Competition?

How to tell a real pro from a newbie time-waster? I don’t know. I got that question the other night at a seminar. I’m working on an answer.

The consumer takes chances shopping for a mortgage. You really don’t know who it is on the other end of the telephone, email, or, the desk. The consumer has NO idea how to discern the seasoned professional from the newbie loan officer. When it comes to your mortgage loan, that’s a very precious item you are putting in the hands of someone you don’t know. So much is at stake when you apply for a mortgage: your downpayment on the contract, your credibility with the Seller and the real estate agent, and, most important of all, the realization of your dream of homeownership.

So, who is my competition? Who are these people out there who would make promises to you, the consumer? And, then, when the going gets tough, they get, umm, err…what do they get? Too often, they’ll leave you hanging.

I’m a Loan Officer and my competitors are other Loan Officers.

What does that mean, anyway, “loan officer?” It’s just a fancy word for “salesperson.” Same thing with “Account executive,” “Loan Consultant,” “SENIOR Loan Consultant,” “Loan Advisor,” and my all-time fave, “Vice President.”

Bottom line, we are all aSALEPERSON, SALESPERSON,SALESPERSON.

I put together this website entirely for the purpose of demonstrating to potential clients who I am and how I work. How many other Loan Officers do that? The vast majority of mortgage websites are come-ons. You have to enter all your information before you receive any information. I took a different approach with tcurranmortgage.com, following my work-style in real life: “There’s no such thing as a stupid question.” Give information, entrust potential clients with the benefit of my experience and the clients will, in turn, entrust me with their most precious dream: that of owning a home.

I don’t consider most other mortgage people to be the “competition.”

Sure, there are some folks who really are competitors. Those are the professionals. Those are the serious and dedicated people who work deliberately in this business to earn a good living by doing the right thing. Yes, those mortgage pros are the competition.

But the vast majority of people who claim to be mortgage professionals I do not consider competition. And, yet, they are out there spewing their nonsense and leading people to certain doom with their lack of knowledge, hunger for a buck at any cost, and disdain for ethics. They’ll tell a potential client what they want to hear; they’ll lie, make up stuff out of their heads, and generally keep talking until the client says, “Where do I sign?”

How does a consumer tell a real pro from a newbie time-waster? Honestly, I don’t know. I was asked that question the other night at a seminar. I’m working on an answer.

In the meantime, here are a couple of examples of “winners and losers:”

This thread starts with my reply to a question on Craigslist Housing forum. A mortgage person from California joins the conversation…
http://forums.newyork.craigslist.org/?ID=39673699

A consumer working with a banker expressed doubts and concerns about her “preapproval:”
http://forums.newyork.craigslist.org/?ID=39623002

A regular CL contributor decided to toy with a mortgage rep. via email. The reply from the mortgage rep. has to qualify for some kind of prize for Ultimate B.S.:
http://forums.newyork.craigslist.org/?ID=39632401

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