Bidding for a loan, do you play that game?

Mortgage and Lending with Tennessee Valley Home Loans

I have to say I am really loving my job right now.  I just got an approval for the SWEETEST man moving here from CA & I can't wait to meet him.  He's my second real client & you know what he has been a dream, and actually my first clients were dreams too.  I must just be lucky, although I did have a guy who I was "bidding" to do his loan, but you know I should have known not to play that game.

I have a MB friend & she said she absolutely does not compete for loans.  She says she gives them her quote and if they want to go somewhere else then asta la vista.  Welllll, I'm a new LO and you know, I WANT the loan.  But after giving this guy 3 different quotes on 3 different programs AND going to his house to go over them & then have him STILL go somewhere else, I guess you could say that opened my eyes a bit. 

I DO want to go out of my way for clients, but sometimes I get the feeling that they either A. Don't appreciate it or B. Take advantage of it. 

So, my question is how far will you go to compete for a loan? 

Comments (5)

Martinelli Caputi
Martinelli Caputi & Associates, Ltd. - Warwick, RI
& Associates, Ltd.
I see a lot of LOs with the same viewpoint as your friend.  Hasta La Vista is the theme because they feel that even if they offer this person the best loan possible, he/she may still back out at the last minute after all the work is done.  It all comes down to an effective use of your time.  If you have extra time, it may be worth it to go after these "tough as nails" clients because while you may not benefit the most from the loan that you close for them, the word-of-mouth referrals that may be generated amongst their friends can definitely be worth it!  :) 
Sep 30, 2007 04:21 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs
If you do not have business you tend to do more things an experienced LO would not do. They are trying to get the best deal for themselves. I would not go to someone's home for a loan. I gave my favorite loan officer about 20 deals this year. She gets 90% of them. She missed on one or tow as they wanted something more exotic. You may get some business from the guy as it tends to work like that from time to time.
Sep 30, 2007 04:44 AM
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC
Hi Candi,
My clients are advised to go with a trusted and known lender.  One that we have dealt with and know their background and can trust to get the done efficiently and professionally.
Sep 30, 2007 07:38 AM
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru
Candi, I have to tell you after 6+ years of doing business, I do not play that game either. If I am going to work hard for someone, I want to know you are on board. Otherwise, when you are done shopping, come talk to me. I am going to get you the best deal I can.
Oct 01, 2007 01:00 PM
Candi Kinney
Tennessee Valley Home Loans - Tullahoma, TN

Richard & Eric - I agree that I probably do do more than other more experienced LO's do, but in the beginning sometimes that just seems to be the way to go, but I'm sure as I get busier & more comfortable in my "mortgage" skin, I might not be as accomidating.

Cynthia- I can't wait to become that lender to my Realtors.

Danny - Maybe one day I'll get there ;)

Oct 02, 2007 03:26 AM