Loan Officers & Mortgage Brokers – Here’s The Best Excuse To Use When You Can’t Get The Deal Done
Signed Epstein’s Mother… Some of you young bucks will have no clue what that phrase means. Us older folks will have a smile on their face and a little chuckle.
Why did I think of this? No clue, but it ties in to what I’m about to what I’m about to write concerning the mortgage business.That phrase, “Signed Epstein’s Mother” was from the sitcom “Welcome Back Kotter.” Briefly, it was the signature on a note from the student’s “mother” as an excuse as to why he didn’t get his homework done. It’s really quite entertaining.
Anyway, how does this tie into the mortgage business? I guess in all the ads I’ve been hearing on the radio. After a while, they all sound the same.
“Get out of that nasty adjustable rate mortgage.”
“Get a fixed rate NOW to save your home!”
“Those risky ARMs just aren’t good for anyone”
Then the ads go on to tell you how this company is the best because they don’t charge closing costs,or they have the lowest rates around, or they can close the deal in 22 seconds. Usually something the appeals to the basic consumer, but those of us in the biz know just how bogus it actually is.
Yes, I know, I’ll get some “fan mail” saying how inaccurate I am. “My company can close the deal in 22 seconds! Bla, bla…”
To that I say great, fantastic, go for it. If you can do it….DO IT! But, if you can’t back up what you’re offering, what then? You had better come up with some good excuse to your borrowers as to why you couldn’t do what you promised.
Listen, we’ve all been there. Something doesn’t quite go the way we want it to with the underwriting; the appraisal comes back with a different value; the rates have changed; whatever.
Bottom line is, no matter what the issue is, if you don’t deliver what you said, in the borrower’s eyes it you’re fault. You may as well get a note from mommy and at the end write, “Signed Epstein’s Mother.” Whatever the reason, it’s perceived as just an excuse and you may as well take a chance that whoever reads the “excuse” will get a chuckle out of it, right?
The best way to back up your claims is to NOT make unrealistic claims. Don’t have fine print to save you if the borrower doesn’t qualify for your specialized program. Does the fine print thing work? Sure it does, but in my opinion is just discredits you and your chance for referrals from that borrower is drastically reduced. Is that what you want?
inew