Mortgage Blog

Everyone knows that I like running. And I completed
reading the book hansons marathon method a few times.
And one line I remembered clearly: Easy day means easy.

But I made the mistake Wednesday. I have the regular
speed workout on Tuesday evening and Thursday morning,
so I will easy ride a bike or have an easy runs Wednesday
so that I can run better Thursday. But I did not do easy
runs Wednesday, so my legs did not have a good rest. And
my training this morning was terrible. See my running blog
at http://ericfang.blogspot.com/. So if I want to run better
in the future, I have to follow my plan.

Normally I don't refer my clients to realtors, unless the
realtor is indeed a very very good one. Otherwise it will
ruin my reputaion and negatively affect my business.
But recently encountered a realtor who tried to help his
friends, but he might have negativ impacts.

The agent is a dual agent. And he tried to refer this business
to his friend, who is also a mortgage broker and at the meantime
he runs an escrow company in southern California. So this agent
tried to "help" his friend to get the buiness, and his friend
did not provide the escrow fees for me for 3 days. And they
had to give up until the borrower said that they would not
purchase if they forced him to use the broker the agent
referred.

But how his friend thanked him for the business? His
origination fee is 2% for any loans(much higher than
almost anyone in the industry), so the rate the borrowers
get will be at least 0.25% higher than any other brokers,
even with the same lender. And the escrow officers not
efficient, it took them 3 days to prepare the estimated
hud1, and a few days to clear the funding conditions.
Because I knew that they are incompetent, I locked the
rate for 45 days even though the escrow required for 30
days.

Not sure how the realtor execute his business plan?
Will he get more business this way? My client said that
he was scared to refer anyone to the agent(He felt like
kidnapped during the process for the loan).