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gmateo
31 Posts |
 Posted - 02/05/2008 : 12:17:02 PM
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| I have been going through my files and calling previous customers to refi them. I have been doing very well, but every time I pull a persons credit they get bombarded with mortgage companies calling them. I have had to match interest rates on a couple of deals already. How can we fight this? This is BS!!! These damn credit reporting companies are vampires!!! I bet we can get some sort of class action law suit. What can be done? |
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From Flyover Cou
54 Posts |
Posted - 02/05/2008 : 1:14:09 PM
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Couple of things:
First when you take new app either don't put in phone number to start or put in your office number. Though the best one I heard was put in the phone number for the office of the state attorney general.
Second, educate your customers to go to optoutprescreen.com
and elect to opt out for 5 years--quickest and can be completed online right then. Then pull credit a couple of days later.
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jeff4567
1378 Posts |
Posted - 02/05/2008 : 1:17:46 PM
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| you don't need to enter a phone # when running credit, at least my agency doesn't require it |
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Shuggins
865 Posts |
Posted - 02/05/2008 : 1:18:39 PM
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quote:
Originally posted by From Flyover Country
Couple of things:
First when you take new app either don't put in phone number to start or put in your office number. Though the best one I heard was put in the phone number for the office of the state attorney general.
Second, educate your customers to go to optoutprescreen.com
and elect to opt out for 5 years--quickest and can be completed online right then. Then pull credit a couple of days later.
I was also told about the optoutprescreen.com it apparently can raise the fico score by 10 or so points..
Also another trick I heard for the trigger leads is put in your fax number for the clients phone number. |
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jscorbett
2720 Posts |
Posted - 02/05/2008 : 2:03:53 PM
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| WHile leaving the phone numbers out may help, it is best to prepare your clients. |
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americanheartlan
2114 Posts |
Posted - 02/05/2008 : 2:07:47 PM
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I agree. I just tried this out last week.
quote:
Originally posted by luto199
opt out prescreen does not bump anyones score, its an urban legend that is passed on everytime a coicidence happens, that is when someone signs up and their score happens to go up a few points (like it would have anyway).
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Pat
541 Posts |
Posted - 02/05/2008 : 2:11:42 PM
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The best way to go (IMHO) is to apologize to the clients in advance, explain that you aren't selling their info to anyone else and that it's the credit repositories that are doing it. Mention that you disagree with the fact that they do it and that it's an invasion of privacy. That will help them view the calls more cynically.
Then mention optoutprescreen and drop in a comment about how unscrupulous the companies that buy these trigger leads are and that they don't know the local market and often have last minute hidden surprises/fees.
I've never lost a deal over one of these... just put the client in the proper mindset to reject these calls right off the bat. |
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coopercash
2658 Posts |
Posted - 02/05/2008 : 2:13:28 PM
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Just goes to prove just how "screwed up" our industry has become with a flagrant marketing and re-marketing of clients supposedly "confidential" information.
Forget about "Opt Out"... the Feds should mandate that a loan-seeker is assumed to require 100% privacy protection unless that applicant has signed a specific "Opt In" authorization. How many folks do you think would agree to do that?
The credit reporting industry needs to be FROZEN in it's tracks as being anti-consumer.
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jeff4567
1378 Posts |
Posted - 02/05/2008 : 2:15:03 PM
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| When you meet your clients at their house for the initial application, bring a pair of wire snips with you. After the application is complete, go to the side of their house and cut their phone lines. This will prevent any unwanted calls from the competition. |
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kmikkola
590 Posts |
Posted - 02/05/2008 : 2:25:54 PM
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quote:
Originally posted by jeff4567
When you meet your clients at their house for the initial application, bring a pair of wire snips with you. After the application is complete, go to the side of their house and cut their phone lines. This will prevent any unwanted calls from the competition.
Hard to cut off the cell towers if they don't have a landline... |
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aspiring1
1149 Posts |
Posted - 02/05/2008 : 3:11:20 PM
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quote:
Originally posted by kmikkola
quote:
Originally posted by jeff4567
When you meet your clients at their house for the initial application, bring a pair of wire snips with you. After the application is complete, go to the side of their house and cut their phone lines. This will prevent any unwanted calls from the competition.
