Honesty Always wins!!

Mortgage and Lending with Credit Werx, LLC.

 I have closed quite a bit this month. Fee for a Mortgage Professional is a relative term. My fee this month is pretty high because of the number of loans that I have closed but for many other companies I'm sure that my numbers are low. It really has to do with the split, I can afford to keep my costs very low.

 I always give good honest quotes. So honest in fact that some people decide not to do business with me because they are getting a better quote from another lender. My fees are so low and my quotes are so accurate that when someone tells me the dimensions of another loan being offered to them I know whether or not it is a real deal or smoke and mirrors.

                                          I never bad mouth other lenders; I wouldn't want it done to me. I do try to educate my clients as to what is truly available on the market. My rate and fee will not always be the lowest (though most often they are) but when a borrower gets a quote from me, they know what they are getting. There will not be any surprises at the closing table. If I am unable to get through to a person and I know that they are not going to get what is promised to them from another lender I tell them almost verbatim "Well I hope everything works out for you, just remember if xyz (lender) is not able to follow through with this loan for you that I'll be here for you."

 This week I had two people whom had told me that they were getting a better deal from another lender come back to me. The first person who came back to me I had first spoken to a month ago. He was upset about the way that the other lender had conducted himself and he told me that he should've never left me to go with another lender in the first place. The lender had lied about the rate and the closing costs were substantially higher than he was originally quoted. We are closing on the 26th of this month (we could do it sooner if the seller's side was ready).

The oth er person who came back to me told me that the lender that she left me to work with cannot do anything with the file. She said that she was told that she was fully approved and then something came up that killed the deal. I know what it is that killed the deal for the other lender. This person owns several rental properties already which makes the DTI appear to be out of whack. When the REO section of DU is properly filled out and the PITI washes are done correctly her DTI is well within guidelines.

The lenders whom I was up against lied and as a result I got the loans. Its always been true that honesty will always win but especially in todays market. We are dealing with a more educated consumer than the days of the past and as such honesty, knowledge, and professionalism is what will bring the business in.   

So remember if you are a Mortgage Professional never lie to get business, it will just backfire in your face and you'll lose business as a result!                                                                                                                                          




Posted by

Christopher Ohlsen

37 Boynton Ave

(845) 243-5293 (Office)

(518) 565-0799 (Cell)





Comments (7)

Victor DaGraca
Critical Home Inspections - Myrtle Beach, SC
Myrtle Beach Home Inspections

I can tell that you're in it for the long run....

It all comes out in the wash.

Nov 16, 2007 04:36 AM
Debbie Cook
Long & Foster Real Estate, Inc - Takoma Park, MD
Takoma Park MD Homes
Same is true for real estate agents - never bad mouth your competition - it only makes YOU look bad - not them!
Nov 16, 2007 04:46 AM
Christopher Ohlsen
Credit Werx, LLC. - Malone, NY

Victor - I definitely am in it for the long run. I wake up tired in the morning and while I'm laying in bed I start to think about the details of specific files that I am working on and within a couple of minutes I spring out of bed excited to get to work and get the day started. I make good money doing what I do and I love to do it ...What more could someone ask for in their career? Thank you for the kind words.

Debbie - I'm sure that it is true accross the board. Its kind of like the saying "never curse a deaf man". If you talk badly about someone who cannot hear you you will be affected by the negativity that you allow to envelope you and the person your talking badly about does not even know, so it does not affect them in any way.


Thank you for the comments.

Nov 16, 2007 05:02 AM
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes
Christopher this applies to Realtors also. I have a rule of thumb... i rather turn them down now and not let them down later. By lying and telling them what they want to hear I will be letting them down.
Nov 16, 2007 06:44 AM
Rosario Lewis
DDR Realty - Newburgh, NY
GRI, SRES - DDR Realty - Orange County, NY
Hurrah for the good guys! I can see you are a true professional.
Nov 16, 2007 01:15 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Chris:  Thanks for commenting on my blog.  I came to see yours, and appreciate your writing and graphics.  Don't sell too hard on the low cost, though.  By the way you write, I can see that you have the ability to bring value to the relationship.  People value what they pay for.  You need a profit to outlast the sharks.

Mike in Tucson

Nov 16, 2007 01:47 PM
Christopher Ohlsen
Credit Werx, LLC. - Malone, NY

Mike - Mike I agree with you that everyone needs to profit in this business.What I mean is that I used to work for a company who's split after the clip really equalled 12 - 18% depending on how the loan was structured. That was when I first got started in the industry. The company had a rule that there had to be either 8k in fee or the loan had to be maxed per part 41 and section 32 guidelines. I did not know at the time how bad this was. I had to charge ridiculous fees just to make a living. As I've continued to advance in my career and a couple of companies later my practice is well refined and ethical. In addition my commission rate has gone up more than 5 times what it was before. I find that by keeping my costs low I do much more business. I make more on a loan now with 4 times less fees on it then I would've in the past. On top of all of that the city in which my company operates; Plattsburgh, NY is ranked for having the 4th most inexpensive electricity in the country. Lake City Mortgage owns our office, is completely debt free, and has a large reserve. We could go five years without closing a loan and still stay in business (though I have no intention of doing so). I have complete control over what I charge so I make it reasonable. I did say above that sometimes my rate and fee will be the lowest, sometimes it will not but when someone is working with me they know what they are getting, no surprises. So the fact that my cost as a Mortgage Advisor (the portion of the split that I give up) is extremely low and the fact that Lake City Mortgage's overhead operating expenses are very low creates an environment where we can sell the fact that our costs are low and make it an integral part of the way that we do business. Since we do not have any competition directly in Plattsburgh around 85% of property transfers in the surrounding area go through us. This makes for some attractive profit. I apologize for the long winded response, I just want to iterate why our cost of doing business directly impacts the costs that are associated with our clients real estate closings. 

Rosario - Thank you for your response.I strive to conduct my self with absolute professionalism and I make a huge deal out of providing seamless transactions for my clients. I am sitting at my desk today (Saturday morning) because one of my clients has limited access to fax and email due to the nature of his job and Saturdays are the only times that he can meet with me. I am making it convenient for him in the same way that I do for all of my clients. A real estate transaction should not be a long drawn out and frustrating process. The tenuous details should be left to the professionals so that the client can enjoy the excitement that goes along with the purchase of a new property, or finally obtaining the dream of home ownership.

Vincent - I agree wholeheartedly with your stance on this subject. I would like to add to your comment; you are doing your client a favor if you turn him down if he does not qualify. Its not very nice to get peoples hopes up just to crush them. Also you are doing yourself a favor. We are all professionals and due to the nature of our industry I am sure that all of us at one point or another put a lot of work into a transaction that didn't fly. I would rather not put a lot of hard work into a deal if there are some obvious tell tale signs that the deal will not make it through UW. Nobody wants to work on dead files, thats just busy work. I'd rather be productive with my time. On the same token although I will let a prospect down easy in the beginning if they do not qualify for financing I will also give them some expert advice on what they need to do in order to make themselves eligible for financing; Then I let them know that I will be here for them when they are ready.

Nov 17, 2007 02:04 AM