Workplace Victory

A little victory story from last week:

The phone rings. I pick up the phone. “Horizon Mortgage – this is Keenton.”

“Hi, this is John Competition from StealsYourLoan Bancorp. We have a mutual client by the name of Mr. Borrower.”

“Yes,” I say.

“I will be taking over the loan,” John says very nicely. “I need you to reassign the appraisal to us.” What a surprise! I thought things were going smoothly between Mr. Borrower and me. I don’t want to argue with John Competition, so I play along.

“Sure.” And, he proceeds to tell me what I need to do. After I hang up with him, I immediately call Mr. Borrower.

Apparently, he isn’t happy with the two mortgages. He really wants just one with enough cash from the loan to pay off his daughter’s car loan and some consumer debt. I thought Mr. Borrower just wanted a Rate ‘n’ Term. I should have anticipated his needs from the overextension of credit that was apparent on his credit report. Moreover, I would’ve known about how the car loan is costing him $2,000 per year in auto insurance if I had asked what he planned to do with his cash back. Lesson Learned: anticipate your client’s needs from his/her credit report.

I wasn’t about to give up on the loan.

“Mr. Borrower, I worked really hard to put this loan together.”

“I know that,” he says. “I don’t know what to say.”

“He’s offering you 7.650%. I’m getting you a 6.375%”

“Yeah, I’m paying a little more, but it’s only one loan. You do have the lower rate, but… I don’t know what to decide.”

“Okay,” I realize that he was under a lot of pressure and guilt from shopping me. “Look, since I locked your interest rate, there’s no hurry to make a decision, now. I’ll call you back in two days and you can decide then.”

“Okay.”

I needed some guidance. So, I went across the hall. “Hey, Mark.” If any could help, it should be the VP of Sales. “I need your help.”

“What’s up, buddy?” Nice guy. He’s putting a lot of faith in my potential. I hope I don’t disappoint him.

“A loan officer from another company is trying to steal my loan.” And, I proceed to tell him my situation. The solution that I eventually come up with is certainly odd. In order for me to get him a single loan, I need to put him into a B-paper. This guy is qualified for an A-paper loan with all the benefits of lower rates. Yet, his strong desire for a single loan with a high LTV results such an unconventional solution.

A couple of days later, John Competition calls me back and starts yelling at me for not reassigning the appraisal. I told him that Mr. Borrower decided to stay with me and he wasn’t interested in talking to him anymore. Boy, was John pissed!

Although there was an extreme thrill in succeeding to recapture my loan, I hope I don’t have to fight for them all the time. Thankfully, all this effort is paying off. Initially, under the old terms of the loan for Mr. Borrower, I was getting about $900 in commissions. Now, I’m receiving somewhere between $1,500 and $1,700. Nice victory.

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