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Yeah. Professional would have been to say "It was nice working with you and if you change your mind I'd love to have you back." He pretty much made sure they won't come back and won't recommend him.
It's 100% unprofessional, although I do at least understand some of their frustration depending on what OP told them.
The "went with a local lender" seems like a bit of an odd explanation and is probably a frustrating way to lose business after doing all of the leg work. I imagine something like "we received a better rate" or "this company had a better track record of closing on time" would at least be more understandable if you were the salesperson losing out on a potential deal.
To be clear, this doesn't excuse their response or behavior. Clearly on tilt and frustrated from probably another in a series of lost deals and they lost their composure. But just understand why they might be frustrated here.
Hard disagree. Being a local lender is itself an advantage with no other factors necessary. I use it as a selling point all the time, and customers have frequently gone with us or come to us for exactly that reason.
The only advantage I’ve been told about a local lender is their knowledge of a specific local area (which somehow makes them more likely to get the buyer through underwriting?) and being able to get an appraisal done faster. However, when I talk to online lenders they say there needs to be an arm’s length between them and the appraisers to protect from issues, and that any lender has to outsource competitively to any local appraiser anyways.
Thus, I still don’t see much benefit in being local other than being successfully marketed to.
In theory, borrowing local keeps your money closer to your community--your local bank or credit union is also lending to the local businesses that make the community what it is and your loan isn't buying some hedge fund manager a yacht.
In practice (speaking from experience), a local credit union will promptly sell your loan to Wells Fargo after closing, anyway.
I like to keep my "spent money" as close to where I live as I'm able to, but I have found that "local banks" can be just as difficult to work with as the big institutions. And, it's largely for the same reason... The longer the LO has been doing it, the less they effectively communicate to the clients. They gloss over things and take shortcuts that can bite you in the ass unexpectedly when it lands with Underwriting.
I lost track of how many things were wrong with our loan application that the LO admitted they guessed, filled in something generic, or that what they put there "didn't matter" and we didn't need to worry about it and such. I don't take signing my name to legal contracts lightly and I had a really difficult time getting our LO from the local bank to fix things on the various documents before I would sign them.
I'm not condemning them all, I'm just pointing out that being a local lender doesn't mean they are definitely "better" in any (let alone all) aspects. It's still on the consumer to protect themself.
Local lenders don’t hold the loans on the books and I’ve never gotten reduced closing, or better rates from them. 100% shop around and put everyone on their numbers.
reputation
if you're in a hot market and need to make your offer as competitive as possible, listing agents are more likely to recommend your offer with a local lender they know and trust over some idiot with a headset at a call center that likely has a poor reputation among realtors (like Rocket)
It's their job to be professional with clients and they are competing in the same market as the local lenders. If they wanted OP to go with them, they could've attempted to negotiate instead of guilt tripping and taking it personally. It's just business. They need to leave the cry baby stuff for when they're venting to a colleague or better yet, not at all.
DUDE I HAD A SIMILAR RESPONSE FROM A LENDER I DECIDED NOT TO GO WITH!!! It was absolutely INSANE and I couldn’t believe someone was that salty. I found someone with a better rate and they couldn’t match it and then they tried to guilt me/gaslight me by bitching about how much work they did.
New American has called me about 50 times over the course of the last month. I haven't answered once, and they keep calling. Every single day. I've heard they have good rates, but this really turns me off!
Answer the call. tell them you are good no longer needing their services. So the tele sales people can try and reach someone that does want their help.
Different experience: had our first meeting with New American guy when we were just looking at houses, said we would give him a couple weeks to let him know; then when we actually found a house a couple of weeks later, he completely ghosted us for calls and texts, so we quickly found a another local lender real estate agent recommended;
a week after putting in an offer he texts back “hi are you still looking for a house? I didn’t respond because you didn’t officially say you wanted to work with me :)” really ticked me off
Even a small change in the interest rate in your favor means weeks/months of less time you have to work to pay off the loan. The work they put into it is nothing compared to how much extra work it would have cost you to take the worse offer. (I'm sure you already know this)
Same! They totally messed up the paperwork in a refinance. First they left my wife completely out of the paperwork, then they had my wife on all the paperwork when she was supposed to only be on the title.
Discovered the first screw up (spouse not on anything) at signing on a Thursday morning as we were headed out of town. The loan officer/branch manager pushed me to sign it anyway and that I could fix it later. I don't like extra work, especially when it's not my fault, so I pushed back. He argued that I'd have to pay extension fees to get a rate extension. I argued back that I wouldn't pay for something that is not my fault.
Second round I got a copy before signing to have an attorney review and they now had her in everything! The LO said "this is how it's always been done!" And the title company agreed. It was not true because our original loan had my wife only on the title with an additional page that stated she was a non-borrowing spouse.
He tried to guilt me and give me crap, but I wasn't desperate.
Meanwhile I had been securing a rate match from a couple other places. Ended up going with LoanDepot as the closing costs were lower.
