANE.... you hit the nail on the head.... thanks and thanks for the compliment.

EDDY......Good to see you around, it's been a while. In regards to your comment... I haven't had that problem or issues as of yet. I have heard from other loan officers running into this once in a while.  And thanks for the kind words.

TOBY.......  thank you sir.  I think many of us agree on this....  it's the other half that ends up giving us a bad name in the mortgage and real estate industries.

Many consumers hit the nail on the head.  My problem is that many times they are not educated and are just going along with the flow.....the flow is whatever friend that is not in the industry....told them to look for.  Jeff, it's so important that we serve and I think that you and I do it as good as anyone we know.  However, sometimes, just sometimes the consumer is culpable as well.  Let's not forget that the lowest rate does not mean that it's the best deal.

You can not please all the people all the time.  The ones taht get away will drive you crazy if you let them.  Do you best for as many as you can.  If someone can not see quality then your probably better off without that client.

It should speak volumes.  What are these LOs going to be doing during the transaction?  Is this going into underwriting at the last minute?  Will closing be delayed because they were "too busy" to ask for all the documentation to satisfy underwriting guidelines?

As real estate professionals, people think we do nothing anyways.   I think it is safe to say that only ONE transaction I have had, they have used "my lender."  The rest, I respect the use of their own lenders BUT was so unsatisfied with the result or lack of communication during the transaction I would definitely not use them again.

Jeff,

This doesn't just apply to your side of the industry. It's rampant these days in all areas. Too busy? That's why it's called busi-ness. I enjoyed your take on the subject. Maybe she'll be calling you to save the deal later on. Until then...stay busy!!

LARRY.....  you lost me when you said.... the consumer nailed it on the head in regards to?  But I agree,  we are here to serve.... but that doesn't mean as a rate and paper pusher, but also to educate the consumer. This part is not many times and it shows in our industry.

LAURA.....  I didn't mean for my post to come across as that. I know this and I am fully aware of this.  This was for the awareness of the average consumer out there.  Because not all the time can the client see the quality in the beginning.  If we share with them in the beginning, it might make them understand it sooner than later.

RENEE...... bingo.....  the beginning of your loan process could mirror what will happen down the road... usually.  And yes, so many people think the realtor or loan officer doesn't do much .... but we are the main point of contact and if we are good enough, we prep the whole trasaction upfront, so it goes smoothly.  This was written as an eye opener and to make many aware of what they should look for and value more than the other.

ANDREW.....  I agree... this is not just in real estate and mortgages.... as someone pointed out, they had issues with landscapers giving them estimates in a timely manner. It's a large issues with people that are contractors and painters... I hear all of those stories.  But it's happening in our industry a lot more now than it did 8 to 10 years ago.  And it gives us all a bad name....

what people don't realize is that the market can change in a matter of hours just like the stock market so unless the consumer is getting all of their quotes  or at least if it's within the same two to three hour window, they're comparing apples to oranges instead of apples to apples.  

Busy? Sounds like the other LO's were just lazy. I have seen it before and it really is unfortunate that so few consumers actually realize how volatile the market is. Rate shopping makes sense to some extent if you are comparing rates from one lender to another the same day but the next day is a new cycle with new important financial data to digest and new rate sheets. Great post Jeff

In my experience when i run into a borrower whos first question is "whats your rate?" I take it as an opportunity to educate the borrower often times I ask great question what kind of mortgage are u looking for ? typically they are taken aback and calm down and relax. although i have talked to rate shoppers that are just straight out rude. at this point i just say are rates are on our websites. by the way not all direct lender LOs are terrible .LOL! 

Here here Jeff, as always, you show the reason why you are as good as you are. Too often (particularly in difficult times) loans officers or brokers (real estate or mortgage) are seeing clients as a pay check and not remembering to provide the service the client deserves and are forgetting the potential for not just one sale, but many more through referrals....

Rob