Feb 26

Just this week we had a client experience a problem with his loan that will cost him over $1,000 up front and a additional thousands over the life of the loan. The really sad part is that the whole situation was completely preventable. Basically what happened is the lender failed to secure the loan they said they had. Because this loan program had limited availability (time sensitive) the program essentially disappeared and as a result our client had to pay additional fees to secure another loan. We know that this is a people business and people make mistakes and this was clearly the case in this situation. The problem is that we had referred this client to several other lenders who we have strong and lengthy relationships with. Now, is it possible that the lender we referred could have made the same mistake? The answer is yes - they certainly could have. The issue is that if the same mistake had happened with our referral that lender would have been in a position to make amends or other compensation to not only right a wrong but they have a vested interest in keeping our business.

Think of it this way. If you are are obtaining a loan or any other kind of service from just someone out of the phone book who "seem" to have the better deal. It is likely that they operate on a purely transactional basis as opposed to a relational one. Said another way they are looking at this one transaction only and not the multitude of transactions you might do with them over the years nor the multiple transaction we refer to them every month. So if our business partners fail to keep you happy they are potentially loosing a large share of their business.

It is important to note that not just anyone can be a referral partner with us. They must have…

  • The same relational values as we do.
  • Be a senior person within their company.
  • We have had first hand experience with their performance and communication skills.

Since our business depends on you and your your referrals, we give those people our highest level of service. Without you we have no business.


Dec 25

The number of modified mortgages that go into re-default is improving. Those with conventional mortgages are fairing the best and not surprisingly those with sub prime mortgages are in the worst position.

Dec 25

According to Experian and consulting firm Oliver Wyman 14.24% off all mortgage defaults in Idaho in 2008 were strategic. This means the borrower could have paid but choose not to. This is up nearly double what it was in 2008 (7.71%). What is your thought on what it will be in 2009? I'm guessing 20%.

Dec 25

A good overview of the real estate market in 2009 with historical perspectives.

Dec 19

The plunge in home prices is presenting millions of Americans with a moral and financial dilemma: Should they keep paying their mortgages?

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