Hi Matthew,

I agree wit you 100%, favourite answer to your questions "That not a problem" "Absolutely we will make it work"

Anthony, Thank you

Hey Matt,

I get those occasionally also and I refuse to quote them also. We are just looking for problems if we give a quote based on limited information.

Sean Allen
The Mortgage Professionals

Matt - I think you approached the e-mail in a professional manner. I think if the person was really interested in getting a loan they would have no problem giving the information you need.

It is little wonder why many people today are caught in mortagages they can't pay. Perhaps this was not a valid request. Perhaps it was an investigation of standards and common practices. Either way your responses were perfect. Congrats.

Matt,

I liked this post, and your responses.  I have had a hard time with lenders promising what they can't do, and not having open communication.  This one little post, and a few other AR lenders, gave me back some of my confidence in the industry.  Thanks.

Matt, this is a very thought provoking post.  Sometimes you simply can't win.  If you give out too much information they go away and if you're honest and show that you are a professional, they go away too.

This person has obviously been burned somewhere down the line.

Good answers!

Great job Matt!! Stick to your guns, I bet the Realtors that work with you like it just that way.

I don't get it, as a consumer I would be scared to do business the way they went about things with you.   Different strokes for different folks I guess, but I'm glad you didn't give a blind quote Matthew....I wish more of that stuff (knowing before showing) happened. 

Sean & Pilar, I agree if you start in it would never be a win/win situation

Robert, You would think.. Oh well the client will have a bad experience now and blame the mortgage industry for it

Herb, Thank you I really appreciate your comment

Kathy, Glad I could help.. Not all Mortgage Professionals are bad.. However when shopping for a Mortgage person don't set yourself up to be lied to like this client did

Kate, I agree I believe this person really had a bad experience and is  being careful... However this is really the wrong approach when shopping for a mortgage

Keith, The Realtors know when I issue a Pre-approval letter we are going to closing...

Jason, Your right.. but what are you going to do?.. Some people believe in throwing enough on the wall and some stick theory..

That's a fact Matt, that's a fact.

Good job!  We are going to have to keep our chins up, in the bible is says that "A soft answer turns away anger."  Well...when we are being accused, it is hard to not strike back, but it won't help our business at all.  And the sad reality is that there are a lot of mortgage people that do stink. 

Jason, So sad but true...

Rich, Thank you... In every  industry you have good and bad....

Matt - most of the time when people refuse to give me information they are hiding something - my guess is some poor sap will play the game with this person and in the end will have wasted a lot of time and energy.  Kudo's for you for telling it like it is and taking the highroad

Thesa, Thank you... I really enjoyed the part when the person told me that I am willing to loose a deal.. What deal was that?

Matt,

I think you handled it the right way, and I would have done the same thing. I also think that you are not just any Mortgage Broker, so you Reputation speaks for itself... Thats my opinion :0)

Tom Weiss

the client email is the reverse of the TV ads touting a great loan for everyone

it doesn't work that way

it was like when someone wants to "audition" their professional... what type of proof is it by getting a low big that you're going to get what you were offered or even get anything that will close at all?

empty questions = empty answers

i think you covered it with, "i really don't do business this way."

i would also like to go on the record that living in sw fla i shower at least once a day and do not stink. 

Tom, Thank you.. I appreciate that

David, Exactly.. Glad you and I agree ....

Jay, Well we are in the south you know...lol just kidding thank you for you comment

Matthew - I couldn't agree more!  I have had a few of these as well.  Its like pulling teeth through email to get information.  And I have found with each email more information comes out....  You were professional!

Kim, With each e-mail...who has the patience.  I look at it either he is going to be up front and want to work or not.  I really don't have the patience to play games.  Sad part is he will find a mortgage person who will play games and yes it will be horrible experience.. gee I wonder why?.....lol

Hey Matt -

I know some mortgage guys that smell really good - ooh they smell wonderful!  So right there, that guy was just flat wrong!   ;-)

Seriously, someone who works the way this person thought they were working isn't someone I'm going to work with.  I'd try in the beginning, as you did, but soon would be saying bye-bye, just as you did.  Our time and efforts for folks who really do want our help and services is much better spent doing things other than what this guy wanted you to do.  NEXT!!

