People Don’t Want What We Sell!!! A Different Paradigm for the Mortgage Professional.

Mortgage and Lending with Logical Choice Lending, Inc.

Being in the mortgage business I have heard the advice of the Gurus, the criticism of the media and the thanks of clients.  I have heard the praise of other and the complaints of the dissatisfied.  I have delivered good news and not so good news.  I have closed loans and I have not closed loans.  I have ridden this rollercoaster for the last five years of my life and have enjoyed every minute of it, even the minutes of it that I did not enjoy.

In this time I have made a point of educating myself to better serve those who chose to employ my services.  I have listened to the conference calls and gone to the seminars, I have subscribed to the services and I have bought all the software.  I have prepared and printed mortgage analysis reports, in color and on high quality presentation paper, for countless clients and prospects.  I have mailed, e-mailed, sent postcards and done voice broadcasts.  I've given closing gifts and made 1 year anniversary client calls.

Through all of this I have developed some good relationships and earned referrals.  I have also had clients who never answered the phone or returned a call after closing.  I have clients who call me about EVERYTHING in their lives and I have clients who can't be bothered.  Some of the clients, that I have thought in the past, couldn't be bothered will all of a sudden call out of the blue and tell me they have a need to change their home financing.  Some, I will never hear from again.

You never know what twist of fate will lead a client away from you or back to you.  You can take every proactive approach to keep that client base close to you and still some are going to go elsewhere the next time around.

Looking at my business from this perspective I have discovered an important fact.  Many people don't want what we sell.  There are times when they may need it, but for the most part, they don't want it.  They don't want hundreds of thousands of dollars in debt; they want a home, they want lower payments or they want cash for some other purpose.  The mortgage is just a means to an end.  We can be professional and employ the best practices in the industry, but when push comes to shove they just don't want the loan, they want the benefit.

If you feel that I am wrong about this think about the moment you present the Truth In Lending Disclosure to your clients.  Think about some of the responses you've seen.  Think about the occasions where you have felt uncomfortable presenting it.  Looking at a document that discloses that a person will pay back more then twice the amount of money that they have borrowed can be a tough pill to swallow, for both the mortgage pro and the client. 

Over time we become desensitized to the impact of this disclosure because we see them so often.  To us it's business as usual, but to the client it can create a multitude of emotions.  With this in mind, let's remember to take a step back every once and a while and try to see our business from the clients perspective.  Let's try to remember that some people just don't want what we sell.

If you found this interesting, check back for my next Blog.  It will be titled: Presenting The T.I.L. Honestly, Ethically and Effectively

Comments (4)

Sam Thompson
BIC Services, LLC - Fayetteville, NC
BIC Services, LLC
That's why I focus on the agent!  They want us and appreciate us!! 
Jul 09, 2007 04:44 PM
John Barry Seattle Washington Home Loans
Home Loans - Kirkland, WA
Yes some don't want what we sell...but unless they have a ton of cash...they ALL need it. By doing what you say you do to stay in contact you are ahead of many of the other loan officers in the business. stay in touch,  and you will continue to get the business. Best of Luck!
Jul 09, 2007 05:08 PM
Robert D. Ashby
Cruise Planners of South Florida - Plantation, FL
Providing Personalized Travel
Jason...I am not sure why, but I have never had any complaints from anyone regarding the TIL and I have not had any issues in delivering it.  It is another disclosure that needs to be delivered and explained in a way the client fully understands it.  Another part of our jobs as mortgage professionals and advisors.  That has just been my experience though.
Jul 11, 2007 01:13 PM
Jason Leone
Logical Choice Lending, Inc. - Fort Lauderdale, FL

Hey Robert,

I am sure you present the TIL Honestly & Ethically in your own fashion as we are both CMPS Certified and that is why you have very little or no complaint.  In addition, from everything of read about you and your practice you are always looking for ways to help your clients manage their debt and equity to reduce the cost of the loan or maximize the leverage of their equity, both of which make the numbers on the TIL less important.

I am not sure how much subprime you do; but I can assure you that the subprime TIL, especially on an ARM, can be frightening.  In my career I have worked in large shops, that specialize in subprime, where the new LO's are trained to use some form of subterfuge or sales "trick" to get the document signed.  I put the blog up to show that their is another way and that you don't have to "trick" a borrower into signing something.  It can presented honestly and ethically and create some separation from your competition. 

Jul 12, 2007 12:03 AM