May 14th, 2017 6:56 PM by Eric Fang
I know that there are a lot of social media groups sharing the opinions about the loan agents so that the borrowers can refer to the other friends, and share the experience thet had with agents. And I am glad that I am one of the good agents they liked and I got a lot of business this way as well.
And though we loan agents compete with each other, we do share info about the clients as well(not the personal info, mainly names). Around 2007-2012, we did have some clients who either cancelled our loans when there were ready or did not stay with the lender for the time required by the lender. And the agents were fined heavies because of that. I know some brokers file to the court to ask the money back(since borrowers agreed). For others, we just paid the penalty and we shared those info with other friends so we did not lose money.
Last week, I heard the compliant from a realtor that his clients shopped around the rate for a “long” time and they did not get a loan approval 17 days after the offer accepted. So basically the purchase contract was in the difficult scenario. The seller could cancel it if they wanted.
We have priorities in life. For the purchase loans, the first priority was to close the transaction as smoothly as possible. Since the closing window is only for 30 days(or 45 days), the client can only get the best rates within that window. Just close it first and try to refinance it later on when the market rate is better.
I know some clients might ask, what if the rate will never do down again?It is still not bad. That meant they already got the best rate they can.
I just finished reading the book “Confessions of an Advertising Man” by David Ogilvy. He is one of the genius in the advertisement industry. I am more interested in the topics about “How to get clients”, “How to be a Good Client”, and How to Keep Clients”. I still think our goal is not to get as much clients as possible. The goal should be : to get as much good clients as possible.