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As PROFESSIONALS, we need to RAISE the bar & educate consumers.........

raising the bar

TAKE CHARGE..... should be everyone's motto in the mortgage and real estate industry. Not only educating consumers, but those that we work with. Many of you, as myself, have become fed up with people in our perspective roles. These individuals either use 'trust' as a weapon against a potential client and or 'seduce them' with false promises.

Another concern in the last year has been those individuals that are either not knowledgeable in their profession or those that purposely withhold the solution to a problem just so they can make a quick buck. Please read this post by Bryant Tatus,BAM! The sound of a closing blowing up!, to get a good idea of what I meant by my previous comment.

educating

False hopes or lack of knowledge as opposed to what programs are available and because of a changing market, you need to have a few back-ups. If not, people will fall through the cracks and we end up with a black eye per se. That statement alone constitutes those of us that are truly dedicated to our respective services offered to the real estate communities. What hurts our typical business practices in today's real estate transactions? Any loan officer can promise a certain rate and or a loan program. Any realtor can promise to get you what you want for your house.

We need to educate our borrowers, buyers, and sellers. The old proverbial word best, doesn't always mean better. It's called SERVICE. We can't put blame on the client for wanting the best possible deal, but we can certainly educate them and the people around them. I have seen many people shop themselves out of the market. Please read : You are begging me to lie to you!!!!

helping hand

Solution???? ......... Consumers out there reading this.....Please read below.

Stay true & loyal to those that you trusted once before & don't stray to the best deal on paper or promises that sound better than any other offer.
Ask for advice from those that you trust around you and not just because they might be your best friend and or family member.
Don't be afraid to do business with a friend and or family member. If you respect them and truly trust them and not give them your business just because they are a friend.
Trust that gut feeling at times. 'If you can't reach someone as easily as you did before they had your business.' Should this be a strong indicator? Yes, most of the time.
Those in the real estate & mortgage industry that tend to ask more questions than the average professional or spend more time with you, usually bring more to the table than just figures or promises to rope you in..... They bring knowledge, years of experience (but not always the case, they needed to start some where), a caring heart, and a dedication not only to their client, but to themselves. Wanting to be the best and providing not only great service, but delivering as promised and not what you want to hear. Remember this.
Last, as co-workers to each other, we should extend our hand in helping them if not sure. Helping our co-workers through possible mistakes that we made in the past. Understanding that their goal should be a client for life, as a friend and not just a pay check.

Here are some excellent articles written by a few Active Rain members that also gave me reason to write this post. These blogs also contain some great insight and discussion for not only the realtor and or loan officer, but for those consumers looking to buy a new home, selling, and or refinancing their home.

How should Real Estate Agents respond to the recent tightening of Subprime loan programs? by : Tom Burris

Subprime lenders are dropping like flies by : Ken Horst

Surprise! People With Bad Credit Don't Pay Their Mortgage Payments! by : Ken Cook

What inspired me to write this post came after reading Escrow 911: Subprime Fallout and the Potential Impact on the Las Vegas Valley Rebound by : Renee Burrows. And even though this is a professional real estate site, I also got some great energy on my thoughts from my current girlfriend for being there for me tonight and just having a great conversation with her. Thanks Michele.

UPDATE : Adding this post, Is GREAT service still enough to grow your business??? , by : Olan Carder This post is important because it stresses the fact that this person loses business even though his service is superior. The comments lend a good ear to as why and gives good answers in respect to this gentleman's concern.

Posted by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans on 03/07/2007 01:56 AM

Comments (72)

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Originally posted at: FHA Mortgage Expert - Tri-State Area - New Jersey/PA/Delaware: As PROFESSIONALS, we need to RAISE the bar & educate consumers.........

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72 Comments on As PROFESSIONALS, we need to RAISE the bar & educate consumers.........

MAR

2007

I wish someone would have been more true with me when I first went through this 3 years ago. This article was very straighforward and we need more people to stand up and be upfront and honest.

