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Old 12-07-2007, 12:28 PM
 
Location: Fort Mill, SC
29 posts, read 66,091 times
Reputation: 14

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I am confused. I am a loan officer in the Charlotte area and I have been doing this for a total of 4 months. Prior to this line of work I purchased loans for a large Finance Company for 6 years. Every day I saw thousands of loans where the borrowers (in my opinion) were paying too much for their loans and had bad rates.

For some reason I thought I could make a difference by being Honest and up front about my Rates and fees (you are suppose too) and yet it seems to back fire on me.
One, I am not pushy and I do try to provide the BEST rate and product I can. After all, I have access to MANY lenders which allows me to shop and compare rates for my borrowers.
Two, I feel as if I am not telling the people what they want to hear resulting in many of them going somewhere else for their loan. I know for a fact that they are not getting a better deal than I offer but they do it anyway.
I had one guy some back and tell me he wished he would have used me because he now feels my deal was much better. (he sent me a referral)

I realize many people do not totally understand the loan process and often accept the terms presented to them. This does not mean they were given a bad deal but they can usually do better. I am not set on simply telling people what they want to hear opposed to the truth and this has been a major problem. This is the way I am and I could not sleep at night other wise.

I had a deal recently where the borrower wanted to refinance. I knew them only through a former co-worker and I also knew they had access to other Loan Officers. I provided them a great rate up front with out any points charged to them on the back. They seemed to be happy and wanted some time to review the Good Faith Estimate and said they would get back to me. Then 3 days later I called and check in and found out they went through another loan officer and had already signed the papers. This is fine with me if they were able to get a better deal, I would be happy for them. Come to find out they used the same Lender I quoted and actually accepted a higher rate than I offered them. I know this because the AE asked me about it considering he and I had already worked the qoute on the borrower. This makes no sense to me and leaves me confused.

At the same time, I had a Realtor referral whom I quoted and this nearly happened again. After several discussions with the borrower and Realtor I learned that I actually quoted such a good rate that they thought something was "Fishy" with the deal and started shopping other Lenders. After the learning this I made it a point to explain to the borrower that I provided the best Rate I could and I was not looking to get in a bidding war and wanted them to have the best Rate and Product up front. The Realtor actually convinced them and now they are very happy.

So - what am I asking? I want to know what it takes to earn peoples trust to believe that I am truly out to help them and I am trying to find them the best deal they can get. What would be a good opening line?

I do not know how much longer I can do this if something does not happen soon. It is very frustrating at times because you know you are doing the right thing but it may not appear so to your customers.

I guess people in general are not accustomed to this approach and tend to put up a barrier. I sold cars and Insurance in the past and I could not stand how pushy other were and how they forced people into signing although you could sense they were not happy.

Thank you for any feedback you can provide.

Edwin
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Old 12-07-2007, 12:37 PM
 
Location: South Charlotte
1,435 posts, read 5,232,217 times
Reputation: 486
Edwin

It's the unfortunate side of the business. I went through many,many lenders until I found one that was completely honest and upfront with my clients on EVERYTHING. Never have had one glitch or complaint since, I even did my own recent mortgage with him.

There are so many "warm bodies" pushing loans out there quoting whatever the hell it takes to get someone to sign, it's really sad and frustrating at times.

You are doing the right thing and if you keep at it the business will follow. 4 months is very little time so keep your head up and your business practices the same.

We are in the day in age where someone logs in to check their personal e-mail and a flyer pops up that says $400K loan, 3.5% interest, $650 a month!
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Old 12-07-2007, 12:49 PM
GPS
 
36 posts, read 93,095 times
Reputation: 16
I work in the security industry and feel the same way. I try not to be, what I refer to as "salesy". I am open, honest and thorough. This ends up backfiring on me though when some salesman comes along and gives them a worse deal, but they use impulse factors or other sales tactics and steal my customers.

