BY DALE VERMILLION
Offer several options for clients’ situations rather than focusing on one particular loan
When mortgage brokers compel their clients to choose a loan or lender that may not necessarily be the best choice for them, it is a serious mistake. Some may say it’s coercion.
To be considered true professionals, brokers should always provide excellence in everything they do. This includes giving borrowers beneficial options to help them choose the best program for their situation.
One of the biggest mistakes mortgage professionals make is imposing their opinions on their clients. Let’s look at a common approach: Brokers take an abbreviated mortgage application, spending 15 to 20 minutes to qualify borrowers and find out their basic needs.
They pull borrowers’ credit, choose a single loan program based on their qualifications and expressed needs, and try to “sell” the borrowers on the deal and gain commitment on the loan offer.
This is where coercion can take place. Brokers try to provide compelling reasons for why borrowers should take the loan, trust their advice and not buy elsewhere. In other words, they try to get them to act without providing choice.