phone appoitments vs home appoitments..

andres2bz · Joined: 19 May 2006 Posts: 33 Location: NE

Is there any body here who only does loans over the phone?

I personaly always sooner or later meet my borrowes some times spend up to $100 in gas and dont even get the loan..

I keep hearing people just doing everything over the phone and mail w/ somebody out of state that they have never met.. and things actually going good..

are times changing? do people feel that home appoitmnets take up to much of there time now? to invasive? they just rather deal or the phone?

lil_oh_me · Joined: 04 Jan 2006 Posts: 35 Location: Grand Rapids, MI

The one major aspect of going to the home is you can inspect the collateral and know exactly what you have. If you are dealing with
a construction or rehab loan in trouble that is crucial. There are other
elements to be concerned about in the matter of going directly to the prospective borrower's home which I will assume you are aware.

The phone can be very effective if you have fine honed your phone skills in both how effective you are on the phone and also how well you have
developed your "third" ear. The "third" ear picks up on the tone of voice and inflection of the person with whom you are speaking. The tone and
inflection often tells me more than what they are saying. In the case
of a married couple it is best to have them on the phone together. Do
not get caught in the trap of one spouse telling you the other spouse handles all the finances.

The internet widdles one done to the bear facts and how well you can
communicate in written form in which case one needs to be able to
read between the lines, so to speak.

Ideally one should fine hone all communication skills and use them all.
If your gut tells you that the drive of 100 miles is necessary you would
probably do well to make that drive. You need to decide for yourself
where your stengths are and where you need to do some work.

chow · Posted: Sat Mar 10, 2007 9:50 pm Post subject:

I wish people who do reverse mortgages felt the same way.

:wink:

lil_oh_me · Joined: 04 Jan 2006 Posts: 35 Location: Grand Rapids, MI

Which aspect, chow? Inspecting the collateral, talking to both spouses
at the same time or simply listening to the borrower's concerns. I find
it essential to involve another family member with the reverse mortgages unless the applicant(s) are adamant they want to handle it themselves.
In that event the title company needs to exercise the title companies
fiduciary responsibility with regard to the borrower. Title companies
don't like that position yet reverse mortgage borrowers must have
a lot of leeway. Also, if a family member is not involved a trusted friend should be involved. If there is a financial advisor I don't want it to be someone I know. Even the appearance of impropriety is unacceptable.
JMHO

chow · Posted: Sat Mar 10, 2007 10:07 pm Post subject:

Reverse Mortgages are most likely the most secure program, but it has the worst customer service.

If I could give MHO I would.

Right now I'm trying to figure out how much the program is really screwed with the fact that we have no fixed rates on a Neg Am loan, in a falling market.

lil_oh_me · Joined: 04 Jan 2006 Posts: 35 Location: Grand Rapids, MI

When you figure it out please let the rest of us know. In certain areas that is a huge problem. We need a concerted effort to legitimately and
property convert renters with ability and will to service debt become homeowners and those who bit off more than they can chew to segue
back into the rental market. That of course is in a perfect world. Still
if it can be invisioned it can be done. Those who have perpetrated a fraud on the other hand should be prosecuted to the full extent of the law and then put to physical labor in cleaning up the effected neighborhoods
and doing honest to goodness rehab rather than slapping on a $30,000
paint job.

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

i do loans in texas only.... but it is a big state. i dont see a lot of my clients.....
i have done loans inside the metroplex (dallas/ft worth) and didnt see the client..... unless they wanted me at the closing table.

times arent changing.... they have already changed

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

"times are changing"

huh? Not to be rude, but I thought that funny when considering my first job in mortgage lending was in a call center for Centex Home Equity Corporation over 10 years ago. I remember after being in the business for about 7 months I did my first loan for a client in town who came up to the office. We were in cubicles there and didn't even have a conference room. Nobody knew where I should even meet with the client and I ended up using the office of a Senior VP who was out that day.

Suffice to say I closed 12-15 loans per month all over the country without meeting a client. These were mainly...well honestly, they were ALL... cash-out refinances which is a payment "sale" if you will. E-loan, Quicken and Ditech all have made millions in lending from doing it over the phone and internet. If you pay $1,500 per month for your debt now and refinancing can lower that to $1,000 per month are you interested? It's fairly automated and closing is pretty straigh-forward.

Purchase lending is more complex in some areas but not overly so. If the client lives within 30 miles of my office I want to meet them. I attend the majority of my loan closings.

Communication is essential no matter if you meet a client in person or not. Tell people the honest, accurate truth and communicate frequently and everything will be fine.

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