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Posted by Jay Reifert on April 4, 2006, 8:40 pm
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You're too funny. Once again...not enough time to hit
every mistaken notion, but let's go with a couple
quick ones.
The client who lost his job was from about nine years
ago. As he moved here specifically to take the
position from which he was downsized, and had no roots
in the area, he had no further interest in owning a
home here. So, there was no reason for him to seek
out a different mortgage. Not that it mattered in this
case, but how long have No Doc programs been around?
Then, when I say to you that out of 20 to 30 clients
a year, one of them does not get a home, it has
nothing to do with financing. It has to do with them
not being able to get what they want in a home. In
other words, the marketplace doesn't have what they
are seeking.
So I don't disappoint you, here's the link again, as
per your request:
http://www.real-reform.org/pcnonebas.pdf
As for offering my clients a deal, what good does it
do if you're only saving one of my clients a little
bit of money on one transaction? You could easily
take a loss on one transaction to get your bragging
rights, and then go back to your normal fee structure.
You've done nothing on this forum to indicate to me
that you're worthy of my trust. You don't even know
what is most important to licensees, as evidenced
by your inquiry.
But, you see, working for home buyers is all **I** do
for a living. I, absolutely, know what is most important
to licensees. Four key elements. And, the vast
majority of originators don't have any idea what these
things are, or how to ensure that they're handled.
Let's see if you can guess them, and explain why they
are important. Every time you make a wrong guess, I'll
post one of them here. You might learn something yet.
I have my originators license so it is legal for me to
comment on lending documents at the closing table. It
is beyond the scope of my real estate license to comment
on those documents, with a few exceptions. It is my
wife, with my assistance, who handles the mortgage end
of things. She has no real estate license.
Try to rein in your jealousy. Not all licensees have
an interest in being involved in the mortgage business.
It's unlikely to have a major impact on you anytime
soon.
PS: We're with a mortgage banker. By the way, I don't
believe for one minute, given what I know about rate
matrices, that you can actively track five hundred
investors. Having them is one thing. Knowing what
each of them is offering is quite another.
Jay Reifert -- Fitchburg/Madison ****** http://www.real-reform.org
http://profiles.yahoo.com/jay_reifert ** http://www.true-agent.com
http://www.madison-real-estate.com
mailto:true-agents@12345true-agent.com <-----------Remember to
remove the numbers from
the email address before
hitting send.
$cott wrote:
> Jay Reifert wrote:
>> So long as what I'm doing is in the best interests of my
>> client, there is no conflict of interest. Although, I
>> can understand why a mortgage broker would feel threatened
>> by the fact that I provide those services to my clients.
>
> RESPONSE: Let me assure you that I am not threatened by your presence
> in my industry; over 6 trillion dollars are funded annually throughout
> the country, I'll be OK. I too am located in a state (MA) that allows
> for dual personality (real estate agent and loan originator), and it
> makes sense that a buyer agent should want to seek additional revenue
> streams within the same relationship (Buyer agents "dictate" to a
> greater extent what lenders will be awarded the biz according to NAR)
>>
>> It's pretty hard to argue there is any downside for the
>> client, when we shop among roughly twenty lenders, find
>> them the best deal at the time they want to lock, pay
>> all their closing costs on their first mortgage WITHOUT
>> raising the interest rate and insist that they cross
>> shop us to make sure that we are giving them the best
>> deal.
>
> RESPONSE: With all due respect, a (a mortgage banker, broker; what
> are you?) with 20 lenders is rather limited in selection/diversity (I
> work with the 2nd largest mortgage lender/broker in the country and I
> work with over 500 lenders). Furthermore, you couldn't possible
> compete on pricing with a national lender (YSP, SRP and pricing
> incentives are volume based). I would volunteer my services to
> ensure that you are offering your clients the best financing offer if
> you are sincere about your pledge of "doing what is the best interest
> of the client".
>>
>> Long story short, on better than 375 buyer side transactions,
>> I have only had ONE client get turned down for financing,
>> and that was because he was downsized out of his job, just
>> prior to closing. Given that fact, my success rate is really
>> the equivalent of a one hundred percent, as no one would
>> have been able to--reasonably--give that client a loan.
>
> RESPONSE: If you had more then 20 lenders (and have been involved in
> financing for 18 years) then you should be well aware that there is a
> loan program for the unemployed (no income/no job). 100% huh? If you
> send me one of your clients and I don't better your offer by $400, I
> will pay your client $300 towards your "invisible" closing costs. The
> sad thing is some of the readers of this post will actually be naive
> enough to believe you.
>>
>> You see, I don't work with anything but preapproved, sincere
>> buyer clients. I have an interview process that allows me
>> to judge that and, of course, we know what they can do
>> financially speaking. (Don't forget...I'm the buyer's agent,
>> and all of that information remains strictly confidential,
>> as that is part of my fiduciary duty to the client.)
>
> RESPONSE: I supply preapproved buyers to my partners too (I do
> everything but the appraisal; well you know the VOD, VOR, VOE, VOD,
> etc.)