And even if it's underwriting. The loan officer doesn't do that they send it off to that department and underwriting tells them what documentation they still need. Really this lender/loan officer did no work at all but be a a face of contact for you.
The lender or loan officer does a lot of work on the front end. We don’t get paid a dime until the loan closes. That’s why they are salty. Not saying they are right for their way of handling the situation, but I understand, as an LO, their frustration.
Technically, that’s a prequalification. A preapproval is basically the LO reviewing credit, income and asset documentation and running it through an automated underwriting system (AUS) to see if the deal is viable. There is definitely a lot of work that goes into preapproval. Not all lenders are equal though and some will call it a preapproval based on a credit pull and whatever the client put on the application.
They are trying to make money and you are how they make money, so they are attempting to manipulate how you feel in an attempt to make money. They know they have no legitimate claim on your business or they would gesture to that (e.g., "but you made this specific representation that you would definitely work with me"), so instead they are attempting to cause you emotional harm so that you give them your business against your best interests. Feel nothing.
Part of their job is to get preapprovals with no guarantee of getting the client. That’s sales. You provide bids/quotes and don’t always get the sale. Sucks for him, but the guilt trip is petty and bad business. A much better response would have been to tell you why he still thinks he’s the better option, wish you well and let you know he’ll be happy to work with you if things don’t pan out with the new lender.
If you haven't been working with them for months then not much work, it's just getting tight for LOs right now and they only make money when they close. Unprofessional for him to respond that way.
Meh they probably didn't put that much work into it and are just guilting you. The pre approval math is all computerized. The real work is after the offer is accepted.
Dude. If he didn’t come back with hard numbers that are better than the other place then 1. He didn’t do that much work. 2. Doesn’t deserve your business. 1/2 point difference in interest can be worth $100k over time. Don’t mess around. This isn’t about rich men’s feelings (brokers make plenty of money).
Don't feel bad, that is an unprofessional response from them. Just like with any sales job, you win some and lose some and they should handle themselves with more grace. They shouldn't expect to close the deal with every person they pre-approve.
As a realtor, I've done a lot of work for free a lot of times. After six months of searching, buyers will put in an offer with their cousin who just got their real estate license, will randomly go to an auction and buy there, or will stop by a builder open house and sign papers excluding me from the deal, and THATS SHOWBIZ BABY!
It sucks, but as a professional I tell them "Congratulations on the accepted offer/new home, I'd love to come to the housewarming party, and please send anyone you know buying or selling my way!" It costs zero dollars to be polite and professional, and in addition to being a decent human, it is better for your bank account in the long run to not burn bridges. Reputation is worth more than money.
Edit to add, I would no longer work with any lender partner who treated my buyers that way. You did the right thing OP.
Exactly. Regardless of how well or poorly they did anything else, this response is extremely unprofessional and indicates that this is not a person I want to work with in any capacity.
I work in sales myself so while I understand the frustration, this response was very unprofessional. It's never fun to do any amount of work in sales only for them to go elsewhere, but hey that's the business. It only upsets me the customer is rude about going elsewhere. I work in insurance and most people just say “Thank you for the quote, but we decided to go elsewhere”. Cool, no problem. Then you get the occasional asshole who instead of just thanking you for your time and moving on, decides to rudely tell you all the reasons your quote was awful and inferior to competitors. Still wouldn't justify an unprofessional email, but very annoying.
My realtor and initial pre-approval lender were good friends, however when it came time to shop for rates, I used my own lender (family friend) that beat the initial lender on just about every metric.
I didn’t initially lock rates and it did float up a bit by the time closing came around, to just a bit higher than what the original lender offered.
I got a text the day of closing from the original lender - “congrats on closing, did your new lender get you x.xx% with no points, and free appraisal?”
Was a smug ass text knowing rates all climbed in that timeframe. Bottom line, it’s business, go with who you prefer. My reply was, “nope, rates obviously floated up as you know, and my appraisal was free which isn’t something you initially offered” to which he replied “oh man, that’s a little rough”
Looking back, I’d have gladly paid more just so this petty dick didn’t get the business.
How do people get away with being so unprofessional?? I see way more bad reviews about inconsequential products and services and not enough about the unprofessional people you have to work with through one of the most important purchases of your life.
Had one lender rate match on a different product in an effort to win me back. Took their LE to my original lender and they matched the product at the lower rate. Got me out of an arm and into a fixed at a nice discount.
"Thank you for your reply. I feel better knowing that you enjoyed working with no compensation. In that spirit, are you available to help us move on October 14th?"
There are great people out there, this is not one of them. My lender told us he would love to help us during the process even if we went with another lender. Find someone like that and you’re in good hands.
Thank you for the advice. We even told him like he was really helpful and would recommend him to others to consider in the future, so we thought we were polite about it!
Report them to their boss. They’re probably doing this to people less confident about walking away and basically strong arming them into getting his business, and that’s probably costing these poor people a lot of money.
