Comments on: What’s My Mortgage Rate And How Much Is It Going To Cost Me? http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/ Radical Transparency for The Real Estate and Mortgage Industrys Tue, 06 Jan 2009 13:29:53 +0000 http://wordpress.org/ By: David Podgursky http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4102 David Podgursky Thu, 22 May 2008 00:21:12 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4102 The more I resist transparency, the more I see its merit.<br><br>Right now my sentiment is that the consumer has been wronged for years by the mix of wholesale brokers and retail banker/lenders. Wronged because the bankers and lenders spend more time badmouthing brokers and their rates than training on their own programs. Step back in time 2 years and see how many WAMU retail loan officers could tell you the good AND the bad in an Option ARM<br><br>Back to the present... Wholesale needs to get back on course and retrain the customer. We can pick up the pieces and rebuild the lending process ourselves with honest rates, fees and upfront acknowledgment of what the consumer wants to know... What's it going to cost me?<br><br>I'm wearing pants....but they're still in beta The more I resist transparency, the more I see its merit.

Right now my sentiment is that the consumer has been wronged for years by the mix of wholesale brokers and retail banker/lenders. Wronged because the bankers and lenders spend more time badmouthing brokers and their rates than training on their own programs. Step back in time 2 years and see how many WAMU retail loan officers could tell you the good AND the bad in an Option ARM

Back to the present… Wholesale needs to get back on course and retrain the customer. We can pick up the pieces and rebuild the lending process ourselves with honest rates, fees and upfront acknowledgment of what the consumer wants to know… What's it going to cost me?

I'm wearing pants….but they're still in beta

]]> By: Greg Broadbent http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4100 Greg Broadbent Mon, 19 May 2008 09:45:20 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4100 would be kind of funny if he just made it all up... But it sounds good. would be kind of funny if he just made it all up… But it sounds good.

]]> By: Bryant Keefe http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4101 Bryant Keefe Sun, 18 May 2008 14:05:07 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4101 Thank you, Thank you, Thank you! All the CMPS, Mortgage Planning, By Referral Only Crap that causes LO's to hide from the fact that we are salespeople plain and simple is a travesty. But it makes those folks a lot of money telling us we are the greatest gift to humankind. Why can't we just take pride in being great salespeople? We get paid to market, bring bodies to the table and capture signatures end of story. Helk, most of us just hand the files to processors and go find the next deal. Well guess what that is our job! Anyone hanging on to the notion that John Q. Public is going to continue to pay us thousands of dollars for this process is dead wrong. The days of points on loans are going away fast. See the banks offering more and more no fee loans. The public does not get margin and YSP and they don't want to. They want a new loan for the lowest payment and the lowest fees. Real or perceived. Of course you have to give service also, Duh!<br><br>I have been doing this for 15 years and I put the rate sheet on the desk, I charge a sensible fee for my time and I stay busy.<br><br>Cheers! <br><br>Bryant Thank you, Thank you, Thank you! All the CMPS, Mortgage Planning, By Referral Only Crap that causes LO's to hide from the fact that we are salespeople plain and simple is a travesty. But it makes those folks a lot of money telling us we are the greatest gift to humankind. Why can't we just take pride in being great salespeople? We get paid to market, bring bodies to the table and capture signatures end of story. Helk, most of us just hand the files to processors and go find the next deal. Well guess what that is our job! Anyone hanging on to the notion that John Q. Public is going to continue to pay us thousands of dollars for this process is dead wrong. The days of points on loans are going away fast. See the banks offering more and more no fee loans. The public does not get margin and YSP and they don't want to. They want a new loan for the lowest payment and the lowest fees. Real or perceived. Of course you have to give service also, Duh!

I have been doing this for 15 years and I put the rate sheet on the desk, I charge a sensible fee for my time and I stay busy.

Cheers!