I would change but then I couldn't sleep at night so I guess it is just something I will have to live with.
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Old 12-07-2007, 12:58 PM
 
Location: Fort Mill, SC
29 posts, read 66,091 times
Reputation: 14
Default Reply

Quote:
Originally Posted by Charlottean View Post
Edwin

We are in the day in age where someone logs in to check their personal e-mail and a flyer pops up that says $400K loan, 3.5% interest, $650 a month!
It is interesting you say this because I specifically told co-workers when I start working as a loan officer I will NEVER use this strategy to LURE in borrowers. I personally feel it is deceitful.

Thank you for the words of encouragement.

Edwin
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Old 12-07-2007, 01:18 PM
 
462 posts, read 1,687,857 times
Reputation: 215
Unfortunately in todays day and age people always question what seems to be "Too good a deal" because so many people have been burned by what they thought was the nice guy in the past. It's like I always say, "The nice guy always finishes last." Keep your head up. In time people who have used you will refer you and most of your business will be word of mouth. Just have to be patient!
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Old 12-07-2007, 02:04 PM
 
Location: Newton, MA
58 posts, read 165,015 times
Reputation: 17
What would most likely gain my trust is word of mouth from some one that I know that you had worked with. Maybe you could offer incentives for customers that refer a friend. Even if it is something like a $5 gift card or if that would be too expensive just giving your customers a few extra business cards and asking if they would tell their friends that might benefit from your services.
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Old 12-07-2007, 02:20 PM
 
Location: Fort Mill, SC
29 posts, read 66,091 times
Reputation: 14
Quote:
Originally Posted by thecherif View Post
Even if it is something like a $5 gift card or if that would be too expensive just giving your customers a few extra business cards and asking if they would tell their friends that might benefit from your services.

From what I have gathered, those who are doing well have been in business long enough to have the referral base to boost their sales. I agree it is always much more pleasant to deal with someone a friend recommends.

Unfortunately the Gift giving is against the law. I cannot in anyway provide a gift or money for the exchange of business. Even if you were to refer someone to me, I could not take you to lunch to say "THANKS". There is a fine line where I could buy lunch to discuss future business with someone like a Realtor but I could not buy lunch because they sent me business.

Great idea though. I have been giving the extra cards. Hopefully it will all pay off in the end and put food on the table.

Thank you

Edwin
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Old 12-07-2007, 03:34 PM
 
Location: Indian Land
628 posts, read 1,859,347 times
Reputation: 465
Being in B2B sales..I meet with clients all the time and offer them solutions to their problems. I am not always the least expensive or the most expensive. However, I do alright sales wise. You need to show a value in your services and a competence level that puts you above your competition. I mean if you have 2 offers which are the same price which do you choose? Most choose the person or company that they fell more confident can get the job done right with the least amount of problems. You need to stress certain things that you can do which other providers might not be able to do.

It sound as if you might know your business however need some help on sales skills. I would suggest reading up on closing skills. Good luck!

One more thing...You might want to find a BNI to join....That could help you get referrals
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Old 12-07-2007, 03:58 PM
 
Location: Fort Mill, SC
29 posts, read 66,091 times
Reputation: 14
Quote:
Originally Posted by BRKLYN2CLT View Post

It sound as if you might know your business however need some help on sales skills. I would suggest reading up on closing skills. Good luck!

One more thing...You might want to find a BNI to join....That could help you get referrals
I agree - the closing aspect is where I truly lack. I try too hard NOT to be pushy and this is probably a the biggest issue.

I have contacted BNI with hopes of joining a group in the area.

Thank you
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Old 12-08-2007, 08:32 AM
 
Location: Fort Mill, SC
29 posts, read 66,091 times
Reputation: 14
Quote:
Originally Posted by neoflex View Post
Unfortunately in todays day and age people always question what seems to be "Too good a deal" because so many people have been burned by what they thought was the nice guy in the past. It's like I always say, "The nice guy always finishes last." Keep your head up. In time people who have used you will refer you and most of your business will be word of mouth. Just have to be patient!
This is so true. I worked for a car dealer and it was awful how they treated their customers. (not to their face) They were treating it like a game and yet they are playing with peoples money, life, future etc...... I watched them sell a USED car for full asking price of $21,900 to an older couple with excellent credit for $713.00 per month. I called them and told them to bring the car back.
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