I got a call from a woman on Wednesday of this past week wanting to refinance her home. It turns out she had already gone through all the steps with another Minnesota mortgage professional but was puzzled when he stopped returning her calls, even after she paid for an appraisal and completed all the paper work.
At first I suspected that the appraisal didn't come in with a high enough value, or she simply didn't qualify for any programs that would benefit her so the other guy simply slipped away in search of a better mortgage prospect. On further analysis, I discovered that there was plenty of value in her home, as a matter of fact, she was only borrowing 65% of the value of her home. Additionally, she had good solid income and job history, a low debt-to-income ratio, and a descent credit score. Where did the other guy go? If anyone runs into him around town, please thank him for me.
As a result of his unprofessional service to his client, I not only gained a client for August, but as a result of my follow-up, honesty, and speed of delivery, I expect to earn some referrals as well.
I think people looking for mortgages in Minnesota will be running into this "disappearing mortgage guy" scenario more and more in the coming months as more mortgage lenders go out of business and many of the loan programs that we were able to offer only three months ago are no longer available to Minnesota home owners and home buyers.
I would have said you can thank the Minnesota Attorney General for this but unfortunately for us and for her, as she put a lot of work into saving the people of Minnesota from the evil independent mortgage broker, Wall Street beat her to it by simply not offering mortgage programs that didn't perform well for investors.
In a future post I will cover all the mortgage programs that are no longer available and what affect this is going to have on home owners in Minnesota and around the country.
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