Bryant

]]> By: JeffX http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4099 JeffX Sat, 17 May 2008 19:20:18 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4099 interesting...where do you get your figures from? interesting…where do you get your figures from?

]]> By: JeffX http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4096 JeffX Sat, 17 May 2008 19:18:09 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4096 agreed!...the mortgage industry needs a prescribed cure that is less like chemotherapy and more like gene therapy... agreed!…the mortgage industry needs a prescribed cure that is less like chemotherapy and more like gene therapy…

]]> By: Michael Cauley http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4098 Michael Cauley Sat, 17 May 2008 18:23:33 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4098 Some good points in your article. Some, "I have given up on citizen's ability to think about consequences of their choices." A stat that has not changed through the history of mankind. Buyer's consist of 23% of those who obtain their product and services by thinking about the consequence of their choices. They ask for referrals from trusted sources. 36% make their choices strictly based upon telling them what they want to hear. 41% can go either way depending which of the previous 2 groups are breathing in their ear and previous life experiences.<br><br>From my 22 years in this industry, I rarely talk to people who are stuck with what is the rate and what is it costing me. I am buffered from these people by not advertising and only speaking with people who are coming to me for my trusted advisor advice.<br><br>The folks you speak of, know it all and just need the advertisers to tell them what they want to hear--and they will. We know they will not get that, but as Danny Gilbert of Quicken loans once said, "All I am going to do is serve people's greed with advertising."<br><br>Under the circumstances resulting from got a pulse get a mortgage era, more of the 41% will have a past experience that lends to not trusting those who only talk about rates and cost. The 41% is the swing vote in your analysis. Right now, it will favor trusted advisors. When the market moves back to got a pulse get a mortgage environment, more of them will be rate and cost seekers. Some good points in your article. Some, “I have given up on citizen's ability to think about consequences of their choices.” A stat that has not changed through the history of mankind. Buyer's consist of 23% of those who obtain their product and services by thinking about the consequence of their choices. They ask for referrals from trusted sources. 36% make their choices strictly based upon telling them what they want to hear. 41% can go either way depending which of the previous 2 groups are breathing in their ear and previous life experiences.

From my 22 years in this industry, I rarely talk to people who are stuck with what is the rate and what is it costing me. I am buffered from these people by not advertising and only speaking with people who are coming to me for my trusted advisor advice.

The folks you speak of, know it all and just need the advertisers to tell them what they want to hear–and they will. We know they will not get that, but as Danny Gilbert of Quicken loans once said, “All I am going to do is serve people's greed with advertising.”

Under the circumstances resulting from got a pulse get a mortgage era, more of the 41% will have a past experience that lends to not trusting those who only talk about rates and cost. The 41% is the swing vote in your analysis. Right now, it will favor trusted advisors. When the market moves back to got a pulse get a mortgage environment, more of them will be rate and cost seekers.

]]> By: Greg Broadbent http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4097 Greg Broadbent Sat, 17 May 2008 16:57:04 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4097 Really good article. I have not been around long enough to have seen this all myself so its good to know. Really good article. I have not been around long enough to have seen this all myself so its good to know.

]]> By: Jillayne Schlicke http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4095 Jillayne Schlicke Fri, 16 May 2008 13:14:27 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4095 "what's my rate and how much will it cost me" is a symptom.<br><br>The disease is that mortgage originators have lost the trust of the consumer.<br><br>The real question to ponder is whether the industry, as a whole is willing to do what it takes to become healthy again. “what's my rate and how much will it cost me” is a symptom.

The disease is that mortgage originators have lost the trust of the consumer.

The real question to ponder is whether the industry, as a whole is willing to do what it takes to become healthy again.

]]> By: David Reed http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4094 David Reed Fri, 16 May 2008 13:04:59 +0000 http://thexbroker.com/2008/05/15/whats-my-mortgage-rate-and-how-much-is-it-going-to-cost-me/#comment-4094 Best article I've read in a while. -David Reed Best article I've read in a while. -David Reed

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