Internet Leads...Encouraging Competion or Dishonesty??

A month or so ago I posted about a conversation I overheard from two loan officers. http://activerain.com/blogsview/967221/Please-Tell-Me-I-Did-NOT-Just-Hear-That

The premise being that one loan officer sent a client an offer that was LOWER then what he even thought he could do AND his offer got under cut by another loan officer. His response...under cut the under cutter! Even though he KNEW his original offer was too low to be able to honor.

Look, I dont want to pre-judge anyone, especially since I have been on both sides of the fence. I spent the first few years of my career calling Internet leads and made a decent living doing so. But building a business in this industry by buying and soliciting Internet leads is, I believe, one of the reasons that we enjoy a stellar reputation right up there with used car salesmen.

Leads cost money, and there is a definite pressure to close those deals. What there is NOT, is any kind of relationship building. Its strictly a transactional process, one in one out, on too the next deal.

I dont recommend anyone finding their mortgage consultant on-line, you can never be sure who you're talking too. But, if you are going to go on-line mortgage shopping, here's a quick tip...a bank, is a bank, is a bank. Especially now more then ever! With Sub-Prime loans no longer available, almost everyone out there has access to the same rates, same loan products, etc. So, if something sounds too go to be true...you know the rest.

When it comes down to it, there's nothing wrong or dishonest about Internet leads or lenders...its all about who you get on the other end of the phone and their integrity level. But I'm concerned that the "when banks compete, you win" philosophy, encourages the competitors to say what needs to be said to get you in the door.

So...how do you find an honest lender? Ask around! Its not that hard! You'll take the time to go on-line, shooting blind and hoping for the best, but you wont ask some of the people in your life, church, work, or neighborhood, who they used for their last mortgage and whether they would recommend them?? We are talking about your HOUSE, after all.

It's not an exact science, I suppose...but it stands to reason that a Mortgage Consultant that relies exclusively on referrals, is likely to handle your transaction in a way that would encourage your referrals.