Jeff, it is about educating the consumer and our customers. Just yesterday I was speaking to our inhouse Title agent and we were discussing all those "false promises" we hear on a daily basis from the industry. It's so refreshing to see a large ethical group of professionals here.

John.... thanks for the feedback on what happens to consumers. And I have to apologize that for whatever took place and to say that this doesn't happen all of the time. I am just thankful to be in the business, knowing what to look for and what to ask. I can't imagine what it would be like as a consumer, depending on how you found that realtor and or loan officer. Again, thanks for your input and hope that you will follow these comments and not hesitate to give more insight.

Ines....... I agree.... I really do. And who would know more about false promises other than the title companies and the title agents/notaries/signers.

In regards to the large group of ethical professionals here. It is extremely refreshing. At times, it's like a support group for me, because I get to see others in this community share their experiences, input, insight, and anything else that they have to offer. This allows me to realize that there are a lot more like myself in this business. It's just a great feeling to see this. I wish others could experience this. Thanks for sharing.... and I hope more consumers find Active Rain and share in good experiences.

I just got off the phone with a client and encouraged them to rent, for now, until they could raise their credit score. 100% stated income FICO 609 with very little reserves isn't the most comfortable contract I would want to draw up now! I don't think I could live with myself if they lost all of their money or found themselves in a complete crap loan because a product went "poof" right before close.

Thanks for linking up Tom's post :) Tom is the shiznit and I invited him here. We have been cyber buds for years and I learned alot from him and the mortgage end in a different cyber dimension :) I missed that post yesterday when my computer froze and I had to reboot

All true-

Too many people want the easy, quick answer and more often than not they just get taken advantage of.

Clients have to slow down a bit and listen when the real professionals sincerely want to educate them.

Good Job Jeff!

Tell it like it is..it may not be the song they want to hear, but it will ring true!

Education is critical, but sometimes we need to call in for air support! Clients looking for a good deal sometimes don't want to hear the truth and thats when a strong Realtor-Lender partnership is crucial. A lender might say that what they are hearing doesn't sound right, but if the Realtor doesn't back him or her up on that... the client probably will jump on the more attractive deal.

Absolute trust between Realtor and Lender born from years of experience working together and shared values can win the battle! This is a relationship business and always SHOULD BE! We have to work together as professionals to educate consumers and single out these scam artists that make big bucks one lie at a time...

Renee..... you told me about this person, that lender is giving them some sort of program that doesn't sound that is out there at this moment. And that this client could go VA.... which would be cheaper, but you can't do stated with VA though. But maybe with a lower rate and that you can do a decent ratio with them, it might work.

In regards to Tom's post, it was warranted to be a mention in this. It has a lot to do with what I wanted to get across to so many of the consumers out there.

Marc.... yes, they want what they hear. And just because the lender promised it and put it on paper, doesn't mean it's going to happen. My solution for that? Call 5 lenders no matter what. Take the average... if 1 is high and 3 are the same and one is low... and sometimes lower that it sounds too good to be true? What do you think?

In regards to your 2nd sentence... great point. Thanks for your feedback & input.

Allison..... thanks for that compliment..... unfortunately in life, this method doesn't always work, even if the clients were to come back, because you were right the first time. Everything is changing so quickly... or, the previous lender could have ruined their credit score, which now takes them out of the range of some programs.

Olan.... I agree with having a partnership with a strong realtor or vise versa..... but with the ever changing market and ways to obtain financing. I truly believe that we need to focus on the interent.... yes, networking will still be key. Take a look at this post I did.... Networking Groups..... How important can they be to your business.....

The strength of Active Rain & "you" as the community........ this helps talk about AR and google searching.

Top Trendsetters to watch in your upcoming markets...... Part 3 of 3. The Hispanic Sector possible sectors to look at in regards to where you are getting your business from. This is a 3 part post.

Marketing YOURSELF or your COMPANY...... Part 2 of 2 Getting a business plan together...

