Palm Beach County is in no short supply of Mortgage Brokers, Loan Officers and Mortgage Bankers. This was a call I received late yesterday from a client almost in tears. This poor woman has 10 days left before they are supposed to close on their brand new home. (First Time Home Buyer) This woman is from another country and has immigrated to the United States to live the American Dream and be able to purchase a home in her new country. Her English is not the best so she went to her local bank to find information about obtaining a mortgage. (I will not say the name but it is one of the largest banks in America) When her and her husband met with the Mortgage Banker/Glorified Loan Officer the person gave her all kinds of great news on how she would qualify for this loan. This person even went as far as speaking to a underwriter to make sure everything would be a smooth transaction. During this time the Borrower asked if she should speak to a Mortgage Broker to get a second opinion. The Mortgage Banker informed her whatever you do don't go to a Mortgage Broker because they all lie and they will steal from you. This was enough to scare this poor woman.
While this Mortgage Banker was obviously scared of having competition he failed to do one important lesson. Look at the person's application not just her credit report. This person did not have a 2 year job history and would not qualify for the program that he promised her. So now 10 days before her closing on her brand new home someone at the bank (Not the Mortgage Banker) had to call her and tell her the bad news that had to deny the file.
I am happy to report that this woman will close on her new home with a little help for the seller.(Extension)She and her husband will be able to live the American dream.
In closing, this post is not meant to be a bash on Mortgage Bankers because just like Mortgage Brokers and Loan Officers some are very good at what they do. I do believe the bank should have trained their Mortgage Person in a way that they did not have to sell from fear. In sales (which is really what we do) a good sales person does not sell by using fear but to show the difference between what a Mortgage Broker does and what a Mortgage Banker does. I personally am a Mortgage Broker but I do see both sides of the argument and respect what Mortgage Banker's do. I don't need to sell in fear of a Mortgage Banker.
For More Information: Palm Beach Gardens Mortgage Advice MyFavoriteMortgage
Post a comment
Temporarily disabled — coming soon!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Nice post Matthew. I see this in every industry. A lot of peeple use lies and gossip to try to further themselves. It doesn't help them in the long run.
MB,
Happy for the buyers in this case... Like any other profession, there are good and bad seeds..
as Scott said - there are good and bad seeds
unfortunately, the bankers have the lobby and the trust of the consumer from the get go while brokers have to sell the trust... the problem is that most of their LOs are poorly trained to deal with the intricacies of a real borrower.
Brokers have hundreds of lenders and thousands of programs... a few wrinkles mean we find a lender that will take them, not try to fit the wrinkly bill in the vending machine that we know will just spit it out
Good for you. I am glad to hear that she will be closing.
This just proves the importance of individual integrity. That's why referrals are such a valuable resource...there are wonderful individuals in every community who truly strive to serve their clients well.
Joe, I agree People will try anything including Gossip. But in the end they will never win. Thank you
Scott, True in every industry we have good and bad.
David, Great analogy with the dollar bill. I agree with you that that many Loan Officers at bank are not properly trained.
Rebecca, Thank you..
Lola, You are are right in every community individuals to strive to serve theie clients well... Thank you
Don't you just love those "friends" that give great "advise"? Shame on everyone who gives advise and hurts their friend. Good thing it all worked out. Maybe writing more consumer posts about how you can't trust your friend's advise because they aren't the expert.
Wow, well I have seen a lot of thieves on both sides. It is the person that makes then who they are, not if they are a broker or a banker.
Great post but the title is a little brutal...I'm glad the couple gets to live the American dream, but the title man, They are ALL thieves? come on...that's a little over the top....but that's just my opinion.
Matthew... Good post! I have found that most of the LO's at the bank are not properly trained and many do not carry a license. Some are not required to have continuing education. As David said, they have the trust of the consumer where we have to work harder for it. Something isn't right... Again good post! You saved this families dream!
