Sometimes you just need to SHUT-UP!!!!!

What are two of the biggest lies at parties?

1. How Little you paid for your car.

2. How Low your interest rate is.

Time and a place for everything but not at the closing table.

Good Luck

Tony Grego - Indiana Mortgage Company 

good blog, there are too many people in this businees that talk too much, some engineers even speak abut interest rates when doing an inspection

When someone says to me they are getting a better deal, my response is no you aren't.  There are no better deals, only a cheaper price that leads to inferior service that costs them more in the long run.

Have a great one.

I would have to 100% agree with you. People should focus on doing their work and not someone else's. People need to learn that sometimes they talk themselves out of a great deal or get other people in trouble, because they neglect to implement a simple rule - "Silence is golden"! (some times)

Excellent post. We've all heard these stories and you've done a fine job sharing. One thing that kept me "agent unfriendly" for several years was a proliferation of agents in the last decade who truly thought they knew more about mortgages than my staff or myself. I don't know if it was local to Atlanta or a nationwide epidemic but it was b.a.d. here. I still blame it mostly on Homebanc who had a terribly illicit relationship with the people who have the balloon. HOWEVER, I will say, in the last 4 or 5 years agents have ceased believing they knew all the intricacies of mortgages, rates, LTV's, closing requirements and on and on. I have been very agent friendly since about 2003 and hope it stays this way! Agents - you do NOT know as much about mortgages as seasoned mortgage professionals and we do NOT know as much about real estate regulations as you. Attorneys, YOU represent the LENDER. What kind of fool would you be to down talk the very lender who brought you the loan? 

Wow, that is surprising that such a statement would have been made at the closing by the closing agent. Not a wise move if they want future referral business from you guys.

Sean Allen

Olan:  Shouldn't Closing Attorneys have the same "rules" as Closing Agents?  I am not allowed to discuss other Loan Programs, Interest Rates that have been scattered across my Closing Table, Averages of Homeowners Insurance Policies that I have written checks for, what Brokers Charge clients, etc.  If the Closing Attorney was wanting to "break the ice" they should have done it in a different way, other than discussing their personal Refinance.  As a Closing Agent, I know the importance of "Breaking the ice" at closing and making the Customer feel more comfortable, but this would not be the way to do it! 

Olan - I feel your pain.  I almost lost a deal last week as a result of similar incompetence on the part of an attorney - I am going to write a post later today now that the loan has funded. 

Amazing  - 5.375% fixed with no points saving $1000 per month and you are fielding rate questions.   Why do so many professionals feel compelled to say something - no matter how inane, inappropriate, or inaccurate?  The simple answer is that they feel the need to justify their existence and the line item on the HUD.  You are right - do your job and just shut up!

Olan

Attorneys have this belief that they above us... they can talk about any thing and they are selp appointed authorities on very thing as well... right... they would climb the walls if talked negetively about the job they do, provided they understood that you were talking negatively... that felt good... thank you

Olan, I'm sorry you had that experience. As an appraiser, homeowners often ask me questions about their mortgages. My common resonse is always, "I'm sorry. I am just an independent contractor hired to do the appraisal. I don't know anything about it" Such a simple statement but it works. I don't think you are asking for too much here and it is just a professional courtesy.

Olan, Olan, Olan.

Vent my brother, vent!  Here is the main question.  Did the borrower sign?  What did your buddy tell him when the borrower called him wanting a 5% rate?  Ultimately it's how we handle these "issues" that gives us experience and makes us more professional.  Hopefully. 

Palm Springs Mortgage Guy, Charles Dismuke

I have to agree.  Time is Money, etc.

Olan, I understand your frustration. I tell my loans officers all the time they have to go to their closing. And if for some reason they cannot make it, myself or my partner will be there. The local closings of course. I have heard of this happen so may timesit is unbelievable. If you job is to close the loan just do it and move on with the rest of your day. Sometimes I say Stick to what your know.

Olan,

I could not stop laughing reading your post. Your doctor analogy reminds me of a possible scene from the TV show House. We feel your pain. Carmen said hey, add something like this to my blog.... talk later.

Oh, Olan, while I am very sorry about this happening I did get one hellava good laugh out of it.  With you though - SHUT UP!

Olan,

I have had others make comments in the closing that upset things too. I think some people are just trying to relate but have no clue how to do so. Its sad, especially when a happy client now second guesses everything.

Ed Nailor

Another reason to never use an attorney for a closing even if its your borrower's attorney.  Kinda kidding...if they want to use their own attorney, what can you do?

Shows you the importance of being at every closing.  It is your livliehood on the line and it really gets me that many brokers do not take the time to be at their closings even in today's environment.

When I was a broker I did mostly private investor loans and one of my favorite closers at a title company would start every closing with the note and would make the comment "what a good deal David got for you" even when it was an 18% rate!!!