Mortgage Servicing is a JOKE!: How to Avoid the Headache

Have you ever had the fun experience of getting your mortgage payment in the mail, having a question on your bill and dreading the call to the mortgage company? No, Please do not answer, I already know the response.

Mortgage Servicing has hit an all time low and based on Mortgage Lenders going under, you will see these servicing departments getting worse. It is not uncommon for clients of mine to call and complain about the loan servicing. Its usually the same type of issues: Client calls mortgage servicer, client waits long hold time, client talks with person who has been on the job for less then 6 months, client gets frustrated and calls loan officer.

What most consumers do not understand, is that these big banks make huge profits off of the servicing of that loan. Yes there I said it. Servicing mortgages is HUGE DOLLARS for lenders. What is very sad is the more they save on the servicing the more profit they make. Sounds like someone is getting the wrong end of the deal here.

Well I have an easy solution to your problem: CALL YOUR LOAN OFFICER!

Its that simple. Most mortgage professionals love helping their clients. I have a saying I tell all my clients at the time of origination and it sticks in all their heads. I say it like this:

"Mr. Jones, when your loan closes, Cherry Creek Mortgage will be transferring your servicing rights to another company. We do not service your loan and are not in business to service loans. In my professional opinion, loan servicing in this country is just adequate at best, so I give you my commitment right now that after closing I will not divorce you as my client and if a problem ever arises with the servicing of your loan to feel free to call me."

Guess what, my clients call me, I help fix problems and my clients love me forever.

I had a client call me 2 days ago, and he got a letter in the mail from the loan servicer. The letter he received stated that he had an escrow shortage of over $600.00. He attempted to call the loan servicer and with no luck of getting his problem resolved he called me. Well we almost have the problem fixed. We knew it was a mistake because his taxes and insurance went down. I just saved my client $600.00. Wow that made me feel good.

So a question I leave all of you is this. Is your Mortgage Professioanal going to be around when you truly need him? Closing the loan is sometimes the easy part. Having a Mortgage Professional you can rely on for years to come makes a huge difference.

We are unique people out there. We expect better then "would you like fries with that drink". I just have learned to use my Midwest values and transfer them into my mortgage business. If you are looking for something a little more unique in your next mortgage loan, please do not hesitate to get a hold of me.

My name is Gary Miljour and this is what I do best.