Ann

This post is entertaining!  You would've offered him WORLD CLASS SERVICE if he was truly a great prospect.  His loss...you were GREAT to entertain his "emails" like you did.  Hmmm...maybe it was your little friend who wouldn't own up to his "other tactics" hiding behind a new curtain...

GREAT POST!! 

Susie, You know, I did not even think of that.  Thank you for the heads up.

Matt,

You handled that situation wonderfully!  I have a couple great lenders!  I put all my trust in them and they get the job done.

Candy, Thank you...It really comes down to a trust factor..

Matt- I am so proud of you for the way you handled this! That was very professional. It would be unprofessional to send out a quote that you have no idea whether you can hold to it or not. I wish there was someway to educate the consumer that rate shopping is not what getting a loan is about and not the way to go about doing it since so many issues come into play than just rate! I can get you a rate that is low but you are paying 3 to 5 points on the loan to buy down that rate! Would the mortgage unprofessionals sending out this quote disclosing the buy down? It comes down to 2 things, one is for mortgage brokers to stop sending out rate quotes without detailed info and credit review and two is to educate the consumers on how the process works so they begin to understand what all it entails. Katerina

Katerina, Thank you ... How sad but many people will just shoot a quote and hope something sticks..

Thanks for the Post - I hate when people get mad at me because I need them to answer several questions before I can give them a rate. 

Thats right. you know what they say, 'people want something they cant have' so

when we are all 'give' without any commitment of any kind from the consumers they tend to

see us as hungry for their business by then most probably we lose our leverage of any kind.

Good post Matt.  I am too tired to be eloquent, I was just going to read tonight but I had to let you know I appreciated your post. 

I have a guy right now that actually called my Vice President to file a formal complaint because I wouldn't play the quote game.

He was getting really belligerent with me and I just calmly said "What I recommend is that we meet face to face and discuss your situation.  If what I have to offer works for you, great.  If not, that's okay, too.  But we're not going be able to do business if we don't treat eachother with respect."

He hung up on me.  No worries.  There's some other desperate loan officer out there that doesn't mind being a door mat.  Me?  I gotta move on to the next lead and do business.

Okay that was wierd...I swear I didn't push "submit" four times, but AR somehow posted the last comment a whole bunch.  sorry about that.

Hi Mathew, Part of who are as a professional includes being true to your values. The only thing differently I would have done would be to have only the first 2 messages. After that it would be apparent that it is nothing more than a nuisance and disregard that person and give you time to those that deserve it.

Nothing lost because the there was nothing to gain. There was no client their for you, just an annoyance.

Matt - It would seem to me you couldn't give an accurate quote without a sit-down.  Doesn't an 800 score still out-do a 650 on the final rate?  Don't you have to have a signature to obtain that score?

That is distracting... a man who knows what to do with a grill rox.  (like my husband!)

Congrats on YOUR FEATURE!!! 

John, I know how you feel.  The client thinks you should have a magic crystal ball and find a perfect number.

Joe, True I think the person just either got burned once before or is very insecure about themselves

Toni, Thank you and have good night sleep

Joey, My first company I worked for had a rule about giving quotes over the phone or online.  If you did this without filling out a 1003 you where fired on the spot..Hope you VP got a good laugh from the client

Don't worry it happened to me also.

William, You are right about 2nd email but it did make me feel good to shoot the 3rd one out.  By the way I really like "just an annoyance" So true...

Debbie you are right about the score however the person wanted to go stated and said he was self employed.  When going stated this brings up more questions like how long have they been self employed?  This is why shooting a quote out would have been wrong without first getting all the information. Thank you for your comment

Susie, Thank you.

Moderator, Thank you for featuring my post. I really do appreciate it.

Matt,

My only pet peeve is when a MB begins to dictate who selects Title Companies. We as Realtors  don`t need to be told anything from the MB,except you handle your job, and we`ll handle ours.

