How Do You Handle Requests For Rate Quotes?

[Erik]

Originally Posted by The Front Page

Almost every borrower wants to know one thing right off the bat when they call you: what's the interest rate. How do you handle the question when it comes up? Do you try to avoid the question? Do you give into the borrower's desire to shop and immediately quote a rate with a corresponding APR (for TIL compliance)? Deciding how to address the interest rate question is something many loan officers struggle with, but it's not necessary. Read on for a simple method for handling the interest rate question fairly and effectively.

Read the entire article.

[GeorgeWBooth]

Erik,

Everyone needs to read "The secrets of rainmaking". It covers this exact question in detail. I myself don't give quotes. I never know the full deal until it's on my desk. But, in the same respect, if the client absolutely has to have a quote, I give it to them.

I have a question though. Does the normal buyer care if your fee is $4,000 with a 7.0% rate or would he/she take a 7.25% with only a $1,000 fee. Is the buyer smart enough to know the 7.0% is the better deal? Value based selling!

George

[Secret!]

RATE QUOTE: means they expect the lowest rate on the planet, and YOU never have that to offer. Remember that simple fact. Easiest way is to have your conforming vs non-conforming rates on your website, drive them there, so they can see all the info, the way you want them to see it.

[Greg]

I rate quote and use a range. lowest rate/apr then highest rate/apr.

Only because of our pricing being so good though.

Good idea secret. I hope to incorpaorate that into my page and send them there.

[Secret!]

Originally Posted by Greg

I rate quote and use a range. lowest rate/apr then highest rate/apr.

Only because of our pricing being so good though.

Good idea secret. I hope to incorpaorate that into my page and send them there.

This is just one tiny little reason that you should consider taking our Website & Internet Originations live class - read all about it here:http://www.americasmoneycenter.com/classdetail.htm

[carlo@CreditReportAtlas]

Same old songs, Secret! Instead of posting spam advertising in here and in other forum... why not just invest into MBL banner ad? How could you teach people how to make money if you can't even invest $600 for a six months banner ad with unlimited PPC.

[Secret!]

Originally Posted by carlo@GetLeads

Same old songs, Secret! Instead of posting spam advertising in here and in other forum... why not just invest into MBL banner ad? How could you teach people how to make money if you can't even invest $600 for a six months banner ad with unlimited PPC.

I'm sorry you don't like my answers Carlo, but in internet discussion boards you cannot always get the sorts of answers you would like, kinda like a box of chocolates, ya never know what you're gonna get.

Far as the advertising that's done by Secret! University on the Internet, if you were on our Board of Directors, I would have a conversation about that with you - otherwise ....

[Greg]

Carlo like you have to tell him that lol.

Secret your post is fine but I tend to read less of your posts because they all have a common purpose. "Buy stuff from Secret University"

I think others will agree that they also tend to ignore some of your posts because of the frequent tactics to help yourself out.

Do not take it the wrong way because I know people need to know where to find their training answers.

But, it may be wise to try and chat a little more without incorporating a personal/business benefit to your constant and consistent selling tactics on message boards which will build a little rapport.

Let me ask you this though. I know your stance on posting loan scenarios. What kind of training do you offer to help loan officers not call 15+ reps or to avoid trying to get a quick answer from another lo/wholesale lender engine? In other words your stance has been to belittle LO's who "do not know their job" because they post scenarios?? How does secret university help them not use those 2 methods of placing a loan and how is it supposed to be quicker and more effective than those 2 methods?

Keep in mind I am not one to post many scenarios but I have... I like getting guidelines from the lender and I study them so I usually know more or the equivalent to the rep.

[carlo@CreditReportAtlas]

Originally Posted by Secret!

I'm sorry you don't like my answers Carlo, but in internet discussion boards you cannot always get the sorts of answers you would like, kinda like a box of chocolates, ya never know what you're gonna get.

Far as the advertising that's done by Secret! University on the Internet, if you were on our Board of Directors, I would have a conversation about that with you - otherwise ....

Secret, I get enough advertising and by the way they're not free but it drives me a lot of business. Hoping to open up a branch in NY in 6 months so we can start offering our Title/Escrow services in the EastCoast (Title is a huge profit in NY). Ohh... I forgot to tell you! We're introducing Title/Escrow in our product line in 2 weeks.

Live Transfer, Leads Directly from the Bureaus, Credit Reporting, Title and Escrow all in one website. Secret, you might want to sit down in our round table (bring your Board of Directors with you) so you can learn something from us to add in your edu-ma-cational CDs.

BTW, you wouldn't be spending alot of time in forums sites if you're really bringing alot of business (I could be wrong though). I haven't visited here in a while b/c we were busy over the summer... closing deals.

[GeorgeWBooth]

Lol. why don't you get back to me after a year on that one. We have an office in NYC and alot of clients. I would love to hear the secrets of your success.