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- Greg Darlin, "Greg Darlin"
- Contributions:3238
Rizzo,
Where have you been? Don't you know that has been a huge issue on ZMM for months and months?
I don't even look at the robo quoters and such when I quote. My fingers are too tired to even flag them. I quote what the rates are and if I get calls I get calls. At least I can back the rate though I am never the lowest in most areas.
The bait and switchers must not be settling much because if their tactics were working they would have 100's of reviews.
Where have you been? Don't you know that has been a huge issue on ZMM for months and months?
I don't even look at the robo quoters and such when I quote. My fingers are too tired to even flag them. I quote what the rates are and if I get calls I get calls. At least I can back the rate though I am never the lowest in most areas.
The bait and switchers must not be settling much because if their tactics were working they would have 100's of reviews.
- Peter Rizzo, "Gateway Funding"
- Contributions:26
I actually haven't been quoting much on Zillow because of this reason. I recently started quoting religiously again over the past 2 week's. I just have noticed the most ridiculous quotes. Its unbelievable. It's almost a waste of time quoting. I've contacted Zillow many times on this. Its so obvious when you read a quote that its bull. The thing that amazes me is prospective clients have no clue? This is why when you talk to clients they want a free loan. I tell them to go to their local bank if they want a free loan you know how that works.
Thanks for the comment.
Thanks for the comment.
- Chris Corica, "Chris Corica"
- Contributions:1075
Rizzo - for a long time you were one of the biggest offenders of low ball quotes. Pot meet Kettle.
- Peter Rizzo, "Gateway Funding"
- Contributions:26
What are you taking about?Â
- Clay Branch, "Georgia Loans"
- Contributions:7835
Flag the quotes. I have noticed several I flagged in the past are gone
- Peter Rizzo, "Gateway Funding"
- Contributions:26
I got flagged a few times because I quoted an FHA rate against a Conventional rate in the past but I absolutely corrected the quote or removed it and re quoted.
- Peter Rizzo, "Gateway Funding"
- Contributions:26
Also have gotten flags for giving someone a low rate because no on could believe it.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
This has been around since the beginning Rizzo...Nothin new. But now they introduced the API system which streamlined it for them. SSDD
- Marcelo Hernandez, "pacific mortgage srv"
- Contributions:180
I hear you and feel your frustration. I am just thankful for my repeat clients.
- Peter Rizzo, "Gateway Funding"
- Contributions:26
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Peter, if you don't look at the other quotes you won't be upset. Most of us at the beginning flagged the bait and switch artists. I stopped flagging. It's too time consuming. Now, I just quote the loan and hope for the best.
Clay, what I've noticed is they just keep coming back.
Chris, I just peeked at a couple of Peter's quotes. They looked OK to me.
Clay, what I've noticed is they just keep coming back.
Chris, I just peeked at a couple of Peter's quotes. They looked OK to me.
- Peter Rizzo, "Gateway Funding"
- Contributions:26
Thanks Rudi you right. I'm not that bent over it but wanted to point it out in my own word's. It's unbelievable.
Thanks again.
Thanks again.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
FHA at 80% LTV???
Peter..Why are you quoting FHA rates at 80% LTVs in the first place. Take a look at this quote of yours. Perfect credit 80% LTV and you are throwing out 4.5% with 2 points on a FHA loan. Of course you are getting crushed by the competition.
Peter..Why are you quoting FHA rates at 80% LTVs in the first place. Take a look at this quote of yours. Perfect credit 80% LTV and you are throwing out 4.5% with 2 points on a FHA loan. Of course you are getting crushed by the competition.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Well, Peter?
- Peter Rizzo, "Gateway Funding"
- Contributions:26
Should be conventional on that one. Thanks for pointing that out? I will change it. I selected use previous quote by mistake on that one.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Opps! Guess not, huh?
- Greg Darlin, "Greg Darlin"
- Contributions:3238
What never ceases to amaze me is the lender who low-balls, misquotes, does things that clearly are not what a true honest lender is supposed to do on a daily basis, comes on ZMM and complains that things are not fair. Then, when all look into their closest, so to speak, it is clearly apparent that the cheater is simply being trumped by a better cheater and they complain about it.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
Pete...I guess this one was just the keyboard being stuckZR-WGLMPQL. The best yet is ZQ-YGZGZQY. 5.5% with 2 points on a $345k FHA loan. Granted 600 credit score. Here is a little hint that may help you out. Those days when you were working at "New Century" or "Fremont" are over. You actually now have to know something and pass some benefit on to the borrower
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Wow....
