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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127683  
Subject: Re: Large Deposits Date: 7/17/2013 7:09 AM
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Not flinging anything, that's your perception. Just laughing at those who complain about service when they bought on price.

Thank you for providing the link to your original post. I admit I still stay committed to my words. There is no culture of loyalty encouraged by an industry that has a tendency to flip the loans they make:

If your company doesn't provide you with the necessary tools to waive fees to keep a customer, then why should they stay? It's hard to expect "loyalty" from a customer when the business world shuns it in the first place: your company will sell their mortgage off to another, you will not be involved beyond the closing, employers are not loyal to employees and visa versa...why should you expect more?

What I will always do is allow the company I am already dealing with the first opportunity to keep me.


http://boards.fool.com/the-basic-question-is-it-fair-for-all...

Further, there is no guarantee of service. I was finally driven to Amerisave after trying to use a mortgage guy that was local to the area I was buying in. He came very recommended but was useless in the two deals I tried to do with him. When I was a Realtor it was driven in to my brain that using local lenders resulted in smoother closings, and to encourage our buyers to go local. Poppycock. You can't believe the belligerent bull I defended my clients from, from the local highly recommended brokers their friends referred. I got one client's mortgage down on an 80/20 from ARMs starting at 7.5% and 11.5% with 3 points to a local county program financing 100% purchase price at 5% 30 year FRM with zero points and 6% cash back by calling the brokers bluff and giving him 30 minutes to get her better rates before I called a broker I used to see what he could provide. She was stunned that this highly recommended friend of a friend would try to pull that over on her. Not much surprises me anymore.

So yes, the hoops the mortgage industry makes us jump through, hoops that are not going to block the fraud they are supposed to prevent, are a PITA cost of doing business. Worse yet, the mindless check lists make those working for the industry appear stupid, but perhaps they are necessary given the caliber of many of those working in the industry. (Not reflecting on the abilities of those of you on this board. IMO simply being on this board indicates intelligence. ;-) Heck, at the height of the bubble my 19 year old niece, who barely squeaked by with her GED, was offered a position taking mortgage apps.

YMMV. Would love for it to finally vary for me as well, but not holding my breath.

IP,
with more attempts at mortgages under her belt than most of the general public
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