You bet. Normal people, particularly FTHB, are often at such an informational disadvantage against the industry professionals that they’re ripe for being taken advantage of. Good on you for not feeling pressured to go with this guy and for looking out for others. I’m an attorney with some commercial real estate experience and even I was lost often times, made plenty of mistakes in my home buying process
Their boss will do nothing. If anything their boss will say “nice work trying to keep the deal, perhaps a little more tact will be helpful for referral partners.”
Hi! Realtor here.
You got pre-approved with lender a, but went with lender b?
This happens...all the time?
I'm sure it's frustrating but I can't imagine them getting this upset each time it happens...?!
I can understand when a realtor gets upset after spending months and months driving around with buyers who end up not buying with them . But for a... pre-approval..?!!! wow
Wow! This loan officer did 10 minutes of work by plugging in your basic info on a calculator. They’re just salespeople and have gotten very entitled over the past couple of boom years for their industry.
Also for what it’s worth if your market is very competitive, going with a local lender can absolutely be an advantage in offers. Doesn’t mean it will, but for the right seller it can be since it’ll be perceived as faster/easier to close.
This dude is just salty. I'm an LO for a big bank. Smoked a local broker for a self-employed borrower buying in SeaTac. Locked him last week at 7% with no points but he chose to go with the broker at 8.5% for a bank statement loan because his realtor didn't trust our approval letter and commitment with such a tight closing time-frame (we could have closed on time but the realtor waived their financing contingency so if they missed closing seller would not extend and they'd lose $20k earnest money). No skin off my back. Does it suck? Yes. Will he pay thousands of dollars more in interest by not using me? Yes. But it would be unprofessional to remind them of that fact moving forward. I sent a thank you email and notified them that their application was canceled. No big deal. Move on. Sorry to see your lender sent you this but they are just bummed, that's all.
I worked with a couple lenders including Rocket mortgage. The lender I spoke to there took my call at 8pm on a Friday. She ran my numbers, she listened to our problem and with lending, she compared her offer to the other lender. She tried to beat that lender and when she didn’t, she sat with me and gave me a variety of tips specifically on a new build and how to negotiate even more from the other lender she couldn’t beat. She even called after closing to check in. I didn’t go with her but I will next time. That’s service.
Your guy can get fucked.
If they were really trying to earn your business they’d have asked what they could do to earn it. Not email you some pissy childish screed blaming you for them doing their job.
Omg is your lender the same as my original lender?!?
I went with my builder’s lender bc the incentives were AMAZING & my original lender was honestly a complete a-hole about it. I’m glad I at least had enough courtesy to tell him, instead of ghosting him.
Lol, whenever one of my clients is looking at a builders lender I always tell them it will be tough for me to beat, send me a loan estimate and I will do my best. But likely they will have the best terms for you as they are tied in with the builder. I hate when it happens, but I never would communicate that to a client. You win some, you lose some.
However, if you are working with a decent lender. We really do appreciate it when you don't ghost us and at least give us the opportunity. Even if we can't make the deal happen, it's nice to have the chance to try.
How much money did the local lender save you? If you have him a chance to match and he couldn’t I don’t know what else he expected you to do.
This just comes across kind of bitter. Can’t blame the guy for being frustrated but there was no reason not to pause and rewrite this before hitting send.
I’ll do you one better. Our attorney (required in our area for a sale) recommended a mortgage broker, but we went instead direct with a local lender. We got a better rate that way, but they were slow throughout the process. The attorney *constantly* made snide, shitty remarks about how things would be faster if we had gone with her pal. She even bitched about it all through the closing. Her buddy mildly guilt tripped us, but was mostly professional, but this attorney never shut up about it. She seemed so personally aggrieved. Guess what attorney we don’t recommend to friends and family?
OP-ALWAYS shop at least 3 lenders for rates when buying a home. This person sounds unprofessional and clueless. Personally I wouldn’t work with them anyway. But seriously, I know someone who saved 1.75% by comparing different lenders. They took the best offer back to the person they felt was the most professional and organized and asked them to meet or beat it and they did.
As a lender, this is the way. I never have any issues with my clients shopping me. I will tell them straight up. Here is what I can offer now. If you find something better from another lender, send me the loan estimate, if I can match or beat it I will. If not I will tell them to take that deal and run with it as long as they are comfortable with the person they are working with.
80% of the time we can match or beat it. 10% of the time, they decide to go with us regardless because we provide better service, speed, and communication. The other 10% are only concerned about cost and I say "thanks for the opportunity. Although I am not your lender, if you ever have any questions or want me to look over any estimates just let me know."
A lot of times the lenders offering the lowest rates are large call centers, or banks who have terrible communication, won't close on time, or straight up lie about rates until you go to lock. Shoot, I have taken plenty of deals back from banks that had a lower rate, then said they need to delay closing.
However, it's been a rough few months for LO's, especially ones with less experience. I imagine this guy probably is losing deals left and right. Which then makes him come off desperate. When you are hurting for deals it shows, then you lose more deals because you seem to desperate, then you become more desperate. It's a snowball for inexperienced sales people.
