This post is not meant for the consumer. My feeling is that you have all the right to ask me how much money I am making and you are VERY free to compare it with other companies.
My comment "KEEP YOUR HANDS OUT OF MY POCKET" is meant for a Real Estate Agent I recently worked with. To avoid any conflicts, I did not want to post it during the transaction.
Im a big believer in a Real Estate Agent being involved with the transaction. Its my job to keep them (and our client) informed of the transaction with updates throughout the process. But, I do not feel you should question the amount of money I am making after our client has already SHOPPED the loan.
Let me bring you up to speed and tell you what I am talking about....
I received a call from a client that was working with another Lender but did not feel confident in their ability (returning calls, confusion, incorrect documents). They were now almost 30 days away from the closing and needed to make a decision.
After a bit of conversation with the client, and emails back and forth, the client decided to move forward with me.
I introduced myself to both Realtors and received a call from the buyers agent within 24 hours. They were questioning some of the fees on the GFE and asked that I remove almost $400. First of all... that amount is discussed with the client (all figures are disclosed, including the amount of money we make for processing the transaction). The client then had the opportunity to compare my quote with other companies. So, as far as I am concerned, its no longer an issue. End of story. So, why are you calling me about this now...
My feeling is this... the client is able to shop around to compare my costs/rate with others. As a matter of fact, I typically will tell them to compare so they feel confident in what I am offering. They were happy with what we discussed.
Keep in mind... I am not the cheapest guy in Texas, nor am I the most expensive (I'm sure you are not the cheapest Realtor in the area either). We charge what we feel in reasonable for our services. The client can certainly choose to go with someone that is cheaper and possibly risk not being able to reach the LO with questions... or not closing on time... or not getting approved at all ** which was the case with the other LO **
Im not saying that all other LOs drop the ball or lack in communication, but I am saying that I do not have that problem. So, before you call me about a $400 difference between my quote and someone else's quote, think about the risks. Is that a good risk to take for less than $400? I would think not. I'm thinking you will be happy with ongoing updates, being able to reach me in the evenings and weekends, and ultimately having a happy (stress free) client.
** note, I was not making 3% on the transaction. We were talking about just under $400 on a $285K purchase **
When the client called me, I didnt tell him that he could get 'Discount Realtor" to help him for only 1.5% commission or a flat fee of $495. They picked you for a reason, just like they choose me. Clearly the client did some research on loan products and spoke to a few loan officers. They felt comfortable with me and what I brought to the transaction (knowledge, availability, and a good track record).
If you want to call me with questions, GREAT! Give me a call any time... but don't call to reach in my pocket. You have your costs and I have mine.
I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call or visit my website for more details.
Do you want to know all of your mortgage options? Call me today and let's discuss them further.
Always available for your Texas Mortgage and Home Loan needs!
John R Cannata P#214.728.0449
NMLS # 322646
The views expressed on this site are mine alone and do not reflect the views of my employer.