Mortgage Blog

Sometime in July, I got a phone call from a loan agent, and she told me that her clients were doing the refinance with me. Since it was still within the 6 months waiting period, then she would get penalty of we close the loan early. And I did as she requested, so we closed the loan 3 weeks later, and she still could keep her commission.

But most of the times, the agents were unaware of the situation that the borrowers were doing the refinance even though they were told to wait. I got a request from a prospect today that she would do the refinance with me right after the purchase closing. Then I asked whether she knew that she would wait for a few months. And she confirmed 6 months. Then I said I could not do it, let's wait for 6 months.

I know it is very tempting to take the business, but I remembered that I felt the pain of getting penalty letters from the lenders when my clients paid off my loans earlier. I know that my first broker chose to go to court to ask the money, and eventually he won since he kept all the evidence. But I still decided to take the bullet and lose all those money and decided to move on to get more business instead. But in today's case, if I take her loan, it would be an encouragement to her that she could do it.