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Posted by aceboku - making the investmen on March 17, 2006, 11:55 am
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I've been thinking about all the challenges we have as mortgage
brokers:
Work on a deal and it dies at the end of the day. Total compensation
for time spent on a deal? - $0
Realtors running you out of their office because they think all brokers
are begging dogs whinning for a referrral.
Customers wanting you to lie to them because the last guy they called
did. He offered them 100% financing on a NINA loan with a 620 FICO
score with one loan at an interest rate of 6% fix for 30 years! - Yeah
right pal, in your dreams.
Appraisers who will give misleading comps in order to get the appraisal
order and in the end give you an appraisal that is worth the toilet
paper you use when going to the john.
Account reps with Lending institutions who promise you the world if
only you would send them your deals. But in the end being mislead
because they come back to you with new stips or conditions that are
intent on getting the original approval terms changed and now you
either have to resell a customer (who now will be firmly convinced that
you are a "bait-and-switch" specialist) or you go to another lender and
start the process all over again giving your competitors time to poison
your customer's mind with misleading statements and empty promises.
Can you add some things you've found to be a challenge to your business
as a broker? In a perfect world, what would you like to see happen in
this industry? Is there a way for us to stop self-canabalizing each
other and bring up the integrity and professionalism in our industry or
are we doomed to remain one step above used car sales men?
Share the wealth. Make the investment, not the sale.
Here my contribution to making life easier for brokers. Ever spent
countless hours pouring through hard to read and dicipher matrixes
trying to get pricing on a customer? Try this resource -
http://www.brokerbuddy.net/
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