How did I lose that client!!!! How one can lose a client and possibly how to combat this one someone does leave you to go to someone new.

Olan... sorry to throw all of this at you...... but maybe these would open up new aveneus.... let me know and thanks for stopping by.

And one last thing.... just my opinion... you said that this should be a relationship business. That would be in a perfect world. So many lenders and loan officers don't care about that. Sorry... they are told to get the client in the front door and then worry about the issues. I have even heard it from some of the loan officer's mouths...

Jeff,

I'm always honored when I'm asked to comment on an article. It's a pleasure when the article is this good.

You ask was it too harsh? Yes, you're going to offend all those people who want to blame their troubles on someone else!

Those people that have made a career, not thru knowing their field, but rather by being in the right place at the right time, and not caring who they hurt, are not going to like this.

Most of the people in real estate and mortgages have never experienced bad times, they're going to be offended at the suggestion that they need more education.

Some times you have to hurt the ones you love for their own good, my Mother use to tell me this on the way to the Doctor's for shots. My point is two fold: You've Got To Get Their Attention! Offending Someone For Their Own Good IS A Good Thing! Remember what the cheer leaders say "Hit them again, Hit them again, Harder, Harder!" It's good advice, if sparing their feelings means diluting the message why bother?

I would have limited this to professionals, myself. The reason is the articles you link to.

There is no listing REALTOR® I respect more than Bryan Tatus, and this is an excellent article, but it exposes some of the worst and unfortunately common bad behavior of Loan Originators and REALTORS®. We need to work on these problems, but we don't need to air our dirty laundry in public.

Ken Horst's excellent little article can go either way, it's a good link here.

Ken Cook and I have been banging our heads together over this very article. Ken's point is very good but I disagree over presentation! I responded to him at: Congratulations Ken you're in interesting company, CBS, the NAR. . I'll debate Ken any day, amongst professionals not the general public, our differences are hair splitting, but extremely important.

Renee, has some of the same problem Ken does. I can understand why you would link to her, but I believe she's married.

Any time my friend,

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

Educating customers and curbing behavior is key in this business. The media and the commerical they show when it comes to financing dont explain the whole picture to customers.

Eddy

Jeff: Thanks for bringing my attention to this post. I was just about to call it a night when I saw your email. Education is the KEY!. I am amazed how many agents will run out and show a property without even getting to know the consumer. I always explain that I meet with clients and make sure it is a good fit. I typically spend 1 - 2 hours with a consumer and really look into their wants, needs and goals.

Much of the process is educational as well as helping focus the buyer. I also spend hours doing seminars -- not only for the purpose of gaining business, but with local funding resources such as New Hampshire Housing Financing Authority and similar funding programs.

There have been times I had to tell a consumer I didn't think it was a good fit (e.g. those who are not realistic or those who want to make low ball offers). I may not make as much money as some of my colleagues, but I think it is important to treat my clients as "family."

Jeff - to your last comment - I understand that there are a lot of transactional lenders and Realtors out there and some of them meet with surprising success. However, by nature this is a relationship business and I simply think it is best that way.

When a Realtor and lender work together the client wins.

Bill..... thanks for your honest and sincere comments. In regards to Bryant's post, he makes all of his posts open to the public and tells his clients. And I wanted to share that one, because it is half the problem of what is out there.

In any case, thanks for stopping by and for your input.

Eddy..... you are absolutely correct when it comes to commercials not showing everything. And at the bottom, the print is fine print.

Joan...... yes, education is key. And I am glad many states are taking this seriously. This needs to pick up more so in the lending industry. It's still relaxed in most states and sorry to say... a joke. And the consumer is shoked when I tell them that you don't need a college education and in most states, just money for a license. Thanks for stopping by.

Olan..... I agree,...by nature, this is a relationship business. Talk to most loan officers that have been doing this for 10 years or more. That's all it was back then.