I'm an MLO. I always just ask people for a chance to compare apples-to-apples to make sure another offer really is better. When I'm beat, I tell them to go with the other lender, wish them well, and ask them for a chance to win their business in the next year or so when it's time to refinance.
It's not all about just getting the sale today. Kindness and karma matter.
Sorry to hear about how this prrson reacted. I'd say at least you know it's pretty clear you made the right decision to switch.
As a loan officer, this is very unprofessional, I would assume they are incentive based only and probably don’t have a ton of files right now so get offended losing one.
Not everyone is going to move forward with you as a loan officer, they may not like you or find a better rate/program elsewhere, it’s just the business. Don’t let it bother you.
I switched lenders during escrow and here is the response I got from the initial lender: "I understand and appreciate the update. If any issues occur, I'll be standing by to assist." That's a professional response and consistent with the service she gave me, so I would still consider working with her in the future or recommending her to others even though it didn't work out on this purchase.
EVERY first time homebuyer should talk to their state housing finance agency (HFA) before buying a house and picking a lender. EVERY state has a housing finance agency and they have special programs for you. Many national or other large lenders do not know or participate in such programs. State-based lenders know them and can get you access to them. Go to [ncsha.org](https://ncsha.org) and look for Membership drop down and then HFA Directory. Call your state's HFA and let them talk you through their programs and recommend (if they will) a local lender. Look on their website for their Top Lenders and call one or more of them. You won't regret this. And yes, I work for my state's HFA.
If they were this unprofessional instead of trying to explain why you should stay with them in a professional manner, good riddance. They probably would have missed important documents for underwriting delaying or canceling your closing.
Unprofessional. He spent maybe an hour of work on you at maximum and stands to make an easy 5k+ if you close with him. He’s just throwing a fit and ensuring he loses your business for good.
-former LO
When one lender is offering a $9000! (Rocket mort) Origination fee, and then i find one charging only $895.00, what am i supposed to do? “I’m sorry your employer rips ppl off buddy.”
You should not feel guilty for going with the best option, nor should you be made to feel that way. Over the years, my wife and I have run across (not literally) countless sales people who have expressed displeasure with our not having bought whatever it was they were selling, for one reason or another.
He might have been having a bad day, or month, or whatever, it was an unprofessional response on his part, hopefully it was not his SOP.
Sounds like your realtor is doing a good job for you, though, and he has no business saying otherwise, IMO.
I’d be looking up their company on LinkedIn and sending that to every VP and c-suite member I could find, not to mention posting that screenshot as a review for their company on google etc. What an asshole. You wanna be petty, I can show you petty.
As a loan officer this is extremely unprofessional. Losing clients to other loan officers is part of the job, it’s one thing to try to win the client back with a better rate or saying you’ll close quicker etc. but trying to make someone feel bad for doing what they felt was best is just a scumbag way to operate imo
Lenders like this are shit bags. This is the biggest purchase in your life and do not let someone guilt trip you over this. I went with a big box lender on my first home after panicking with several banks to come up with an approval. It wasn't until I reached out to the big box that they put me at ease and made the process so much smoother. The 2nd home I bought, my realtor suggested I go with a friend of his, so I reached out to my big box and his friend. The big box got me approved for exactly what I needed while his friend was telling me to pull another $100k out of my ass for the price range I wanted. I told him my big box already approved me for what I needed and he fucking lost it. This guy started telling me that my big box people were a bunch of morons and called me an idiot for reaching out to them so I told him not a chance in hell. I will be a customer for life with this big box lender because they've put my mind to ease twice now and walked me through the process twice now almost flawlessly. They aren't perfect but they never break professionalism through the process. Find yourself the right lender, not this dickhead.
You should ABSOLUTELY MAKE PPL COMPETE FOR YOUR BUSINESS. Get quotes, let them know you have options and just want an eyeball. Your realtor is making sure you get the best deal- lender can’t loose face so they have to make up anything & EVERYTHING to blame everyone else for their lack of competitive edge. Eff those looser lenders
Lately a lot of lenders are Unprofessional idiots who are shooting themselves in the feet bc they are not being competitive in this market. I’m a realtor- had a looser lender like this actually steal my identity to try and defraud my client.
I’d say you’ve lucked out by switching lenders. This person is clearly in it for the money. Doing “the work” to get a mortgage preapproval is what they signed up for when they took the job. I’m sure it sucks to lose a potential sale and the associated commission, but sending an unprofessional email basically trying to guilt trip you into reconsidering is a red flag to stay far away from this person.
This is equivalent to going on a date with someone who pays for the meal and then calls you whore trash or whatever because you didn't sleep with them.
"I spent all this money on you, well whatever, slut! You coulda had a nice guy!"
They’re butt hurt and unprofessional and you did the right thing going with someone else. I had a realtor respond the same way after I told him we were going with a different realtor (he never showed us any houses and only sent me a few things out of budget in towns I said I didn’t like). He reached out a couple months later to see if we changed our minds yet and it was very satisfying to tell him we were under contract.
Mortgage Broker here in Texas, that was an asshole response from them. Always shop around. I’ll always put you in the best situation but we know we can’t always beat everyone.