Many times the MB is over stepping boundaries which is not in their realm of the closing.

Scott, Just to let you know it is against Florida law for anyone to force the title company.  In Palm Beach County it is up to the seller to choose.  If a Mortgage Broker tells you that they must use a certain Title company I would ask why and I would inform them that it is the right of your client to choose. 

I do prefer to use certain Title companies just because of past experience however, if the client wants someone else I understand.

Matt,

Why should you work like that..I know you told me you like to meet the person behind the voice...well heck..where is their voice:)

Why should they think that way...how can they expect an educated answer? No number or contact? They are just shopping. I wouldn't wast time after all those responses. They probably can't really get qualified.

Ah Ha! ! ! 

Now you know why I don't just give my buyers loan officers cards and say "Call So and So".  It's because the home buyer DOESN'T KNOW WHAT THEY ARE DOING.

I get blasted everytime I post somethingon ActiveRain to the effect that I am actually involved with my buyers shopping loan companies.  I get involved because I want real informatio for my buyer.  The mortgage folks on ActiveRain want me to stay out of their business.  Would they prefer that they get the ignorant e-mail you got??? 

One of my favorite loan officers rarely takes consumer phone calls because the poor consumer simply asks, "What are your rates?"  How can any mortgage officer do anything with that???  I don't blame him for not taking the consumer calls.  If I send someone to him, I make sure they tell the secretary that I told them to call.  Then he'll take the call and get the info to give them some financing ideas. 

Now that I have gotten all of the above off my chest, were I in your place, I'd have answered him with one simple line.  "Send me a copy of the contract and your financial statement and I'll work up some financing scenarios for you.  Look forward to doing business with you."

Who knows, he just might have.  Or not. 

Matthew good for you.  Yeah, what deal did you lose?  I didn't see one there either.

If you go to the Doctor and they give you a prescription before diagnosing you, that is malpractice.  I feel it is a malpractice on my part to give you a quote before diagnosing you needs.   

Consumers shop rate because it is all they are educated to ask, and for all to many loan officers it is all they focus on.   Many customers lead with "what is your rate", but few leave with that.  The ones who do, are not the customers I want.   I don't sell a commodity even though many consumers think so.  I sell you my education, my experience, and willingness to accept risk (after all if you fail to make your first payment, I get to buy your loan).

My customers and I talk about the usual house price, income, credit questions, but also things like their family, are they married or thinking about kids, how old are their kids, retirement goals, and all kinds more questions.  I want them to feel comfortable with me, I need to feel comfortable that we have the right mortgage plan for them, and that they understand why it is the right loan for them.  

Matt.  Good job sticking to your guns. 

Guess you can't win every battle and to tell you the truth, there are some folks that aren't worth working with. 

Matt,

You are a true professional...I don't think you lost anything here! :)

Congrats on the feature Matt. I love Lenn's response. I think you were more than generous responding to him/her 3 times. You are certainly more patient than I am. Good job!

Matt, you handle this type of inquiry very well.  I would also think that some inquiries like this are from other lenders seeking to find out what the competition is doing.

Matthew- Congratulations on getting your post about MORTGAGES and RATES, Featured! YEAH! Maybe some consumers will read this post and discover what they really need to be asking for.Katerina

Great Job Matt !!! As a mortgage broker myself i find it tough to always respond to these types of requests... I often get the typical "What's your rate today?" question.  Working for a lender as a mortgage broker we have access to so many rates, programs, and lenders, which one would they want?  You truly need the face to face to make things happen, or aleast a quick consult over the phone.

Scott

Diane, Thank you.. It sounds like your father was a very wise man

Neal, Who know's... But the sad Reality is someone will give them a "Low Ball" just to get the deal and then at that closing things will change.  Of course in the clients mind all mortgage people would stink...

