When originators are desperate, they will give up a piece of their commission and income to get their hands on a loan.  Their approach to customers is: “Fax me your best offer and let me see if I can beat it.”  Or, they quote a customer a rate and the customer mentions he received a lower rate from a competitor.  Their solution to this is: “Let me talk with my manager and see if I can do any better for you.”

Question: Does this sound professional to you?  We’ve all been through this form of “horse trading” when we have purchased a car, and we all hate it.  So why do we do the same to OUR customers?  Certainly, they think it’s ridiculous too.  They feel they are being manipulated, and that we are holding back.  Think about that.  Is this how we want our customers to see us?

Vow that you will not lower yourself to play this game.  Give your customer your best offer up front.  If you don’t, he’ll wonder what else you are hiding.  Don’t play games with people’s money or mortgage.  Waiving fees, cutting closing costs, giving up commissions, or reducing rates is a sure sign of desperation.  In a time when we are all trying to build our image, professionalism, and credibility, this serves only to damage it.
Suppose you present a package offer to a customer and he responds with: “Well, I did speak with another lender and his rate was a little lower and his fees are a bit less than yours.”  Don’t be tempted to give away the store! 

Respond with something like:
“Mr. Jones, I always offer my customers the best overall loan package I can right up front.  I am fair and honest in my business.  My rates are very competitive and my fees are all justified.  I find that people interested in a good home financing experience want to work with the best they can find and like to risk nothing.  I’m sure there are a few lenders out there that will cut their fees or discount their rates to get people to try them.  But you will always get what you pay for in something like this.  I give my customers their full money’s worth.  I am sure you’ll find that to be true when you work with me on your mortgage.  What do you say?”

If you truly feel you are earning what you are worth, don’t be shy about asking for what you deserve!

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