In regards to when the lender and realtor work together, the client wins. Sorry, I disagree..... I could give countless examples and so could many realtors or loan officers on here could. Some people have others 'not on the books' per se. Some work together, but for them and not the client. These are the facts of life and realty. Some people can put on fake smiles just for the almighty dollar. People need to understand this and do their homework. As I said.... and not just take the word of someone when they say... "I promise" and make it sound like the good faith is gold.... just my opinions... thanks for you feedback though. Much appreciated.

Jeff -

Let me rephrase... When a quality, honest Realtor and a quality, honest Loan Officer work together the client wins.

MAR

2007

Yes, this was a good post. Too many times when money is involved ethics go out the window. I can feel much better about myself telling a client the truth and risking loosing a deal, than I would if I put them in a house I know they can't afford. They may not appreciate it at that particular moment, but most (definitely not all) clients appreciate the fact that you have their best interests at heart.

Jeff... you know what I think. I don't know how some agents sleep at night after feeding their clients/ customers such nonsense. I like your list of solutions - very solid.

Olan...... yes.... ;o) I agree 110%. Overall, it's tough, just for the fact that many clients come with their loan officers already. That is where you need to make the push. Did you check out my networking post? Belonging to a few groups and enhance your production.

Tonisha..... as in any case with any business. Look at so many of the top executives in the last 5 years who have been caught embezzling money from their companies. Look at lender's, real estate agents, and title people embezzle money. It's out there and will never change. The many of us that are true professionals just need to stay the course. Sure, at times, we won't make as much. But are we in it just for the money? I sometimes look at it as charity work. Sorry if this sound negative.... but it has a positive twist to it. There have been some years, because of the hours I put in, especially into my client, you would think I would be a millionaire.

Tonisha.... I checked up on your profile. I also wanted to Welcome you to Active Rain.... thanks for stopping by and I look forward to your first post.

Heather...... thanks for your input and for your compliment. If you can think of anything else, I would appreciate it... thanks again..

Sorry for being so brief before. I am currently working with a seller who had used 2 other agents before I got the listing. Both agents promised the sun and stars and did not deliver. In fact, once the listing was signed they were basically MIA. Walking into a situation like this is tough. Their previous experiences has made them very sceptical of all agents. When I spoke to them for the first time we went over the PTA that I had mailed out. That was the first time any agent had provided them w/ one. We spoke honestly about the market on the island. I wanted them to have a clear picture of what they could expect. Each time that we speak - I present them w/ the facts and I do not feed them false promises. We need to educate, present a truthful picture of the market and deliver on our promises. Only then are we really serving their needs.

MAR

2007

Heather..... that's okay. As I stated to someone else the other day, I think with the market changing a little, I think it will be like this a little more than in the past. Just as it will be in the mortgage business. Realtors and lenders will want to string the client along now, with the ever changing programs and home values dropping, just to keep a client on their so-called inventory list.

Yes, we need to educate, but I think the hardest part for any consumer would be who is telling the truth. But as I was talking to a friend last night who is a very successful business person.... he stated, if it sounds to good to be true, then it's not. Even if they promise it to me and put it in writing. He said... to get a few quotes. Now, for any consumer reading this, this is much different than buying a large screen TV or a car.... first ask your friends and family members for trusted referrals...

Jeff

You are right it's all about educating the consumer and our customers.

Rickey.... thanks for your input... as many of us agree, yes, we need to educate. It's not easy out there for both the consumer and for an honest realtor or loan officer. thanks for stopping by.

MAR

2007

Truth is the ONLY way to go when dealing with people. If you aren't truthful, it will eventually bite you in the...well, you know where it will bite you.

Education of the consumer is key.

MAR

2007

Teri.... thanks for your input. Many of us agree in regards to this.... truth and education. Just that some people get away with it. But we can't let this keep us from doing what is right and what we believe in,

Honest and right to the point, i like it! You can't just tell people what they want to hear to be successful in life because, it will only come back to haunt you in the end. Thank you for this post it was very insightful! --Tom :)

MAR

2007

Thomas..... thanks for the kind words, much appreciated. And in theory, it should bite you in th arse, but for some, I see them get lucky....

