Recently I originated a loan referred to me from a long term past client. I reviewed their w-2 forms, recent pay check stubs and bank statements. Then I pulled a three bureau credit report and then ran a FNMA DU approval to provide him and his agent a pre-qualification letter for the purpose of negotiation. So far, so good and normal procedure.
A few days later I was speaking with my client and he made the comment "I am really amazed by the lack of privacy and confidentiality in your business". Somewhat taken aback I asked what he was talking about? He proceeded to explain that he had two lenders contact him and said they could give him a better "Deal" without, I might add, even knowing the product, rate, term or costs I had provided. ( I consider the word "Deal" as repugnant as if we are talking about buying a used car, not a professional financial transaction).
Alas, this was partially my mistake in my clients education of the loan process as this was not the first time this has happened recently. Four months ago I had a client call me saying that someone contacted him telling him they were working with ME and my title company seeking to get him the best loan and not to do anything until he ran it by them. I of course contacted my title company representative, T.O. and one of the owners attempting to get to the responsible party in order to strangle them. I/we could not determine the answer.
Again, three months ago I had the same situation with a 20 year past client who 3 days after opening a loan with me said he had an overnight package at his house with a cover letter saying not to do anything until he contacted them. This time, trying to get to the source of this problem I contacted the owner of the credit bureau I use who explained to me that the Credit Bureau's (probably Experian) were selling this information. He had personally tried to put a stop to this practice but to no avail ....it is legal.
Can you imagine with all we have to go through regarding privacy and confidentiality that these pond dwelling,scum sucking, low life *&%#@!*& are able to get away with this as standard business practice?. Fortunately these particular clients were all professionals and were not duped by these clowns. I consider this an unethical, disgusting and reprehensible business practice. I won't mention names but some of the branches of their tree must be broken!
This is apparently not an isolated incident So now I am making it a part of my presentation to explain how some entirely unethical companies who do not have the ability to honestly develop business relationships will attempt to contact you, con, lie and misrepresent facts even though they will appear knowledgeable as they will have your credit report and FICO scores. Unfortunately some of the public will be duped. I know the honest loan officer,if not both, may be damaged. Be Careful out there!!!
Anyone else, loan officer or agent aware or run into any similar situations?
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