Comments on: Honor Among "Thieves?"

By: Rebecca

Rebecca — Sat, 02 May 2009 07:23:30 +0000

I agree there needs to be more focus on what you can do to help the clients/customers and less on “stealing” clients from another company. If a client leaves you to work with another company, there is usually a reason for it. You need to improve your service, not look for ways to prevent others from taking business from you. Earn your business! Make your customers want to stay with you.

By: Meesh

Meesh — Sat, 17 Nov 2007 03:38:08 +0000

Way to hit the nail on the head! The current situation in the mortgage business should prove helpful in weeding out those that don’t subscribe to this philosophy.

By: jeff

jeff — Fri, 16 Nov 2007 06:14:01 +0000

as usual great advice!

By: Chris Lengquist

Chris Lengquist — Thu, 15 Nov 2007 01:14:30 +0000

You are certainly right to say that it all starts with the attitude that you are working in the best interests of your client.

Make the client understand that, be it ever so true, and loyalty will follow. So will a lot of things. From there, ethics seem to take care of themselves.

By: Hamp Yonce

Hamp Yonce — Wed, 14 Nov 2007 17:02:31 +0000

I’m with you Gina,
I read your YSP post and it was one of the most cogent and realistic discussions I have seen on that subject.
We agree for sure!
I hoped to impart that the perception of “best” is a subjective determination. And the assertion that every broker has to give every client the “best” loan is untrue, legally and technically. Even though the “borrower deserves the best” mantra is posted as fact by those who want to equate YSP’s to swindling people.I didn’t mean to imply that your “best” was equal to Barney Frank’s best.

I can’t really believe that the general public doesn’t understand that they are buying a product, not reaping an entitlement. In order to succeed, I have to be better, but it would be really hard to determine who is “best”.

If the government decides that every American deserves the “best” loan for them, then they are going to have to do more than outlaw YSP’s. They’re going to have to get in to the Mortgage Business, and do it all. Nightmare!

By: Gina Gardner

Gina Gardner — Wed, 14 Nov 2007 06:11:25 +0000

Hi Hamp,

You’re preaching to the choir here. Only the pols define the “best” loan as a par priced loan. My “best” is the best I can do while making a living and being fair to the client and my employer. Catch my post on YSP and you’ll see that I have NEVER defined “best” as working for free or feeling obligated to disclose my profit margin when the guy who puts brakes on my car doesn’t have to disclose his. “Best” to me is the most appropriate loan, the highest level of service, and a fair price. Period.

By: Hamp Yonce

Hamp Yonce — Wed, 14 Nov 2007 05:23:31 +0000

I agree with all Gina says, except for the issue of the “best” loan for the consumer. I have heard this often lately in relation to the YSP issue, and I feel as if my duty is only to provide a competitively priced loan that meets their needs.

If they have shopped, which is their right and to some degree, their obligation, and I can offer them a better loan than they have been offered, without it necessarily being my “best” offer. In other words I don’t feel obligated to offer them par price just because I could.

If I have a better wholesale price than other brokers, and I am besting any bank quotes, then why am I obligated to leave my money on the table for the borrower.

There are no entitlements to the “best” loan.

The consumer has to put out some effort to find it. And if I am giving better service, more expertise, and a better price, I feel as if better suffices and “best” is not necessarily required, and can’t even really be quantified.

Just my opinion. I could be wrong. I’ve been wrong for 14 years if I am wrong.

By: Paul

Paul — Tue, 13 Nov 2007 22:59:58 +0000

“( I price things based on pain in the neck of the client/realtor, and while that may be unpopular, it’s a fully disclosed offer that the customer is free to counter).”

You mean they need to prove they’re not a pain in the neck to get a better deal?

A loan should be priced right from the get-go. Having the pricing of a loan subject to the “customer is free to counter” used-car-salesman approach, not only gives the industry a poor reputation – it also runs the risk of violating ECOA.

You might want to rethink that strategy.

By: Chris Johnson

Chris Johnson — Tue, 13 Nov 2007 21:29:46 +0000

Site coming soon, but fabulous post. I have a different order–yet any time you have an order, you do it.

( I price things based on pain in the neck of the client/realtor, and while that may be unpopular, it’s a fully disclosed offer that the customer is free to counter).

By: Rebecca

Rebecca — Tue, 13 Nov 2007 19:33:44 +0000