Infuriating A Lender
May 7, 2008 | By Kelley Koehler | Filed Under Home Buying, Loans and Financing
I believe I really infuriated a lender yesterday. It wasn’t my fault, really. If my clients bring me a Good Faith Estimate where the lender charges are twice what is typical with an unimpressive interest rate, you’ve got to expect me to challenge that. And when I send my clients go back to the first lender with a reasonable Good Faith Estimate from one of my lenders, and the first lender refuses to match it and insinuates my lender is going to add hidden fees at the closing table, starts using scare tactics, causing my clients leave the first lender to go to the second one… well, they didn’t like that much.
Too bad. My duties are first to my client, not to their lender. Don’t be charging my buyers crazy extra fees.
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This post warms my heart.
Good on ya!!
Good for you. I’m glad you’re out there watching for people like this. To be honest – things are really tight – as in any competitive market – and if anyone comes too high or too low – they’ve got something up their sleeves and are not working for the clients best interests.
Jay – a big compliment, coming from you.
Shailesh – there’s certainly a range of prices for a loan, but this one was ridiculous. An origination point, plus the broker fee, processing, underwriting, and on and on. For the same rate as my regular guy charges with half the costs. When confronted, she came down a quarter point on the origination, tried to scare my buyers that my lender costs would sneak in at the end, despite the “we guarantee our GFE” line. Those are the folks that I don’t mind taking business away from.
Smarmy lenders suck…roll ‘em Housechick!