Doesn't anybody educate these people? I just don't get that kind of stuff. Makes me crazy but I guess that it is common practice.
Great Job pulling it together. I hate it when they are down to the wire. Once I found a good lender I stuck with them!
theminute anyone says to me that ALL (you fill in the blank) are bad they immediately no longer have any credibility.
Generalizations are rarely factual. I have been a broker and a banker. It has more to do with the individual loan officer than anything else.
Sally, That is great idea. Thank you
Dave, You are right..
Rondel, Sorry but that is what the person told her. Never use a broker they all lie....
Kim, Thank you.. some people you know.....
Kate, Sadly it is true many of the people are not properly trained
Chris, It is sad that they had to wait until ten days prior to closing to say something
Jay, Great idea.. So many people are good on both sides we really don't need to bad mouth an entire section and generalize like that
J.R. You are right it really comes down to the individual
Now that's just outrages, to lie and stereotype Brokers. I guess people will do anything for business.
Matt - very well written - glad you were able to help her out and save the day. I don't care if your a Lender, Realtor, whatever, you don't get ahead by bad mouthing someone, and you need to do your job!
Matt- Great job! I think the bank employee really meant- If you check with a Mortgage Broker, they can meet or beat our deal. Keep up the good work.
Matt- And this is one more reason why we should not allow Banks sell Real Estate! Look at their customer service or lack thereof! I have had this happen many times to clients! It is disgusting, they do not care about the customer! I mean, look at the service you get when you have a problem with your bank statement! Katerina
Matt - I dare say 95% of the time, I can beat what the bank can do. Then again, there are some times I can't. It's good to hear that she is closing and the seller helped in making sure that happened.
Hi Matt-
I'm happy to hear that these people will be getting the house!
As far as the whole LO vs MB thing goes, I am just SO sick of it. I'm licenced, but I don't think that alone gives anyone an advantage. If Florida really EDUCATED people before handing out licences, it would.
Gee - I wonder what bank you could be talking about..... LOL.
Ulises, I don't think the person lied as much as I really don't think he was qualified in the position of Loan Officer. Plus not having the knowledge lead to having fear about competition. Thanks for your comment
Sandra, You are soooo Right you don't get ahead by bad Mouthing Your competition ..:-) Thank you
Shaun, LOL.. That was funny. You are right.. thanks
Katerina, You know I did not even think about that but you are so right.
Jason, The sad part is the bank in this case could of done the deal if the Loan Officer really would have placed her in the right program which they do offer because I am signed up with them on the wholesale side.
Marc, You are right on about the license. When I got my license it was a joke it was just about laws on what you can do and what you can't do. Nothing on actually how to do loans. As for the bank all I will say is they just changed their atm fee..(hint hint):-)
The person at the bank was probably nothing more than an application taker. I have been licensed as a MB for over 20 years. I processed loans for 10 years before that! Like you Matthew, I am underwriting the application as I speak to the prospective borrower. I don't really think it's a matter of where you work, it's all about experience. No excuse for the bad mouthing. That's just being ignorant!
Arlyn, I agree with it is all about experience. People who have to resort to bad mouthing people just show how ignorant they really are. Thank you for the comment
you did good - way to go - and way to build trust of this new client - who will tell others about you.... way to go
Thesa, Thank you :-)
Matt, interesting issue to bring to light. I believe that with the slow market in our mortgage industry, more and more people will use any tactics possible to keep customers from shopping or going to another mortgage company or bank. That is too bad for the mortgage person, beucase it just makes them look like a shmuck. A customer has a right to choose...it's part of their bill of rights! Good for you Matt that you were able to help this customer and didn't have to resort to bad mouthing another company to do it...let your service shine!
Leah, Thank you.. I agree we don't need to bad mouth our competition.. That just makes you look very small.
Ann, Wow. Funny thing is if anyone really wanted to get down and dirty with.. I think after 20 years in Sales I can just about lay anyone out for the count.. I just choose not stay clean..:-)