MAR

2007

Jeff, As usual we are on the same page. Education is the key in more ways than we will ever know because it provides different types of power to every borrower. I feel that when we get to closing, if I have done my job correctly, the borrower should have virtually no questions at closing. In fact, the potential borrower that truly scares me is the one who just wants to sign the papers at our first meeting and get out. I'm concerned about anyone who takes obligating him or herself to a mortgage without really understanding it.

I think this extra time we spend getting it as right as possible before closing also make it easier for that client to now call us if there is a problem. We all know how this one works, especially with tax and insurance escrows at various servicers, or when servicing changes hand.

MAR

2007

Terry..... it's so key, but still, so many companies just don't care. They like some of their sales people to just know the basics, so they can just sell.

Overall, that extra time is great. But I have had a few clients in the past that said I asked too many questions... lol Some clients just want to be misled then, in my opinion. Then they wonder why they don't get what they were promised, because either they didn't listen to everything or just went with the best deal....but not doing their homework.

MAR

2007

Wow still an honor to have you posting in my group. Great Blog. Keep up the great work

Ben

Jeff,

I agree, I only trust those whose services warrant such a rendering. Too many times I have heard this term thrown out only to be disappointed in the end. Thanks for sharing.

Benjamin.....thanks for that awesome compliment.

Andy..... thanks for stopping by and for your input.

MAR

2007

I still see many loan officers selling the neg-am loan without educating the borrower. This sort of behavior gives true mortgage professionals a bad name.

Hi Jeff I couldn't agree more with your comments. Everyday I talk to someone new who has been sold a product that wasn't in their best interest in the long run. I hope this downturn in the subprime market weeds out some of the bad apples.

Great article Jeff! Your honest and caring approach is what will make you a trusted advisor in this business! You have the attitude all of us should have! It is ultimately our job to do the right thing for our customers for their long term...not the short term dollars we make in our pocket! Thank you for putting it out there :)

Terry..... I totally agree. I just don't think that will ever change. But we can make a difference if we educate clients ourselves. If they get steered wrong, they at least will remember us the 2nd time around. You would hope.

Michael..... we are on the same page, hoping that this market shake up weeds out so many that don't belong. thanks for your input.

Leah.... thanks for that compliment. I try to just treat others the way that I would want to be treated. thanks for stopping by and for your feedback.

MAR

2007

Jeff, I really subscribe to the "Client for life" philosophy. If you are doing the right thing, there should be no need for the client to want to go elsewhere.

There was a period of time where some "professionals" couldn't see past the deal in front of them.

"Orange"

MAR

2007

Great post! As a new arrival to AR, I am really inspired by the moral and ethical stance of the professionals on this site.

Thank you for highlighting the critical aspect of education of our borrowers. I read recently that an average of 35% of borrowers in America do not know what type of loan program they currently have for their home.

I treat each and every potential borrower as I would treat my own mother and father. I try to carefully examine their situation to determine the best fit -- based on my expertise and research -- for the best mortgage for them.

As professionals, if we outline the pros and cons of each program we create -- we will have less intrusive and reactionary legislation from Congress, an improved reputation with the media and millions of happy homeowners.

- John Antes

Tom.... that's great, that you subscribe to that also. Yes, there should be no need, but unfortunately not everyone is as loyal at times, no matter what you did for them. Thanks for your input.

John..... glad to have you here and thanks for those great comments. You hit the nail on the head, outlining the pros and cons. So many fail with not showing the cons, afraid of losing that client then. Big mistake and this is what hurts the industry. thanks for sharing...

APR

2007

Jeff,

I saw this post and did have the time to digest all of it or comment at the time, so I bookmarked it! This is almost an exercise in futility in itself (when trying to stay up with current posts).This is a great post as it addresses education. This aspect really needs to be emphasized considering the nature of the events over the past few months. I have another one bookmarked that touched on education. I want to review it and come back for follow-on comments. Later!

