As many of my readers know I am a Licensed Florida Mortgage Broker located in Palm Beach County (Palm Beach Gardens) and I do not purchase leads. My business comes strictly from referrals and thankfully through Active Rain and people reading my outside blogs. (Mortgage Advice, Palm Beach Gardens) Recently, I am working with a client who has now closed however, prior to finding me this client went to Lending Tree for their refinance.
When they filled out the information they informed them they had a high Loan-to-value (what the house is worth versus what you owe) along with ok credit. Now that Fannie Mae has changed some of it's guidelines it seemed either Lending Tree re-sold leads (very common to re-sell old leads) or the mortgage companies are rehashing the old ones. With all the changes in the industry and the mass exodus of the industry I really believed most of the bad Loan Officers went. Guess What? I was wrong.. Surprise, Surprise, Surprise.... 
The client has forwarded me some of the e-mails they are getting below is just one of many:
From Client: Here is another person trying to get us....
From:
Sent: Tuesday, October 02, 2007 6:02 PM
To:
Subject: New Stated Income and Stated Assets program at 6.375% 30 Year Fixed.
Dear
How are you? Good I hope; there is a new program back on the market for stated income and stated assets and I thought of you. Priced out today you would be looking at 6.375% 30 year fixed. Thought I better shot this over to you and please do not hesitate to give me a call if you are interested and would like more info. Take Care
Thank you
Loan Originator
Now this program is available the Loan Officer is not wrong however the Loan Officer who wrote this knows the client would never qualify for this. This program you must have high credit along with a Low Loan-To-Value. In addition at that rate should would have most likely be paying points or some sort of fee's. (Of course that is not mentioned)
Wait I have another one...The client was getting calls at home, work and on their cell phone. (almost like a collection agency) They asked me if I could please help them and call the Loan Officer direct and let them know they had closed and everything is done.
Well.. I won't write the name of the company but they advertise a lot and use a licensee name (hint, hint). I spoke to the Loan Officer about the client and at that point he informed me that his company requires him to call a minimum of 3 times a day until they close them. A buy or Die theory in sales. I did inform him that the client has closed and funded their loan so their was no need to continue to call them because they did buy just not through him. I found out the next day from the client that the Loan Officer (the Class act that he is) sent them a really wise guy letter about not using him.
I am sorry for going on a "Vent Rampage" but I really felt that most of the "Salesman Tactics" along with the games have left the business. I guess I was wrong.
For More Info: Mortgage Advice In South Florida
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Full-Time Mortgage Broker in South FL. Palm Beach County. Specializing in Hard Money / Private Money, Foreign Nationals, Jumbo and Super Jumbo Loans. In addition I work with Today's Premiere Lenders.
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These tactics just give a bad name to the others in the industry. You should suggest that your client talk to the local media about this tactic and see if the lender changes it's policy!
Jon and Airdrie, They really do give everyone a bad name. I think the person to blame here though is Lending Tree because my clients at frist really thought they where the lender. These people would call them and say they are Lending Tree. People should know that Lending is a Mortgage Lead generation company. Thank you for your comment
Matt,
You are right, many don't realize that some of these companies just want their information so they can sell leads. Good post to educate consumers! :)
Amazing. Just when you thought it was over.
Matt,
Thats just what I would expect, But his company is no better making them Harass someone, as often as they do.. But In the end the Idiot didn't get his lies through and thats all that matters.
Good Job!
Tom Weiss
Matt... didn't Gomer also say... "tisk, tisk, tisk"??? lol This will always take place no matter how good or bad the market is. Many will struggle in good or bad markets and they need to lean on the tough guy, harrassment approach. Just keep writing about this, educating the consumer. Nice job...
Suzanne, Thank you.. True all they want is your info so they can turn and sell it for a profit
Shaun, I know.. I thought it was over to..Guess we where wrong..
Tom, lol... Yes he got what he deserved in the end
Jeff, Thank you I agree we just need to educated the public
3 times a day!!!!! My goodness. Talk about harassment. That's pitiful. They also use the old bait and switch. That's even more pitiful. Folks are getting desperate out there.
Bryant, I know.. But hey.. When Banks Compete...lol.....of course they are not a bank, Mortgage Company or a Lender. But they are good at advertising
Matthew,
It's salesmen like him that give the "rest of us" a bad name. For him to send a "wise guy" letter just shows how little class this guy has.
Lendingtree and the rest of the lead sellers sux
The worst lead seller is the bureaus selling 'trigger leads'
they then try to sell the lead to a REALTOR® too... they get the money everyway they can....
Thanks for posting and warning us.I do not buy leads and because the market is slow was thinking of it.
Harold, I agree with you. He is a poor salesman at best.. A true salesman would never resort to those type of tactics
Tom, They all are selling trigger. I do have to confess I did try them once. After to speaking to a few of the people I really felt bad for what these people where going through with the barage of phone calls.
Thesa, Money, Money, Money I guess that is what makes the world go around.
Gita, Save your money. I would try more networking type events. Grass Roots