Need Advice Asap!!!

[Massguru]

Alright I am looking for some help and advice here, I just got an email from client saying that I need to give them their loan terms through a web site called offerangel.com

Have any of you heard of this before? I got the email from the company telling me they will help my client understand their loan terms and that I needed to fill out the form they gave me online.

I looked at the form and they ask everything!!! I might lose this loan if I don't fill this form out.

The other lender has already filled it out for the client and she said that if I don't do it she will walk. I went to the web site and it looks like it may have been the other lender doing an offer challenge?

I've never heard of this company before but it isn't costing me anything to fill it out.

I asked my manager and he told me to do whatever it takes to get the loan. Has anyone done this before?

I need answers ASAP because I just got this today and I need to respond to my customer by morning!!! Should I do it?

[MattT]

I might be wrong but I think there is a team at Countrywide that is using this site to beat out other companies. I'm not sure if you have much of a choice. You are being strong armed and you will either earn your customers business or this other lender will. If you do decide to fill this form out, then you at least give yourself a chance otherwise you have to find a way to convince this customer that this web site won't help them but bashing this company won't make you look good either. Sorry if this doesn't give you the definitive answer you are looking for. GOod luck let us know if you get the deal.

[OregonLO]

hmm..never heard of this company and yes it does sound like you are being pushed into this. I'm really not sure what to tell you, I'd say give them the lowest offer (within reason) that you can to earn the business. It sounds like it will come down to chopping fees and I only go so far when doing that to "earn" business. It just isn't worth it to me if I'm going to make very little money on a deal.

[Massguru]

Thanks for the input. I have never used one of these forums before and it was really cool to get some feed back from someone other than my manager. So, I did fill out this form and I am happy to say I did get the business! I considered some of your comments and then looked at it from my customer's perspective. If I didn't follow through with this form then I looked like the guy trying to pull one over on my customer. It just so happened I did have better pricing. And Matt, you might be right, the other loan officer was from Countrywide. That's probably why my pricing beat him out. I have to say I was really taken back by this but it ended up working out for me and my customer. :D

[uthai]

Hi,

I am from North West London.

I'm interested to know What costs are involved in obtaining a mortgage.


Need Suggestions !

Thanks in advance.

[carlel]

it looks like your competitor is trying to get your offer and beat it, you can fill the form but also tell the customer that you are willing to beat whatever offer they get from the competitor!

[uthai]

Thanks for your suggestion.

I am looking forward to all of the advice and suggestions that you all may have.

[MortgagePro]

Wow this looks like a great idea.

Probably scary to some people though. I can't wait till those people are out of business and I have less competition anyway.

I like the idea of a more transparent process. I sometimes overload my customers with boring "details" and lose deals to shady people willing to just say anything that sounds good. Does a customer really care if an ARM is based off of cofi or libor, or whether the adjustment is 2% every six months or 1% every year. They typically do, if you can tell them without overwhelming them.

[mortgageconductor]

i would tell the customer to pay you upfront to keep them....

dont lay down to a customer...... you are the one with the money..

get money from them..to proceed... then thy will respect you...