I had an interesting call from a client. I lost the loan to another loan officer because Bait and Switch is still alive and well. It is always my policy to "l.eave the door" open. I figure if I lost your loan to a competitor, its my fault, not yours. Anyway, I followed up with the client to see how they were doing and sure enough the loan officer changes the story AFTER the appraisal fee was paid. So I quoted the rate and cost again and told him the rates would probably settle down. Of course, the other lender told the client that they HAD TO LOCK today since the appraisal was done. I told the client if he came with me I would pay his appraisal fee and he ASSURED me he was going with me and he was only talking with myself and the other company but since they tried to raise the rate on him, he was going with me. Great! And off we go.
We get all the disclosures done and we are ready to order the appraisal and the client writes me back saying he was going with his old mortgage guy from 10 years ago. What probably happened was he went back to the other lender since rates settled down and they were probably able to get close to the original quote.
The moral to my story is this, mortgage people AS WELL AS BORROWERS are capable of lying and being deceitful. So when you ask why all these fees or the higher rate, its becuase the consumer has been trained to not trust anyone when dealing with mortgages or any other financial products and because there is little loyalaty between mortgage companies and consumers fall-out if higher and therefore costs per closed loan are higher.
This particular borrower, had he gone with me, would have saved even more money since the market continue to move to the better after he went to the first person that had lied to him- undoubtedly he was in a rush to close (which never makes sense) unless you are a purchase transaction.
This deal isn't funded yet....so let's see if the story changes again.
So save yourself the grief and trust your mortgage advisor.
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