Hard to cut off the cell towers if they don't have a landline...
Steal their cellphone(s) and they'll have to temporarily de-activate the account. :) |
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Banker0679
7671 Posts |
Posted - 02/05/2008 : 3:16:25 PM
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| put in the local broker's number....the one that you like very much! |
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jbartinla
162 Posts |
Posted - 03/01/2008 : 09:44:00 AM
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If lenders and brokers would quit buying trigger leads, they might go away. They are a lose-lose for everyone involved, especially the poor consumer who gets bombarded by dozens of calls after they already spoke to lenders/brokers.
It is hypocritical that the holier than though credit bureaus sell this data and invade consumer privacy. |
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808
1669 Posts |
Posted - 03/01/2008 : 10:00:07 AM
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| I put my cell phone number in when I run the credit. And when they call I tell whoever that I'll get him/her the message. I never let on to who I am. By the time they figure it out (if they ever do) the loan is already closed. The ones that s*ck are when BOA or CWIDE or World/Wachovia send your file to their retail retention dept when you go to get the payoff. That's why pulling the payoff is one of the last thing I do in certain situations |
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brandie
2976 Posts |
Posted - 03/01/2008 : 10:20:25 AM
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I don't place phone numbers on the app and before I pull the credit I use the optoutprescreen first. I also inform the customer what I am doing and let them know about this service. I have not had one customer tell me not to do that.
Then I take it one step further and send the customer a thank you card with a print out showing that I did opt them out. |
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peter
3632 Posts |
Posted - 03/01/2008 : 10:20:44 AM
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808 wrote:
"The ones that s*ck are when BOA or CWIDE or World/Wachovia send your file to their retail retention dept when you go to get the payoff."
It's happening everywhere now with Citi, Chase, etc. and
the best way is not to order a payoff until you are about to
order docs. Or you can obtain the latest mortgage statement or
do the latest credit supplement to show the most recently
updated balance and have escrow do the est. Hud-1 on that basis
with a pad which will be refunded to borrower once the final
payoff is received and final Hud-1 is done.
I have had some experience with CW in that I submitted a file
there and was denied but just a monthly later their retail
started calling my borrower and got the loan reunderwritten and
funded it. So, we must define the lenders who are most likely
to poach your borrowers and don't risk losing your borrowers
by sending the files there.
Why should we make it easy for these lenders to steal our
customers?
Peter |
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MacMortgage
65 Posts |
Posted - 03/01/2008 : 10:26:14 AM
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quote:
Originally posted by peter
808 wrote:
"The ones that s*ck are when BOA or CWIDE or World/Wachovia send your file to their retail retention dept when you go to get the payoff."
It's happening everywhere now with Citi, Chase, etc. and
the best way is not to order a payoff until you are about to
order docs. Or you can obtain the latest mortgage statement or
do the latest credit supplement to show the most recently
updated balance and have escrow do the est. Hud-1 on that basis
with a pad which will be refunded to borrower once the final
payoff is received and final Hud-1 is done.
I have had some experience with CW in that I submitted a file
there and was denied but just a monthly later their retail
started calling my borrower and got the loan reunderwritten and
funded it. So, we must define the lenders who are most likely
to poach your borrowers and don't risk losing your borrowers
by sending the files there.
Why should we make it easy for these lenders to steal our
customers?
Peter
Citi has been really bad in my experience.
Another tactic is to let the title company pull the payoff, often the customers are not back-solicited when I've had payoffs pulled in this manner. |
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808
1669 Posts |
Posted - 03/01/2008 : 10:35:38 AM
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quote:
Originally posted by MacMortgage
quote:
Originally posted by peter
808 wrote:
"The ones that s*ck are when BOA or CWIDE or World/Wachovia send your file to their retail retention dept when you go to get the payoff."
It's happening everywhere now with Citi, Chase, etc. and
the best way is not to order a payoff until you are about to
order docs. Or you can obtain the latest mortgage statement or
do the latest credit supplement to show the most recently
updated balance and have escrow do the est. Hud-1 on that basis
with a pad which will be refunded to borrower once the final
payoff is received and final Hud-1 is done.