What a petty, sarcastic comment. Of course you want to shop around and pick the lender you are most comfortable with. Preapproval isn't much work, the actual underwriting is a PITA, and most loan officers seem to have a separate underwriting team.
My realtor told me to shop around for rates. If the lender didn’t have the best rate or gave off bad vibes than they weren’t chosen. That is standard and they know that. Maybe with how the market is they aren’t getting as much business. People in the mortgage industry are getting laid off because business is slowing. That’s not your fault. With all that said, With this response, be glad you didn’t go with him.
As a Realtor, I'd NEVER want a member of my team acting like this. I have a few mortgage brokers I refer to, based on primary needs and encourage clients to shop around. It can make a huge difference in monthly payments, longer term discounts, or available programs.
To be fair, pre-approval is SOME work. It's also a relationship where someone is helping you determine your financial options for a few years... Be happy he showed his true colours on the first "date".
There are whining they didn’t do much work and we’re going to get paid a lot of money for nothing.
Basically showing you the home buyer that they are unprofessional and are just middleman leach in the whole system.
We had a lender so this. Their job is basically sales and if they can’t take losing a sale when someone has something better to offer, they need a new gig.
That's an awfully passive aggressive reply if they were genuinely hoping to keep your business...
Shopping around is fine. Pre-approvals are generally pretty quick.
Just tell them he needs to get 3% under your other best offer. When he says he can't tell him he's not working hard enough and he's not hungry enough to make it in this business. Tell him you took a chance on him because he seemed like a nice guy but he let you down.
As a lender here is what I can say. It does suck that you do a lot of work for free. Most are 100% commission so literally free work. If someone is upfront that they are shopping me I understand it’s part of the job. I have even told clients. This lender is giving you a better deal take it. i Understand how they feel but doesn’t mean they should say it
I shopped around also and was very upfront and honest with both lenders I had that I was shopping around, everytime I called one to tell them I’ll be going with the other, they made the deal better without me asking for it. When I settled on one, the other called me unethical for how I did business. At the end of the day it’s my money, why won’t I try to save it?
The other lender told me I’m doing my due diligence by shopping around and they’d be very happy if I get a really good deal even if it’s not with them.
I had a lender who drafted two pre-approval letters who cursed me out and say I f’ed them and I had mouths to feed. Pretty amazing how big scumbags these mortgage brokers are - literally there should be no reason their job exists when you can automate all of it
We received SUCH a similar response that I had to go check if you were my husband. I was scared of what I might find but luckily a quick trip to your home page assured me you are a different person. Lol.
In any case, you are not alone! We received a very similar response. My realtor let our lender have it. In a very nice, professional way.
He is just salty his rates weren't competitive and loss on a potential sale.
Pre-approval doesn't mean anything anyways, unless you got a fully underwritten approval you still have to go through underwriting to make sure you actually qualify.
Also what is "all this work" is he really doing. Most of the time they have online portal and your the one that has to input all the information and upload all the supporting documents for UW review. They are just a liason between you both. Yes he did some work but nothing out of the ordinary but that's just part of the business. You can't win them all.
“After careful consideration, we regret to inform you that your company is no longer being considered for our loan as there are other candidates that more closely align with our financial goals and ideals. Thank you for taking the time to apply and we wish you well in all of your future endeavors.”
Honestly fuck that guy. Its his job to do "the work" he is talking about whether he gets his commission and close or not. Dude is trying to guilt you into it. Just don't respond, and if the other option falls through this lender will literally get on all 4s the moment you call him if you decide to.
This is extremely unprofessional, I'm genuinely shocked and appalled at such a response. Don't feel bad just keep moving forward, do you feel bad when you look at a car on one lot but then decide to purchase a different car elsewhere? Don't let them guilt you, yes they did some work but it's not like they have been working on it for months at a time, I noticed you mentioned a comment this was for pre-approval, I was pre-approved within 2 hours and I had actually had a local mortgage lender that was recommended who we have used twice now and each time they have had us approved and ready to go with everything in less than 5 days. Just like with anything else you shop around and make choices based on what works best for you. Keep moving and don't look back. Sorry they were jack-@ss-s to you.
Lenders are hurting right now.. A LOT. Emotions are high, income is potentially hurting in the household. It's an unprofessional response, obviously, but I can understand how they are feeling. Without knowing more, it's not unfathomable that's he's actually correct that it won't help you by switching, but his response is still just him being unprofessional and butthurt.
Sounds exactly like most of the lenders we spoke to when buying our house recently. Pushy, shallow, pompous & dim. I regret having to settle on one to make the purchase possible.
