I have had a few situations where my assistant would order a payoff for a customer only to have their current lender call the customer to get them to refinance with them. They know they are interested in refinancing because a payoff was ordered. Is this common amongst lenders? It adds more confusion to my clients because they are now getting a call from someone saying my loan program is not good for them. Right now, this business is tough enough without having to compete with their current lenders.
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Fab Real Estate - Danbury, CT
Owner/Broker/Trainer - Fab Real Estate
Tom - Yes, I have seen this done. Whenever I've refi'd my own home in the past, I'd get a call from the current mortgage holder with a new "offer."
Jan 03, 2007 10:37 AM
NA - Allentown, PA
Tom,
This does happen often, espically with finance companies. They even offer training and "save-a-payoff" programs. Whai I do is gove my customer the heads-up that they may receive the call. Most of themcall me back laughing telling me they called and what they said. I find it adds to my credibility.
Jan 03, 2007 10:45 AM
U - Oak Brook, IL
XCO
Tom,
I have heard a few of my co-workers dealt with this kind of problem. So far, I have been lucky. I really choose my lenders well, the relation we have with them is such that they respect our clients. It seems that is the big lender companies that don't care too much about that.
Jan 03, 2007 12:41 PM
American Home Mortgage - Beverly, MA
Blanca thanks for the feedback. SOmeone of these big companies are going to get ther "AE" who try to promote there services to brokers then go ahead and try to "steal them later".
Jan 03, 2007 10:31 PM
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert
Tom, unlike Don and Ann I have not had any of the Borrowers that I have refinanced tell me that their present mortgage company called them to try to get them to refinance with them, however, I don't doubt that it has happened and they have just not told me about it. So thank you for the heads up on this, I will also be taking Ann's advice and prepping my Borrowers for this.
Jan 07, 2007 12:04 PM
American Home Mortgage - Beverly, MA
George, it is good to know about the "unseen competition". They have all there information and could sabotage a deal. Keeping the customer aware of that fact should deter them from using them again.
Jan 08, 2007 01:05 AM
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