A message from Chandra about Interest Rates

Let’s make the rest of this year a great one. I have had many questions about how long the quotes are good for. RATES CHANGE DAILY AND ARE ONLY GOOD THE MINUTE THE QUOTE IS PREPARED. However rates can go up or down, and since the rate is not locked, if rates happen to go down then the borrowers get a better deal. It is best to let them know that we watch rates daily and try to lock them on the rate quoted or better. If rates happen to go up and they want to close on the higher rate then we will do that. They just need to get the application in process so we can have it ready to lock when they are agreeable to the final rate and/or fees. WE DO NOT LOCK A LOAN WITHOUT CONSULTING YOU, THE LOAN OFFICER, FIRST! Which means you really need to know your clients desires for the loan. Get to know them and their needs and all will be well.

We DO NOT call your borrowers for any reason. You are the sole contact between WSB and your client. If you need help understanding something we are here to help. We do not call your clients because that is a relationship you need to maintain. If they start hearing from someone other than you they skip you and call that person the next time. You lose touch with your client.

FOLLOW UP with them every 24 to 48 hours after you give them a quote. Do not let them forget about it. Sometimes they get busy and forget. The best thing is to get them to decide that YES, they at least want to do one of the loan options you suggested. Let’s get that credit card number, run the credit, pick a lender and get the appraisal in the works. This is a commitment on your clients side to pay for that appraisal.

Letting that lead slip away is throwing money out the window. KEEP ON TOP OF THEM! Sometimes a client will pick you over a broker with less fees due to the fact that you called them back or returned their call promptly. In this market is does not take much to gain that client or lose them.

If you closed one forward loan per month your income growth is huge so let’s get them closed!

Chandra Butcher

WSB Mortgage Services, Inc.
Nationwide Forward Mortgage Division Manager
Nevada State QE
PO Box 488

Virginia City, NV 89440
775-847-7779 Phone
775-847-7782 Fax
Email chandra@wsbrm.com