Mortgage Blog

There are a few changes from the lenders.
Provident Funding changed the policy that they will not
do loans for low-rise condos at all. It is bad news for
borrowers, but it's not necessary bad for the brokers
and the lenders.

I don't know what prompts the lender for this decision.
But for me, one factor of the failure of PF loans is
the property type is condo. So at least the fall-out
ratio will be better after this change.

This week, there is one borrower chose a different
broker when the rate was 0.075% better than my rate.
My loan was locked one  day earlier. Usually most
borrowers will not do that(because of this less than
0.125% rate changes). On the other hand, I should
be happy about it, since this borrower said that
"I am better than those who cancelled the loans
after the signoff". Otherwise, I would waste more
time and those kind of clients do not belong
my clients profile any way.

Still try to improve the customer service. I added
a  few hands now, so that I will talk more with
my clients. Reading the book:
Customer Satisfaction is WORTHLESS, Customer Loyalty
is Pricesless. That's my direction: Keep those loyal clients
as much as possible. And I will try the best.