
The other night I had dinner with a friend who is a mortgage loan officer here in San Diego - so of course, we’re talking about all the buzz regarding real estate in San Diego. There’s so much talk about the slow-down. Well, my friend told me about his broker that pushes certain loan programs on his clients only because these loans produced higher commissions. In other words, this loan broker was solely in it for the money and didn’t give any thought on whether or not these loan programs were appropriate for the client. My friend also told me that
one of his colleagues has at least ten past clients who are in foreclosure right now because his colleague also pushed for these certain loans.
This is a prime example of disservicing your clients/customers. A home purchase is the biggest purchase of a person’s life. How can one sleep at night knowing that dishonesty and coercian is a part of one’s business, not to mention risking someone else's livelihood?








» The Mortgage Conundrum and What Mortgage Brokers Can Do from CustomersAreAlways
If you do any reading on the real estate market, you're bound to come an article or two...or three...about the state of the mortgage and banking industry. Last week I talked about how Citigroup posted a $10 billion dollar loss... [Read More]
Tracked on: January 24, 2008 11:24 AM | Permalink to Trackback