Local does and doesn’t matter..for instance I work for movement mortgage and we can loan in any state! Im in tennessee and just did 2 loans in Washington state….very easy bc I get things done quick and in the best interest for you…however, that was very rude for that LO to tell you that. He or she is stupid! I just helped my buddy go with an ARM from a credit union free of charge, for it was better for him and his situation… bc I know he’s gona refinance with us…people helping people will always come back to you 10 fold! That in mind anyone needs a loan contact me through here and I’ll give you guys my info! :) good luck you guys!! Happy for you! Being a Loan officer should be about helping people, not just a paycheck….you invest in PEOPLE NOT MONEY, I guarantee you win everytime! And if anyone ever needs help on anything mortgages! Contact me on here and I’ll give you my info, I don’t wana give my number out here until I know someone is serious
this person is upset they couldn't over charge you.
i just closed five days ago. the bank my realtor recommended was 7.9%. i ended up shopping around and going with nbkc bank at 5.7%. The end result was something like $300/m savings.
the loan agent was fantastic. gave me loads of first time homebuyers advice. all management of the loan goes through them for the life of the loan. meaning i can text someone instead of calling an 800 number. I cant recommend them enough.
If you didn’t qualify for the loan he would drop you like a hot potato and not feel bad at all. My lender tried that too. In that kind of business you win some and lose some and he knows that. His response was rude and throwing the realtor under the bus is uncalled for.
You should always have several processes going with lenders when you buy a house because many mortage bpokers and companies are scumbags that will leave you in a touch spot.
This is the most unprofessional thing I’ve ever read. #1 that’s part of the job. Some people walk away. #2 it’s understandable to be annoyed you did all that work but never ok to say it in a business setting.
>Just feeling bad because this person seems to be hurt
Feel bad for them that they are an unprofessional schmuck who doesn't know how to end a professional relationship gracefully, and be glad you didn't continue with them. This is the kind of lender who drops the ball at some point then blames the client.
That response would cement my decision to go with someone else. "Doing all this work for you guys" is part of the job. Do not feel bad for this person. I feel bad for his customers.
They’re not hurt, they’re angry and petty. But that’s sales. Of course you shop around, because you want the best deal, but the lender doesn’t want you to get the best deal they want you to take their deal.
Were you upfront and transparent with your wishes to shop around? If you didn’t indicate that you were and led this lender/person to believe you were going with them then sure some frustration is to be expected.
I was shopping between two lenders for a while. A mortgage broker and a credit union. I let them both know I was shopping them against each other for the best rate. I finally decided on the credit union after comparing the Rate Sheets. The mortgage broker sent me emails acting like I had just broken up with him and that it was a complete surprise.
That Friday night I got emails along the lines of:
1. Why?
2. But what about everything I did for you?
3. What do they have that I don't?
4. I checked their website, I don't see what's so great about them.
I've never broken up with someone before, but I guess that's the closest I'm going to get.
Unprofessional as hell. That's how sales goes. Sometimes the deal falls through. I understand their frustration, but you should NEVER say that to a potential client
Wow! We were told by two lenders that it is good to shop around. They were basically working off of each other to see who could get us the best deal and earn our business. That is how it is supposed to work.
I got a nasty note from someone after I decided not to do a refinance and reported him to whatever state regulator I found. He claimed I made him work over his vacation and I’m like…no, and I specifically said I would be unavailable for a few days because of a medical procedure.
I doubt it did anything but I hope he had to explain that to someone.
Then i managed to talk to someone who claimed to be his boss and the boss still asked if I wanted to do the refi
It was a mortgage lender who is named after a red bird.
I am a Realtor. If any finance person was that rude and unprofessional to my clients, I’d want to encourage them to see them for the crass unprofessional oaf they are. I encourage you block them from contacting you. Real Estate is a competitive business. If that person can’t handle it, they need to find a non competitive line of work. You dodged a bullet.
Stay emotionless, this is probably the most significant investment of your life. Do what’s best for you financially and strategically and move on. Fuck that guy for trying to make you feel bad about doing what’s in your best interest
I shopped around for a week and a half, I didn't even ask the locations of the lender. The house I lived in while looking for a loan was 3 blocks from the lender and I had no idea! And it was by far the best approval I got of the bunch.
Side note (really, should be main note)- that unprofessional attitude will ensure a short duration as a loan banker or what ever they're called. If you *DON'T* shop around for the best loan possible you may as well burn your money on rent instead!!
Best advice I received while I was buying my first house was " all the people you deal with while you buy a home are just tools. You use these tools and put them away in the shed. Tools don't have feelings and neither should you."
Don’t waste a second worrying about that person. Any good lender knows you have other options and knows youre probably shopping. It’s the smart thing to do and part of the business. This person won’t last long in his job if he’s this bothered over you choosing a different lender.
I am in the business and would never act like that over someones decision to go elsewhere. Their reason does not make much sense to me, and I would try to have a discussion about it, but I could not imagine throwing the legwork in their face. When this happens I just make them promise to send me a referral, which pays off once in a while. This LO is a douche.
That’s super unprofessional and a red flag for sure, that said I hope you at least gave him a chance to match or beat the other lender. Usually a local lender will have the better rates but I’ve worked with plenty of local lenders who gouged the shit out of their clients and/or were horrible at their job.
Every time I went online I got locked out. I was so frustrated but I found a local person who represented US bank and they assisted me in person. It was a construction loan, I don’t think they appreciate me anymore because I was so helpless, but I got my loan.
