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Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007

Re: View from a Lender...Rates get lower suit ok to bail?

Good customers are hard to find. I understand your frustration.

 

The average consumer is taught to think that all products are the same and they should look for the best price. If you have chosen to compete on price, then you are attracting the less desirable customers. If you can move your business to one that delivers service, it may be less frustrating.

 

Regular Contributor
mkm77
Posts: 147
Registered: ‎08-25-2010

Re: View from a Lender...Rates get lower suit OK to bail?

Customer Service is top priority..I can be reached at Midnight as all customers get my personal cell phone so them feeling comfortable is absolutely not the case. The last guy to do this even told me he would send people my way and get this...was a repeat customer! Its all about the bottom line. And If you can order everything in a few minutes I will seriously hire you and you can work from your home...PM me!

Regular Contributor
mkm77
Posts: 147
Registered: ‎08-25-2010

Re: View from a Lender...Rates get lower suit OK to bail?

Greg...Very smart post! And I agree 100%!

Frequent Contributor
Sunshine85
Posts: 367
Registered: ‎01-14-2012

Re: View from a Lender...Rates get lower suit OK to bail?


mkm77 wrote:

Customer Service is top priority..I can be reached at Midnight as all customers get my personal cell phone so them feeling comfortable is absolutely not the case. The last guy to do this even told me he would send people my way and get this...was a repeat customer! Its all about the bottom line. And If you can order everything in a few minutes I will seriously hire you and you can work from your home...PM me!


LOL! I just might take you up on that offer! It really does boggle my mind that it could take any processor hours to order certs, CBRs, payoffs, etc.

Seriously, though, try not to get frustrated. Losing deals is just an unfortunate part of the business. If you're giving good service and doing everything you can, then you've done your best and that's all you can do.

Regular Contributor
mkm77
Posts: 147
Registered: ‎08-25-2010

Re: View from a Lender...Rates get lower suit OK to bail?

Yes...And your right. Thanks.

New Contributor
RashShakur
Posts: 53
Registered: ‎11-13-2011

Re: View from a Lender..Rates get lower suit OK to bail?

Sunshine85- I could not have said it any better.

 

+1

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: View from a Lender..Rates get lower suit OK to bail?

I would honor my agreement unless the rates dropped like 1 percent then id be outta there..

Frequent Contributor
SanFranMatt
Posts: 347
Registered: ‎09-16-2007

Re: View from a Lender..Rates get lower suit OK to bail?

I think a lot of people look at it like a free estimate.  If your roof is leaking, or you want a new fence for your backyard, you might have someone come by and give you an estimate for how much it will cost.  After spending a half hour they might say "It'll cost $3,000 to fix".  That's their quoted rate, and it's up to you to decide whether or not to follow through with it.  If another repairman comes by and says he'll do it for $2,800 and you think it'll be the same quality, why pay the original guy $3,000?

 

Also, you say that you're at the cutting edge of the rates - but if that's true, then how does another lender beat you by 1/8%?

 

Think of it this way:  Let's say I lock in today at 3.5%.  A week later you're offering "new customers" a rate of 3.375% because rates just decreased.  I haven't closed on my house yet, and I haven't borrowed money yet - so why shouldn't I be able to get the "new customer" rate?  I understand that locking in will be in my favor when rates increase, but that's part of the business and that should be taken into account in your rates/fees.  If your company's business model assumes that everybody that locks into a rate will stay with that rates when rates drop, then that's a bad business model.

Regular Contributor
mkm77
Posts: 147
Registered: ‎08-25-2010

Re: View from a Lender..Rates get lower suit OK to bail?

Re-Read the post ...Rates got .125 better. It's not an estimate when the customer sends you an authorization along with other docs plus locks their terms in nd gives you the go ahead.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: View from a Lender..Rates get lower suit OK to bail?


mkm77 wrote:

Re-Read the post ...Rates got .125 better. It's not an estimate when the customer sends you an authorization along with other docs plus locks their terms in nd gives you the go ahead.


 

My lender had me sign an "intent to proceed" form along with the disclosure packet. If I had reviewed the GFE and found a rotten halibut in there; I would have indicated that I did not intend to proceed... rather than jump ship at the 11th hour.

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