Mortgage brokers need to stop complaining because customers think we have something to hide.
Forget how non-disclosure of yield spread premium gives direct lenders an advantage; the consumer thinks you’re trying to hide something.
Don’t complain about the Home Valuation Code of Conduct interfering with the transaction; the consumer thinks it gives her an unbiased valuation of the property she’s buying.
Definitely stop complaining about the new truth-in-lending disclosure law (enacted last month); ‘ consumers want to know what their rate and fees might be and how they change… immediately, when it happens.
NEVER complain about how lenders favor their retail sales forces over their wholesale channels; the consumer thinks the banks give better service when they read that.
Who cares if bank sales representatives don’t have to be individually licensed? Consumer might and that gives us an opportunity.
Don’t even THINK about complaining about the new good-faith-estimate (due next year). That document is one of the best sales tools I’ve ever seen. An originator who explains that disclosure document properly, wins the loan engagement. The consumer won’t even THINK about filling out the last page because he trusts YOU. Continue reading this post