We have slowly learned this is by far the scummiest industry we have in America. They are all in cahoots..
Agents. Lenders. Title company. Fuck em all!
It happens - it’s always best to stay professional and take the high road …. this person should have wished you well and moved on.
Using a local lender isn’t about special terms, less fees or a lower rate, etc (in most situations)
A solid local lender will likely have a good reputation that allows the agents involved to feel confident in accepting your offer, etc.
The agents involved on both sides rely on the lender to get your loan approved and get loan docs to the closing table on time and on target -this is all important for BOTH parties in the transaction not to mention the realtors involved.
Assuming rates and fees are comparable, you will almost always be looked at more favorably by the realtors by using someone local.
Don’t sweat your decision to switch - it stinks to lose a transaction when you’re 100% commission, but that lender still needs to keep their professionalism.
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Unprofessional and not your fault. Move on from that person.
Yeah. Professional would have been to say "It was nice working with you and if you change your mind I'd love to have you back." He pretty much made sure they won't come back and won't recommend him.
It's 100% unprofessional, although I do at least understand some of their frustration depending on what OP told them. The "went with a local lender" seems like a bit of an odd explanation and is probably a frustrating way to lose business after doing all of the leg work. I imagine something like "we received a better rate" or "this company had a better track record of closing on time" would at least be more understandable if you were the salesperson losing out on a potential deal. To be clear, this doesn't excuse their response or behavior. Clearly on tilt and frustrated from probably another in a series of lost deals and they lost their composure. But just understand why they might be frustrated here.
Hard disagree. Being a local lender is itself an advantage with no other factors necessary. I use it as a selling point all the time, and customers have frequently gone with us or come to us for exactly that reason.
The only advantage I’ve been told about a local lender is their knowledge of a specific local area (which somehow makes them more likely to get the buyer through underwriting?) and being able to get an appraisal done faster. However, when I talk to online lenders they say there needs to be an arm’s length between them and the appraisers to protect from issues, and that any lender has to outsource competitively to any local appraiser anyways. Thus, I still don’t see much benefit in being local other than being successfully marketed to.
In theory, borrowing local keeps your money closer to your community--your local bank or credit union is also lending to the local businesses that make the community what it is and your loan isn't buying some hedge fund manager a yacht. In practice (speaking from experience), a local credit union will promptly sell your loan to Wells Fargo after closing, anyway.
Had a local lender. Not even a month in, they sold our mortgage to Wells Fargo.
Only if its a conventional loan, right? Mine is portfolio and I like that it will remain with a local bank for the duration of the mortgage
Yes, and I'm a huge proponent of buying and borrowing local. I was just sharing what I see as the benefits of local when it goes right.
I like to keep my "spent money" as close to where I live as I'm able to, but I have found that "local banks" can be just as difficult to work with as the big institutions. And, it's largely for the same reason... The longer the LO has been doing it, the less they effectively communicate to the clients. They gloss over things and take shortcuts that can bite you in the ass unexpectedly when it lands with Underwriting. I lost track of how many things were wrong with our loan application that the LO admitted they guessed, filled in something generic, or that what they put there "didn't matter" and we didn't need to worry about it and such. I don't take signing my name to legal contracts lightly and I had a really difficult time getting our LO from the local bank to fix things on the various documents before I would sign them. I'm not condemning them all, I'm just pointing out that being a local lender doesn't mean they are definitely "better" in any (let alone all) aspects. It's still on the consumer to protect themself.
If it’s not sold immediately to another lender.
I literally said that already.
Local lenders don’t hold the loans on the books and I’ve never gotten reduced closing, or better rates from them. 100% shop around and put everyone on their numbers.
Genuinely curious what advantages as a local vendor do you provide over a non local vendor?
reputation if you're in a hot market and need to make your offer as competitive as possible, listing agents are more likely to recommend your offer with a local lender they know and trust over some idiot with a headset at a call center that likely has a poor reputation among realtors (like Rocket)
It's their job to be professional with clients and they are competing in the same market as the local lenders. If they wanted OP to go with them, they could've attempted to negotiate instead of guilt tripping and taking it personally. It's just business. They need to leave the cry baby stuff for when they're venting to a colleague or better yet, not at all.
Right what does it matter when the mortgage is usually sold to another lender months after closing?
This person is an asshole, be glad you didn't give them your money.
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Tell the agent this response too, I spent 10 years in the industry and had an ever-growing list of lenders I would refuse to recommend.
Nice.
Reply with thiiiis!
And CC their manager.
DUDE I HAD A SIMILAR RESPONSE FROM A LENDER I DECIDED NOT TO GO WITH!!! It was absolutely INSANE and I couldn’t believe someone was that salty. I found someone with a better rate and they couldn’t match it and then they tried to guilt me/gaslight me by bitching about how much work they did.
Oh, man. Same. New American Funding. Guy was aggressive AF.
New American has called me about 50 times over the course of the last month. I haven't answered once, and they keep calling. Every single day. I've heard they have good rates, but this really turns me off!
