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Author Topic: Just for the mortgage pros.....  (Read 3255 times)

Offline 4EEM

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Just for the mortgage pros.....
« on: October 12, 2005, 05:53:42 pm »
Question:
How many deals have you lost to honesty?

I have a feeling that you all know what I mean, but let me expound.  

There are two particular scenarios that I've come accross.  The first being a bad investment that can still be funded.  The second being a deal where there is only one or two banks that will fund on the particular transaction and their lender fees are only a fraction of yours.

Say the client is a close friend or family member.  You would not hesitate to tell them that the investments is bad or that X bank is the place they need to go for the best deal on their particular transaction.

I've been handing out a lot of rejects lately.  Not because I can't get funding for someones deal, but because the deal does not make sense or because the deal does not make sense with me in the picture.  This pains my deep dark capitalist soul.

 :'(

I've come across a lot of people in the business who turn a blind eye to their clients bad investment choices for the sake of a buck, or they will gladly give a client a loan which costs more than it should.  I've also come across a lot of other LO's who  fiercely protect their clients best interests.  I would like to think that everyone on this board is the former.

This week has kind of got me feeling like a martyr, so I just wanted to hear from the rest of you about your "lost deals" so that this feeling does not go to my head. lol

So please post up.  How many deals have you lost to honesty?  Honestly. ;D
Patrick S. Lawson
Highland Lending, Inc.
Phone  (407) 877-0093
Fax      (866) 476-1133

Offline Mdhaas

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Re:Just for the mortgage pros.....
« Reply #1 on: October 13, 2005, 09:27:03 am »
Quote
How many deals have you lost to honesty?  Honestly

I have always believed in "Doing the right thing for the right reason".  In fact that is what we built our company on.

We had all worked in the retail industry for 10+ years and of course the companys talked about customer service but did not think that it was a priority.

So we started this business.  I can honestly say that there have been dozens, yes dozens of loan opportunities that we have walked away from.  They just did not make sense for the consumer for whatever reason.

I have seen how badly this industry has cannibalized.  Companys charging outrageous fees.  Inept "LOs". Clients are hesitant to believe anybody.

The funny thing is, even though we walked away from those particular clients....most have come back.

Imagine that!

« Last Edit: October 13, 2005, 09:34:21 am by Mdhaas »
If at first you don't succeed.....................skydiving is not for you

Offline 4EEM

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Re:Just for the mortgage pros.....
« Reply #2 on: October 13, 2005, 09:33:10 am »
Most come back... yes it's true.

There is a guy in my office loading a guy up with 12 MATS (2.3 Mil worth to be exact) and pulling 4 points.  And the client loves it.  Makes me sick!

Part of me misses the days when I did not have to work for the money...but I sleep much better these days. :-\
Patrick S. Lawson
Highland Lending, Inc.
Phone  (407) 877-0093
Fax      (866) 476-1133

Offline 4EEM

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Re:Just for the mortgage pros.....
« Reply #3 on: October 13, 2005, 09:37:58 am »
.... No one told me a conscience comes along with age. :o

I should note that I'm still in the 20 something set. So, I'm sure you are aware of the midset of my peers in the business.
Patrick S. Lawson
Highland Lending, Inc.
Phone  (407) 877-0093
Fax      (866) 476-1133

Offline Mdhaas

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Re:Just for the mortgage pros.....
« Reply #4 on: October 13, 2005, 09:47:32 am »
Quote
I should note that I'm still in the 20 something set. So, I'm sure you are aware of the midset of my peers in the business.

Good for you!   :beer:

Having a conscience is a compliment to your upbringing and core support group.

Maybe there is a future for America after all?  I would go on a patriotic tangent here ....but I won't  :-X

I have always believed that integrity and hard work will prevail.  It may not give you the "big bucks"  today, but, it will work out in the long run!
If at first you don't succeed.....................skydiving is not for you

Offline blueprints1971

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Re:Just for the mortgage pros.....
« Reply #5 on: October 15, 2005, 08:07:43 pm »
In the past 3 years Ive probably lost about 15 clients.  Most of them were either family or friends.  Although I could have gotten them a good deal....I sent them directly to the bank where they got a great deal.  No regrets though......and now I can still look them in the eyes and not feel like I ripped them off...or took advantage of our relationship.


 




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