I agree.

APR

2007

We all need to educate our customers. There are too many Real Estate and Mortgage "professionals" out there trying to tell customers what they WANT to hear instead of how it is. Keep on educating Jeff! I'm with you!

What a fantastic artilce!! Let's hope everyone will do a better job at representing their clients.

Ron.... thanks for those polite compliments. I really do think this should be emphasized, but it does come down to the companies to press this amongst their employees. Many people will not strive for this type of education per se, if they are told they have to do it. Just the basics in life.

Looking forward to your follow up comments. thanks

Greg..... thanks for stopping by...

Michael.... exactly, sell what others want to hear. And it seems to be happening even more so now than before. Some sales people are getting scared because their numbers are dropping. I have one right now that has been lied to by his loan officer, twice... but he still is staying with the lender, because he is afraid to try elsewhere. And is being told each week that they will settle. There is more to it... but some clients just don't get it to break off from someone like this. The sales person always comes back with some other excuse, making another company look bad.

Dianne.... thanks for that great compliment. Let's hope many do this....

Great post that highlights one of the key differences between a professional -- and a sales hack.

A professional is the doctor who tells you what is wrong -- and what is needed to make it better.

A professional is the attorney who clearly outlines what is at risk in your liability -- and what you need to do about it.

A professional is the accountant who explains the pros and cons of various tax strategies -- and what the consequences of each path might be for you.

Where is our professionalism as an industry? Why do the borrowers who fall for the tired old bait and switch call me a month after they have lost credit score qualifications for the program they passed on with me?

Among the lending peers in this group -- we need to focus on what is right versus what is expeditious for closing more loans. My goal is to truly be consultative and PROFESSIONAL in my advice, counsel and sales.

That is the difference between a loan officer hack and a mortgage professional.

APR

2007

Great post!! A pattern of professional behavior is what I look for from anyone I work with.

John.... Some very great points. But unfortunately, consumers will just believe what they want to believe when talking to strickly a sales person and not a professional. This is where education comes into play. But one thing that I have learned that I can't beat.... are those promises from others that will be broken. The only other way around this at time is by building strong referrals. Those that when they pass your name along, because you were professional, but also came through on your promises...will make that person understand this.

I have one right now, to where the lender has made promise after promise for about 3 weeks now. A past client of mine got his friend to call me after he found this out.

Randy..... thanks for the compliment. Great point.... thanks for your input.

gosh! Your post went straight to my heart! We never over-promise, we always educate and do what we would do for a family member. There are so many lender gimmicks out there and it is the most competitive market. There are so many lenders who will bend the truth to get the deal that it makes us all look bad. We also have tons of radio and print ads stating really low rates with no extra fees. Our customer shopped them and got a GFE. It had $11000 of closing costs! It is hard for the consumer to know the difference. We just lost a deal to another lender who literally commited loan fraud by using a different job that the buyer currently has. He needed to go stated with his current situation, so the other lender used his last employment. We told the buyer this was loan fraud and he still went with the other lender. Sometimes we feel like a broken record, but it is always better to be on the right side.

Stacey

APR

2007

Its funny that you have said that. I have a loan officer that has been with me for just over 6 months. When he first started with me he let his clients control the process and walk all over him. In the past 45 days he has turned the tables and has taken control on his loans. He has closed more loans in the past 45 days than he did in his first 5 months with us. He has also gotton more referrals and thank yous than ever before.

Jon....... glad that this hit hard and that you believe in this. Especially now, as business gets tighter, there will be more loan officers pulling the baiting and switching out there. We just need to be on our toes and yes, to educate more.

Hopefully those that get swindled per se to go to another mortgage company, and if things change during the process or last minute, they will realize this and come back to those that were upfront & honest. thanks

Andrew....... That's great, that he has taken a stance and has received more business. More people will respect you for this, depending on how you handle it up front. Those that don't, will just have to weed through the problems when they happen. thanks

APR

2007

PLEASE!

