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So long as what I am doing is in the best interests of my
client, there is no conflict of interest. Although, I
can understand why a mortgage broker would feel threatened
by the fact that I provide those services to my clients.
It's pretty hard to argue there is any downside for the
client, when we shop among roughly twenty lenders, find
them the best deal at the time they want to lock, pay
all their closing costs on their first mortgage WITHOUT
raising the interest rate and insist that they cross
shop us to make sure that we are giving them the best
deal.
What's not to like?
And, we also do a number of other things which are in
the buyer's best interests, which are the things I offered
to share with you, provided you do not try to claim my
ideas as your own. That was related to the thread...wasn't
it?
Here's an interesting stat for you, Scott. I have been in
the business for about eighteen years. I've been very
heavily involved in financing over that whole time period,
as it is an integral part of conducting my business.
At the time where I did babysit lenders--sorry, but that's
exactly what it was like--I made sure that the elements
that needed to be done, were done. Fortunately, I did
find one person who was exceptionally competent, and who
made sure my clients did not pay ANY junk fees, and he
agreed to treat my clients as I expected. For that, he
received first crack at each of my clients. But, my clients
were told to crosscheck him at the time of locking. I
would say he ended up with the business of better than
ninety percent of my clients.
Long story short, on better than 375 buyer side transactions,
I've only had ONE client get turned down for financing,
and that was because he was downsized out of his job, just
prior to closing. Given that fact, my success rate is really
the equivalent of a one hundred percent, as no one would
have been able to--reasonably--give that client a loan.
You see, I do not work with anything but preapproved, sincere
buyer clients. I've an interview process that allows me
to judge that and, of course, we know what they can do
financially speaking. (Don't forget...I am the buyer's agent,
and all of that information remains strictly confidential,
as that is part of my fiduciary duty to the client.)
Most LISTING agents would kill for my success ratio. Most
licensees who work with, or for, buyers can't even begin
to comprehend how to create success in buyer agency, let
alone success of the nature that I've.
But, here's the good news for someone like you. I am not the
only exclusive buyer agent in the world. There are about
two thousand of us. We all take our time spent with buyers
very seriously. While I doubt that many can claim to have
the closing ratio that I do, as of the 20 to 30 clients
I've each year only about one--if that many--does not get
a home, they still have much better ratios than your garden
variety licensee.
What lenders love about EBAs is that we do not waste our
time by working with people who can't qualify to get a
home. Like you, we only get paid based on success...and
you cannot be successful if your clientele cannot swing
the loan.
My wife, who really handles the mortgage end, has started
to offer services to other brokers, using our system. The
great thing is, if a buyer is not qualified, she lets the
agent know--with the buyer's permission, of course--what
the problem is and how the buyer can cure the problem.
Nobody wastes any time. However, that still doesn't
answer the question of what any good buyer's agent should
expect out of a lender, in specific.
Do you want the answer? Do you promise not to try and
pass my idea off as your own??? Just let me know and I will
post it here.
(As for FHA loans, there is hardly any necessity for FHA
loan use in any transaction in my marketplace. The
program has a hard time competing with what's available
in the secondary mortgage market. Besides, my clientele
is mostly in the $200,000.00 , plus, range.)
One more thing. You might want to check out the National
Association of Mortgage PLANNERS. They are, to the lending
business, what exclusive buyer agency, and NAEBA, is to the
real estate business. http://www.namp.org/.
http://www.real-reform.org/pcnonebas.pdf
--
Jay Reifert -- Fitchburg/Madison ****** http://www.real-reform.org
http://profiles.yahoo.com/jay_reifert** http://www.true-agent.com
http://www.madison-real-estate.com
mailto:true-agents@12345true-agent.com <-----------Remember to
remove the numbers from
the email address before
hitting send.
"$cott" <ezmortgageloanz@aol.com> wrote in message
news:1144050507.558811.110870@z34g2000cwc.googlegroups.com...
>
> Jay Reifert wrote:
>> Hey...Scott...I can do you the biggest favor of your life,
>> if you'd like. I can tell you exactly what any serious
>> buyer agent SHOULD want from a lender, and for that matter,
>> what any serious lender should want, so they aren't wasting
>> their time, either.
>>
>> Interested?
>>
>> If so, I will put it out here. However, while I do not mind
>> if you use it to enhance your business practices within
>> your office, I do expect that you won't steal my intellectual
>> property, as you claim the person has done to you, below.
>>
>> So...interested?
>>
>> PS: My wife and I are both licensed loan originators. My
>> buyer agency clients, via this fact, gain access to mortgages
>> with rates that are typically as low or lower than any other
>> source...with
>> NO closing costs on their first mortgage. If
>> they go with simultaneous first and second, there are the
>> typical closing costs that they would experience from any
>> other source on the second.
>>
>> I grew tired of babysitting lenders better than two years
>> ago. We now handle that end of things for any client who
>> wishes to have us handle it. (Better than ninety percent
>> have us take care of it for them.)
>
> Hey...Jay....not quite sure what your response had to do with the
> thread.....Representing the buyer on a purchase and finance; is that a
> form of dual agency? I know it's legal, but do not you frown upon that
> in your real estate practice?
>
> Let me guess, you do a lot of FHA loans.
>
>
> Regards,
>
> Scott Miller
> Commercial and Residential Lender
> 1.877.716.6495
> EZMortgageLoanz@aol.com
>
> www.RealEstate-IQ.com
> www.EZMortgageLoanz.com
>
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Re: ATT Real Estate Agents... What do you want in a mortgage broker?
