I'm already seeing this. The servicers are withholding the case number or payoff statement until they are solicited by their inside LO. You can beat or match their pricing, just make sure you have a good relationship with your borrower so they can show you their loan estimate.
This is why the relationship you form with your client needs to be so strong they don't fold. When my clients get the calls they know what to say. I'm part of the family. Lender for Life.
DO, I know you are representing the LO community….I get it. However, the originating lender chose to sell the servicing at origination for a good return, and the servicer paid-up in many cases for the servicing asset. The servicer has the right to retain what they paid for. The servicer is not the bad guy. You can’t have your cake and eat it too.
I agree with your general premise of the servicers getting more aggressive, yes. But how has that been different from any other time? Their tactics are nothing new when you order payoffs, case numbers, etc. Same old game you have to deal with. Your stat that servicer refinance conversions will go from 20% to 80% is just plain not believable. A 300% increase for headset jockeys to ultimately convert? Not buying it. More? For sure. 300% more? Nah. What you say is more likely to happen if you are expecting your clients to call you to refi. Thats bad. There are two big things that can stem this tide; BRAND and PROCESS. If you have a strong personal brand that your clients see regularly, that will be an immense help to you. If you have a process from Lead to Legacy where your clients hear from you regularly after closing to check in on them, that is in your favor as well. One other thought I had when I heard this episode, just from my day to day practice talking to clients is the image and psyche that clients have for their servicer vs their Mortgage Professional. The servicer is who the client ultimately has to write the mortgage payment to. They hate that part. That's not the fun part, and they know it can change. There is no loyalty to them. I have never heard a client say "oh I really LOVE me some Mr. Cooper". No. If anything, you can always get a borrower to bash their servicer for something. The fun part is shopping for a home, getting pre-approved, winning the home, etc. And those feelings are associated with you the Mortgage Advisor, or they better be if you did your job. 😄 Its still a business of human connection at the end of the day. Work on your content, brand and process and you can increase your odds to get this repeat business.
They are a sub-servicer. Usually a sub-servicer will service the loan on behalf of its client and they white-label their servicing; meaning they put their clients' name on the monthly statement.
I'm already seeing this. The servicers are withholding the case number or payoff statement until they are solicited by their inside LO. You can beat or match their pricing, just make sure you have a good relationship with your borrower so they can show you their loan estimate.
@stanleytomasetti1074 seems like it may be faster for the borrower to request payoff vs a lender so not to delay the process of refi.
This is why the relationship you form with your client needs to be so strong they don't fold. When my clients get the calls they know what to say. I'm part of the family. Lender for Life.
DO, I know you are representing the LO community….I get it. However, the originating lender chose to sell the servicing at origination for a good return, and the servicer paid-up in many cases for the servicing asset. The servicer has the right to retain what they paid for. The servicer is not the bad guy. You can’t have your cake and eat it too.
I agree with your general premise of the servicers getting more aggressive, yes. But how has that been different from any other time? Their tactics are nothing new when you order payoffs, case numbers, etc. Same old game you have to deal with.
Your stat that servicer refinance conversions will go from 20% to 80% is just plain not believable. A 300% increase for headset jockeys to ultimately convert? Not buying it. More? For sure. 300% more? Nah.
What you say is more likely to happen if you are expecting your clients to call you to refi. Thats bad.
There are two big things that can stem this tide; BRAND and PROCESS.
If you have a strong personal brand that your clients see regularly, that will be an immense help to you. If you have a process from Lead to Legacy where your clients hear from you regularly after closing to check in on them, that is in your favor as well.
One other thought I had when I heard this episode, just from my day to day practice talking to clients is the image and psyche that clients have for their servicer vs their Mortgage Professional.
The servicer is who the client ultimately has to write the mortgage payment to. They hate that part. That's not the fun part, and they know it can change. There is no loyalty to them. I have never heard a client say "oh I really LOVE me some Mr. Cooper". No. If anything, you can always get a borrower to bash their servicer for something.
The fun part is shopping for a home, getting pre-approved, winning the home, etc. And those feelings are associated with you the Mortgage Advisor, or they better be if you did your job. 😄
Its still a business of human connection at the end of the day. Work on your content, brand and process and you can increase your odds to get this repeat business.
Excellent and on par! 🔥
Spot on DO, as usual. Many originators don’t understand this - or are unwilling to accept.
I that "as usual" comment. What's your Venmo?
How crazy but so true.
The hills have eyes all stars 😂😂😂
NO JOKE 🫠
Would you recommend Mortgage Coach total Cost Analysis tool?
Always!
Is servbank a big servicer?
They are a sub-servicer. Usually a sub-servicer will service the loan on behalf of its client and they white-label their servicing; meaning they put their clients' name on the monthly statement.
Love DO and all the information, but Mush mouth being snarky and negative really ruins this show
LOL
Dude what’s up with this guy, horrible attitude
I know, right? You can't take him anywhere. Such a BUZZ-KILL.