Lenn, As you know I respect your opinion very much and I appreciate your comments.  I have no problems when a Realtor wants to get involved. (After all it is their client as well)  As long as the Realtor has the knowledge to understand what is going on.  I only wish you where here in Florida because you do have the knowledge and understanding on the mortgage industry.  The funny thing about the client is he does not have the proof of his income or assets because he wanted to go stated....Thank you so much for your comment

Maggie, I totally agree what did I really loose?

Jon, I have never used that before but I really like how you worded that.  I hope you don't mind if I borrower it sometime. "If you go to the Doctor and they give you a prescription before diagnosing you, that is malpractice.  I feel it is a malpractice on my part to give you a quote before diagnosing you needs"

Diane, You are right... Some are just worth walking away.. Thank you for your comment

Suzanne,  I agree I don't feel like I lost anything...thank you

Bryant,  I agree I really like Lenn's comments as well.  My third response was just for me feeling good about getting the last word in. :-) Thank you for your comment

Brian, You might be right.. In that case I should of had fun and told him 4%..lol Thank you for your comment

Katerina, Thank you ... I hope so..

Scott, You are so right.  How are we supposed to know all the answers..Yes the client is self employed however what if they are only 1 year self employed.. Many people just don't understand and then they wonder why when someone does tell them what they want to hear it changes after they fill out an application.

Hi Matt-

There is just WAY too much garbage in our business and unfortunately Clients can be very defensive about their info.

It's ingrained in people's personalities, that want to hear what makes them feel good, even if it's not the truth.  Then they get to the closing table and..........SURPRISE!

It's a damn shame but we just have to keep educating people and eventually they will get the point!

It's too bad that people may have gotten a bad taste in their mouth in the past from a crooked mortgage person, education is key when shopping for a mortgage but people can not expect you to just shoot out rates without a proper interview.

Maybe this is why this person feels this way: They used the same tactics in the past  (not enough information, no name, no number,no nothing) and got someone to just say my rate is 5.375% for a 30 year fixed and they took the bait which turns out to be with 5 points!

"Prescription without diagnoses is malpractice, you would not want a doctor to just give you a prescription without knowing exactly what they were treating, would you?"

Leo Namiot - Benchmark Mortgage Connecticut

That's the way to hold your head up high and be a true professional.  There are a lot of mortgage specialists and realtors out there - we have the good, the bad, and the ugly.

Hi Matthew,

You're right on.  Any lender who would just respond is doing a great disservice to the consumer.  Whenever I get a sign or ad call on a listing and they haven't talked with a lender yet, I refer them to one and most of the time they don't call the lender.  Then I don't hear from them ever again.

I know it can be hard for the consumer to trust people, but there are those of us who are very professional and would do a great job for them.  It's ashame.  They'll probably get bad service somewhere else.

Marc, I agree this is a perfect example of someone setting themselves up for a huge surprise at closing.  I feel this person either has been burned before or is very insecure about themselves.  I know a 40 year  at 5' 9" and 210 with a receding hair line is very intimidating..:-)..

Leo, You are right....  I really do like that quote a lot by the way

Tracy, Thank you... I hope I am the good one..  Now where is Clint Eastwood when we need him...

Dan, You are right they probably will end up with a bad experiene.

Matt,

Feel free to use my quote.

Jon 

Looks good Matt!  You are so correct, many just want the sale (or loan in your case) and it does not matter what they have to do to get it, lie, cheat or steal.  Thanks!

Jon, Thank you.. I really like it... right to the point

Ronald, Thank you.. I appreciate it

One of the basic elements of sales is to qualify your prospective client.  I agree 100% with you.  There are too many variables in a mortgage to give just a blanket quote with out details.

Ah Ha! !   Again.  So, he wanted to go stated huh?  In that case, he'd better come in with a financial statement and SS# for a credit reveiw.  My experience is that stated are very credit score related.

It amazes me that the public somehow believe that all buyers are equal under the mortgage law of "what are your rates".

Good discussion. 

Troy, Thank you but you know someone will give them a quote that wil be wrong but it will make him happy

Now that was funny.... whoever you are....

My response:

"I don't email quotes. I close loans."