APR

2007

I'm a newbie and I appreciate all the posts here.

It will be mortgage brokers/originators such as yourselves who will help make this industry great again. I have been stalking many forums over the past few months and these have been the most intelligent comments I have heard and I am in agreement.

There are too many sad stories of people upside down and it is heart wrenching to try and help someone like that to no avail....LOVE to hear people who do business like Renee who was up front with her client and recommended renting while getting "ready" to purchase. Realtors like Renee are one in a million.

Jeff:

Great advice! If everyone would treat the customer as if THEY were across the table, I imagine that the financing arranged would be a lot better for the client.

APR

2007

A Fully educated customer is the easiest customer to talk to and to deal with. The worst clients are the rate consicous clients, most lenders who play into this end up misleading them.

Eddy

Just want to comment on Eddy's point here. The observation about the rate conscious lender is absolutely accurate, as to how it ends. I think, though, that even the most honest of lenders will have a problem with this type of customer because they tend to mislead themselves. They think they know what mortgages are about because they know the rates and have heard that those rates are available. All to often they don't get that the rate may be available but only to very specific situation - which they likely aren't in. That becomes the beginning of education for them. If they won't learn it can be a long hard road with them.

APR

2007

Greg,,,,, not sure what you were trying to say, but thanks for stopping by.

Mary... thank you for your kind words and very polite feedback. It's great to have people like you also that share this and support us. And I agree about Renee.... if you get a chance, read my interview in Renee. I did it about 2 months ago. thanks.

Steven... thanks for that compliment. And yes, I agree with your statement. But greed gets in the way of ethics.

Eddy..... I couldn't have said it better myself. Thanks for the feedback and your input.

Terry..... you make some very good observations and I think they are right on. Thanks for sharing this. And it's ironic in regards to your comments and Eddy's. I just wrote this blog the other day..or was it today?

Mortgage Shopping -- Rate vs Payment......

Good insight. furthermore we all live with payment everday. Remember the formula which I use most often

"income + Lifestyle = Mortgage Payment"

04/20/2007

by Ryan Epper

Delete

I took out and advertisement of his company. But I didn't want to delete the whole comment. This is from an owner of a mortgage company.

APR

2007

Jeff,

Thanks for the suggestion to find your interview with Renee...I have been actively lost in a rainstorm reading Renee's blogs and yours for the last 45 minutes!!! How funny! To top it off, I lost track of where I started and couldn't get back to this post. Thankfully I have a back browser button -- I think I had to click it 12 times to get back here!

Your interview with Renee was excellant. If I didn't know better I would think I had met her in the past and had a long conversation. You have a great ability to establish the relationship. Thanks for the training!!! :)

APR

2007

Mary..... wow, thank you very much for those kind words and compliments. I truly appreciated that. Overall, I am glad that you enjoyed the interview.

MAY

2007

Thank you so much for writing this Blog. I feel like I often make comments on other Blogs that iterate this very sentiment. Being a Mortgage Professional is first about Responsibility and Providing a Service of VALUE to our clients.

Rebecca Brillhart

Licensed Mortgage Broker

MAY

2007

Rebecca..... thanks a lot for stopping by and for your feedback.

MAY

2007

YOU ARE ABSOLUTELY RIGHT JEFF...Been in the mortgage business for almost 2 decades and all I have been doing is educating the consumers so they will understand why and what their needs are for...Keep up the good work..

MAY

2007

Marcos..... thanks a lot. If we can get more people on board with this.... and get consumers to realize this, than it would make it easier for people like you and I. Thanks for your input.

MAY

2007

Jeff,

Great post. The industry is filled with people whose number one priority is making a deal, not the welfare of thier clients. I just turned down a deal that i could have crammed through but the client wasn't ready. I'm following up with budget and credit counseling to help them reach thier goals of owning a home. I have a client for life. He's said several times how much he appreciated the straight talk and the help. It's about helping people achieve their dreams in the correct way so they don't turn into nightmares.