I have had some experience with CW in that I submitted a file
there and was denied but just a monthly later their retail
started calling my borrower and got the loan reunderwritten and
funded it. So, we must define the lenders who are most likely
to poach your borrowers and don't risk losing your borrowers
by sending the files there.
Why should we make it easy for these lenders to steal our
customers?
Peter
Citi has been really bad in my experience.
Another tactic is to let the title company pull the payoff, often the customers are not back-solicited when I've had payoffs pulled in this manner.
also if your using the same lender again let them know when your pulling the payoff that it's a Citi to Citi refi etc. I just had a loan that I had to cut to the bone to save. Then they took the full 10 days to get the payoff to me when they saw they weren't gonna get the loan which made me have to get a 3 day extension (luckily it was free). Watch out for Astoria Savings in NY. They did a lot of 3, 5, 7 & 10/1's back in the day w some great rates, so you'll probably run into a few of these. |
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peter
3632 Posts |
Posted - 03/01/2008 : 10:38:08 AM
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MacMortgage wrote:
"Another tactic is to let the title company pull the payoff, often the customers are not back-solicited when I've had payoffs pulled in this manner."
Interesting and thanks. I would like to try this too but
wonder why it would be any different than having escrow pull
the payoff. The existing lender's payoff department, upon receiving
the title company's payoff request, will pull the appropriate
loan number and borrower's data on file and the file can also be
automatically uploaded to the loan retention department as
a matter of routine procedure. This has been a practice for
years by Wachovia, Citi, CW, and other lenders.
Sometimes, when you send your best jumbo loan to a pass-thru
mortgage banker who is selling to Citi or CW and you get a good
1 point or 2 point YSP, and when the loan is closed and transferred
to Citi or CW, their retail will start calling your borrowers
to refi (with their streamline program). Of course, with lower
rates (with no YSP) from direct lenders whose names are on the
payment coupons, your borrowers are likely to go with them.
And your broker will get hit with a YSP refund claim from
the pass-thru mortgage banker thru whom you funded the loan
as the broker agreement usually calls for 3 to 6 months of
YSP refund if the loan is refi'ed elsewhere even if it is not
your fault and beyond your control.
Peter |
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gsgroupinc
1864 Posts |
Posted - 03/01/2008 : 10:42:54 AM
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| I agree with not putting the number in the app when pulling credit, but I will be puttng my cell number in just for fun now (Good Idea). Another thought is if you market to purchase borrower usually this won't be an issue. Recently I pulled my own credit for the purpose of getting some new approvals with new lenders and about a week later I get a UPS from my lender (CITI since they bought ABN) stating they would beat any offer guaranteed or they would give me $100.00 gift card. TOUGH market. |
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peter
3632 Posts |
Posted - 03/01/2008 : 3:28:41 PM
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Steven wrote:
"Recently I pulled my own credit for the purpose of getting some new approvals with new lenders and about a week later I get a UPS from my lender (CITI since they bought ABN) stating they would beat any offer guaranteed or they would give me $100.00 gift card. TOUGH market."
Our borrowers in California is now getting this type of
"bait money" coupons for $100 or even a "free appraisal" coupon
as well. The solution to this is to be in close touch with
your borrower and repeatedly sell him the benefits of working
with you. If the borrower has a rapport with you, he will tell
you the other "bait money" deal he is receiving by mail or
by phone. Just last week, I had to match the "free appraisal"
offer sent in by one purportedly direct lender and had to
pay for the $350 appraisal for my excellent borrower. To me,
the investment of $350 is worth it as I have checked out my
borrower to be more than well-qualified for the loan and his
loan will fund for certain. Even if I was wrong, I would write
off my $350 somewhere but this should be considered a necessary
marketing expense to buy back your own borrower who is being
held hostage with the "money bait" program from other brokers
or lenders.
Yes, I agree, as the pie is shrinking, it's getting real
tough out there. Too many dogs for a shrinking bowl of foods.
Peter |
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peter
3632 Posts |
Posted - 03/01/2008 : 5:10:51 PM
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Christine, you got mail.
Peter
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