Yes, I have lost many deals(if they were really deals) because I don't quote by email either.

Great post, Matt!  It's silly how some people set themselves up to be disappointed in a mortgage transaction, basically putting themselves in a position to work with whoever is willing to most aggressively promise.  keep up the good work!

Isn't it amazing how many people try to shop this way?  So many consumers don't realize that the lowest rate isn't always the most important factor, but that's what they are basing their decision on.

Matt,

No worries, you didn't lose anything, you never had it to begin with.  Maybe a lead, but not a quality one.  Most likely that person will end up with an internet lender making big promises with little follow through.

Great point.  With so much advertising out there, many customers are disillusioned about how the process should work.  Our responsibility is to do good business at all times.  We are in control of one thing in this marketplace, how we operate.  

Lenn,  Thank you....People just want a blank answer that covers everything

Tom, You right.  If you do that really most likely your quote would be wrong and they would get upset.

Donna, Thank you.. I believe if more people where just straight forward we would have a lot less problems.

Dan, Thank you I will keep it up

Kevin, You are right so many things to take in you just can't make a statement like what is your rate and expect to be happy

Brian, Your right what did I really lose...

Eric,  To quote you "Our responsibility is to do good business at all times" You said it all with that comment

Matthew,

As a mortgage advisor in Washington state, I've been sideswiped by borrowers fleeing to an enticing offer like moths to a bright light. Some, actually a high number of my prospects think there is some wonderful cheap financing that will disregard their poor credit credit, low assets value, and short work history.

I've had some leave after hearing an enticing radio ad about no closing cost! What they failed to discern is that the interest rate and terms were inflated to quickly absorb the 'free closing cost'.

Michael Lozar

Bellingham Mortgage Advisor 

Michael, Don't you just love the NO CLOSING Cost loan... Ok .. So who pays the taxs?  the Appraiser the list goes on and on.  Don't you know everyone works for free..lol

Michael, Don't you just love the NO CLOSING Cost loan... Ok .. So who pays the taxs?  the Appraiser the list goes on and on.  Don't you know everyone works for free..lol

Great post.  I personly wouldn't waste my time giving a quote to someone who isn't even willing to talk to me if i was in your shoes.  As in my field, I choose who I work with just as much as my clients do.  If someone wants to do business with me, but i get a bad feeling about them, or i believe they are not going to commit, i simply wont waste my time with them.  

Matt, great post.  I know as a buyer's agent your pain.  I don't want to work with the tire kickers.

Joshua,  I agree with you thanks for your comment

Eric, lol thank you

Great post... I'm glad that you stood upfor what's right. I hope that others will follow in your foot steps...

Heidi,  Great idea with your car analogy.  Thanks for your comment

Donna,  Thank you

Teri,  Great idea,  You never know it might have worked.  Thanks for your comment

Matthew!  So sorry to be late to congratulate you!  Awesome post as usual and a well deserved STAR!

Kim, Never to late.. Thank you

Good post...it reminds us that we are running the business...the business is not running us!  We need to have a plan and stick to it. 

Yvette, I agree thank you for your comment

I would have given a general quote, but would have made it crystal clear in the same email that the quote was based upon a large number of assumptions and what exactly those assumptions were and that if he wanted a truly accurate quote he would have to provide ALL the info I needed. 

Seth, In my younger days.. ( I am only 40)  I would of really had some fun with this email but I am really past the stage.  Either you want to be upfront and want help or you don't.  You are right though about just giving him a quote and then give him a lot of if this and that etc... but I am pretty good about reading people and I felt he was set already with someone and he wanted to use someone else GFE against the guy he is using.

It's about doing your job to the best of your ability.  And you should be an expert or at least working your way towards that with a solid mentor.   I have to stop myself from chasing clients.   I find myself trying to help them, not about chasing the dollar.  You just don't want to see them fall prey to the unethical agents.  Sometimes they have to learn the hard way though.  Sad!

Andrew, I agree sometimes they just have to learn the hard way.  The sad part though is this person will blame all the mortgage people.