MAY

2007

Shawn...... you hit the nail on the head... "straight talk"..... what I call shooting straight from the hip. And thanks for the compliment.

JUN

2007

Jeff, Integrity should be the #1 priority in our professions. Too many times I've seen clients that were just plain lied to in order to make a deal. My wife ran acroos a client who had poor english. He was told by an LO I'd like to meet in a dark alley that his credit (650 mid) was "not real good" so he didn't qualify for a lower rate. He got locked into an arm that adjusted to 12% because he trusted an alleged professional. He now can't make his payments and has to sell his house. There aren't any more options for him to refi because his credit is toast now. All because someone wanted to make a few extra dollars. Deplorable.

JUN

2007

Shawn..... I agree... integrity. I just finished a blog : Do you feel like you have the best job? I guess this is why I consider myself a professional. Because I love what I do... and because I feel like I should treat people the same way that I like to be treated.

In regards to your story,.... I so hate stories like this. Thanks for sharing this and for stopping by.

JUN

2007

Jeff,

Thank you for your suggestions. It's very difficult to stand out in such a competitive industry where all your clients shop you by interest rate. Hopefully, we can help borrowers see that you are "shooting straight from the hip". Let me know when you have a chance to check out my blog, thanks again!

JUN

2007

Meg..... yes, it can be very difficult, especially when you have others that are over promising so often. Not only does it hurt your chances in receiving business, but it hurts the consumer also. Which blog do you want me to check out? thanks, jeff

JUN

2007

I have lost many clients because I am brutally honest with them. Several have even called me back to tell me I was right and they should have listened to me. The rest....they have to livce with their mistakes.

JUN

2007

John..... I have lost many in my time also. And I was just talking to Brian Brady last night. This will never go away. All we can do is be on our toes and educate. Learn how to set the table per se, when your client is lied to....

Lastly,. sure, we can just say that they will live with their mistakes. But I want their business. So.... I explain to clients what they should be looking for and if it doesn't happen in how I describe it, "setting the table", then I tell them that I see red flags.

Melissa.... That is a great line, "setting up someone to fail". And I think that is many of goals, is to have a client for life. But loyalty is not always the best. You need to stay in front of them though, just because people just go on about their lives... they forget at times.

And thanks a lot for that awesome compliment. I would have to say that this was one of my better pieces. thanks again...

SEP

2008

Jeff - WOW! I'm just joining an already GREAT conversation, but what you said is SO true:

Those in the real estate & mortgage industry that tend to ask more questions than the average professional or spend more time with you, usually bring more to the table than just figures or promises to rope you in..... They bring knowledge, years of experience (but not always the case, they needed to start some where), a caring heart, and a dedication not only to their client, but to themselves. Wanting to be the best and providing not only great service, but delivering as promised and not what you want to hear.

We have partnered with a great company in our local area that does "Rent to Own" - and not the kind of scam stuff you read about. These people are legit - and have a shared vision with us. It's about building relationships...

We have sent them a few people who don't qualify now, but we couldn't bare the thought of them throwing their money away on rent. So, now they are investing in themselves, instead of filling their landlord's pocket. And, we won't close a loan anytime soon for them. Some of them have 12-18 months of work to do on their credit - but we stay in touch on a regular basis, checking in to make sure we answer any questions they might have. We aren't credit counselors, but our experiences (like you said above) gives us the advantage.

Thanks for your insight, as always.

SEP

2008

KMG....... building a relationship is very key/important. As long as all parties have the same interest and intent for the consumer, it can work very well. Overall, thank you very much for the polite compliments.

SEP

2008

Jeff: Our job these days should be one of counseling and advising our clients. Actually, it should always be that way. The day of the quick buck artist in mortgage loans is gone for now. The great LO's are advising their clients to either do the loan, fix credit, wait, etc., etc. That's what leads to trust and a customer wanting to do business with us. Thanks for the post!

Paul

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