- Rich Biddlecome, "EastBayPro"
- Contributions:120
I learned the loan business many years ago and got out of it because the only way to get business was to lie to people about the interest rates and closing cost because everyone else did. Â When they came in you would have to tell them that it changed, As Per My Broker then. Â Sorry I won't do that so I just sell real estate and I don't have lie to be successful.
- Home Lending Pros.
- Contributions:224
Rich are you saying you...have no bad apples in your industry?
- Rich Biddlecome, "EastBayPro"
- Contributions:120
Sure there are but my ability to be successful does not require me to be untruthful.
- Dave Mason, "DebtFreeDave"
- Contributions:1315
The mortgagin bizness can loaded with bad people. If they were good they would be doctors or teachers. It's the bottom of the barrel. Thoze guys will sell their mother to make a dollar. Don't be suprized at the lenths these peeps will go to. It's just reality. Thankyou for sharing.
- Rich Biddlecome, "EastBayPro"
- Contributions:120
Not true, Â most are very good people its the cut throat public that makes them quote low
- tmax35
- Contributions:1
Well reading this thread has been an eye opener for me, the dumb consumer. I was beginning to research why no one has responded to my request to refinance a $50K loan on a second home ($90K condo conversion in Texas.) Even with no other debt and stellar credit, it's starting too look like this potato is too small for ya'll.
- Dave Mason, "DebtFreeDave"
- Contributions:1315
Many lenders just keep their eye on making their commission so you need to be careful when getting a mortgage.
- Rich Biddlecome, "EastBayPro"
- Contributions:120
Go to your bank or credit union they will be glad to refinance your loan.
- Greg Darlin, "Greg Darlin"
- Contributions:3238
Rich,
Yes, it is a cut-throat business. I don't think it is the public that makes it that way but the media and the financial experts on the talk shows, like Suzie Orman. The public gets set up for disaster when the media puts the spin on rates etc.
There are many decent, honest people in this business who adhere to good values and use a lot of empathy when doing a loan: would I take this loan? This is how I structure my loans to clients. It works.
There are still too many rotten people in the lending business today. Hopefully, with the National Licensing, CE for each state a lender and employees quote in will wash away the, "hit and run," artists. But, with any profession that deals with the public, there will always be cheats.
Yes, it is a cut-throat business. I don't think it is the public that makes it that way but the media and the financial experts on the talk shows, like Suzie Orman. The public gets set up for disaster when the media puts the spin on rates etc.
There are many decent, honest people in this business who adhere to good values and use a lot of empathy when doing a loan: would I take this loan? This is how I structure my loans to clients. It works.
There are still too many rotten people in the lending business today. Hopefully, with the National Licensing, CE for each state a lender and employees quote in will wash away the, "hit and run," artists. But, with any profession that deals with the public, there will always be cheats.
- Chris Corica, "Chris Corica"
- Contributions:1075
Rich - it is much easier to throw stones then to look in the mirror to find the reasons for your failure in the industry. Your statement about having to lie to be successful in the mortgage industry is irresponsible and offensive. To top it off, your advice is to go to your bank or credit union? How about go to someone you trust, get a referral from a friend, do some research? This would be much better advice. Without knowing you, your blanket statements and your mindless advice tell me exactly why you coudnt make it and it has nothing to do with honesty.
False Lender Quotes!!! Yes False!!
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- 5.0/5.0
- (1 review)
Contributions:26(Mostly commission than Units in today lending environment)
So when I see a quote from a lender lets say FHA $200,000 loan amount 80% rate of 4.75% with an APR of Approximately 4.974 and lenders fee of $350.00 even up to $1,000.00 with no points or App fee's etc. Its hard to believe! How do you as a Commissioned Loan Officer stay in business and how does the branch pay its bills especially in today market climate? Is your company servicing the loans? Even if they sell it on the secondary market how does the actual branch survive? Are you a Net Branch and have a parent company that collects on the sale in the secondary and maybe throw's you a little SRP? Seriously! Are you closing 300 Loans a month and making $50.00 in commission on each loan?Â
I find this very interesting. The Par Rate today is 4.50% paying $993.00 YSP on a ($200.000 loan) So after you pay your branch fee's and what not your taking home maybe $425.00 before tax's if lucky. So how can some of these quotes be real. More than half are guaranteed bait and switch quotes.Â
This go's out to all you honest lenders read some of these quotes No points no App fee's No Loan Discount etc... Especially all you smaller net branches.Â
Thanks
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