>>
>> Most LISTING agents would kill for my success ratio. Most
>> licensees who work with, or for, buyers cannot even begin
>> to comprehend how to create success in buyer agency, let
>> alone success of the nature that I have.
>
> RESPONSE: I would marry your sister for that type of success ratio.
> Are you the Amazing Kreskin or Jay Abraham?
>>
>> But, here's the good news for someone like you. I'm not the
>> only exclusive buyer agent in the world. There are about
>> two thousand of us. We all take our time spent with buyers
>> very seriously. While I doubt that many can claim to have
>> the closing ratio that I do, as of the 20 to 30 clients
>> I have each year only about one--if that many--does not get
>> a home, they still have much better ratios than your garden
>> variety licensee.
>
> RESPONSE: Thanks; I knew that. "...as of the 20 to 30 clients I have
> each year only about one-if that many-does not get a home....". So
> have you ever had a year when a 1/2 or 1/4 of person hasn't gotten a
> home? That's doesn't make much sense silly rabbit.
>>
>> What lenders love about EBAs is that we don't waste our
>> time by working with people who cannot qualify to get a
>> home. Like you, we only get paid based on success...and
>> you can't be successful if your clientele can't swing
>> the loan.
>
> RESPONSE: I hate to tell you, but your EBA brethren aren't as squared
> away as you claim to be; a large percentage of people I work with
> don't care "how it works, as long as it works and works quickly".
>>
>> My wife, who really handles the mortgage end, has started
>> to offer services to other brokers, using our system. The
>> great thing is, if a buyer isn't qualified, she lets the
>> agent know--with the buyer's permission, of course--what
>> the problem is and how the buyer can cure the problem.
>
> RESPONSE: OK, welcome to my world. You aren't splitting atoms or
> inventing the cure for cancer with this admission.
>>
>> Nobody wastes any time. However, that still doesn't
>> answer the question of what any good buyer's agent should
>> expect out of a lender, in specific.
>>
>> Do you want the answer? Do you promise not to try and
>> pass my idea off as your own??? Just let me know and I'll
>> post it here.
>
> RESPONSE: Please don't bother answering my post, you have too busy
> speaking about yourself to bother. Can you tell me about procuring
> cause and post your link again though?
>>
>> (As for FHA loans, there is hardly any necessity for FHA
>> loan use in any transaction in my marketplace. The
>> program has a hard time competing with what's available
>> in the secondary mortgage market. Besides, my clientele
>> is mostly in the $200,000.00 , plus, range.)
>
> RESPONSE: That's not why I asked you; FHA lending limits exceed 200K
> in some areas of the country and there is pending legislation to
> increase it to the conforming level in high cost areas like CA, etc.
>>
>> One more thing. You might want to check out the National
>> Association of Mortgage PLANNERS. They are, to the lending
>> business, what exclusive buyer agency, and NAEBA, is to the
>> real estate business. http://www.namp.org/ .
>>
> RESPONSE: Know about this organization; thanks.
>
> Regards,
>
> Scott Miller
> National Commercial and Residential Lender/Broker
> 1.877.716.6495
> EZMortgageLoanz@aol.com
>
> www.RealEstate-IQ.com
> www.EZMortgageLoanz.com
>
>>
>>
>>
>>>
>>> Jay Reifert wrote:
>>>> Hey...Scott...I can do you the biggest favor of your life,
>>>> if you'd like. I can tell you exactly what any serious
>>>> buyer agent SHOULD want from a lender, and for that matter,
>>>> what any serious lender should want, so they aren't wasting
>>>> their time, either.
>>>>
>>>> Interested?
>>>>
>>>> If so, I'll put it out here. However, while I don't mind
>>>> if you use it to enhance your business practices within
>>>> your office, I do expect that you won't steal my intellectual
>>>> property, as you claim the person has done to you, below.
>>>>
>>>> So...interested?
>>>>
>>>> PS: My wife and I are both licensed loan originators. My
>>>> buyer agency clients, via this fact, gain access to mortgages
>>>> with rates that are typically as low or lower than any other
>>>> source...with
>>>> NO closing costs on their first mortgage. If
>>>> they go with simultaneous first and second, there are the
>>>> typical closing costs that they would experience from any
>>>> other source on the second.
>>>>
>>>> I grew tired of babysitting lenders better than two years
>>>> ago. We now handle that end of things for any client who
>>>> wishes to have us handle it. (Better than ninety percent
>>>> have us take care of it for them.)
>>>
>>> Hey...Jay....not quite sure what your response had to do with the
>>> thread.....Representing the buyer on a purchase and finance; is
>>> that a form of dual agency? I know it's legal, but don't you frown
>>> upon that in your real estate practice?
>>>
>>> Let me guess, you do a lot of FHA loans.
>>>
>>>
>>> Regards,
>>>
>>> Scott Miller
>>> Commercial and Residential Lender
>>> 1.877.716.6495
>>> EZMortgageLoanz@aol.com
>>>
>>> www.RealEstate-IQ.com
>>> www.EZMortgageLoanz.com
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