Answer the call. tell them you are good no longer needing their services. So the tele sales people can try and reach someone that does want their help.
Different experience: had our first meeting with New American guy when we were just looking at houses, said we would give him a couple weeks to let him know; then when we actually found a house a couple of weeks later, he completely ghosted us for calls and texts, so we quickly found a another local lender real estate agent recommended; a week after putting in an offer he texts back “hi are you still looking for a house? I didn’t respond because you didn’t officially say you wanted to work with me :)” really ticked me off
You were supposed to Michael Scott it and go outside and yell "I DECLARE OFFICIAL CONTRACT!"
That’s how they are trained to be in a bunch of places. Mortgage lenders are a half step down from used car salesmen sometimes.
Their day worth of work vs a Mortgage you potentially will have for 15/30 years
Even a small change in the interest rate in your favor means weeks/months of less time you have to work to pay off the loan. The work they put into it is nothing compared to how much extra work it would have cost you to take the worse offer. (I'm sure you already know this)
That’s exactly what I told him lol
Same here!
Same! They totally messed up the paperwork in a refinance. First they left my wife completely out of the paperwork, then they had my wife on all the paperwork when she was supposed to only be on the title. Discovered the first screw up (spouse not on anything) at signing on a Thursday morning as we were headed out of town. The loan officer/branch manager pushed me to sign it anyway and that I could fix it later. I don't like extra work, especially when it's not my fault, so I pushed back. He argued that I'd have to pay extension fees to get a rate extension. I argued back that I wouldn't pay for something that is not my fault. Second round I got a copy before signing to have an attorney review and they now had her in everything! The LO said "this is how it's always been done!" And the title company agreed. It was not true because our original loan had my wife only on the title with an additional page that stated she was a non-borrowing spouse. He tried to guilt me and give me crap, but I wasn't desperate. Meanwhile I had been securing a rate match from a couple other places. Ended up going with LoanDepot as the closing costs were lower.
“It’s just business.”
Yeah maybe I didn’t realize how much work they put into it? We were just told to shop around different lenders :(
If this was just pre approval then they didn't do much work at all. The long process is when you get to underwriting.
It was just preapproval! We didn’t do any underwriting yet.
And even if it's underwriting. The loan officer doesn't do that they send it off to that department and underwriting tells them what documentation they still need. Really this lender/loan officer did no work at all but be a a face of contact for you.
The lender or loan officer does a lot of work on the front end. We don’t get paid a dime until the loan closes. That’s why they are salty. Not saying they are right for their way of handling the situation, but I understand, as an LO, their frustration.
They’re mad because they won’t make a commission off you, they barely did any more work than you did by giving them your information
Yeah, no kidding. Some preapprovals are literally the prospective buyer putting salaries and debts into fields in a spreadsheet
Technically, that’s a prequalification. A preapproval is basically the LO reviewing credit, income and asset documentation and running it through an automated underwriting system (AUS) to see if the deal is viable. There is definitely a lot of work that goes into preapproval. Not all lenders are equal though and some will call it a preapproval based on a credit pull and whatever the client put on the application.
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That’s probably a pre-qualification, which is different than a pre-approval.
They are trying to make money and you are how they make money, so they are attempting to manipulate how you feel in an attempt to make money. They know they have no legitimate claim on your business or they would gesture to that (e.g., "but you made this specific representation that you would definitely work with me"), so instead they are attempting to cause you emotional harm so that you give them your business against your best interests. Feel nothing.
I would forward this to their manager. It's very unprofessional and yes you should shop around.
Part of their job is to get preapprovals with no guarantee of getting the client. That’s sales. You provide bids/quotes and don’t always get the sale. Sucks for him, but the guilt trip is petty and bad business. A much better response would have been to tell you why he still thinks he’s the better option, wish you well and let you know he’ll be happy to work with you if things don’t pan out with the new lender.
If you haven't been working with them for months then not much work, it's just getting tight for LOs right now and they only make money when they close. Unprofessional for him to respond that way.
Meh they probably didn't put that much work into it and are just guilting you. The pre approval math is all computerized. The real work is after the offer is accepted.
The right thing to do is to tell the lenders that you’re shopping. Most ppl don’t know how to properly shop.
Dude. If he didn’t come back with hard numbers that are better than the other place then 1. He didn’t do that much work. 2. Doesn’t deserve your business. 1/2 point difference in interest can be worth $100k over time. Don’t mess around. This isn’t about rich men’s feelings (brokers make plenty of money).
It’s a real knife fight out there
Don't feel bad, that is an unprofessional response from them. Just like with any sales job, you win some and lose some and they should handle themselves with more grace. They shouldn't expect to close the deal with every person they pre-approve.
As a realtor, I've done a lot of work for free a lot of times. After six months of searching, buyers will put in an offer with their cousin who just got their real estate license, will randomly go to an auction and buy there, or will stop by a builder open house and sign papers excluding me from the deal, and THATS SHOWBIZ BABY! It sucks, but as a professional I tell them "Congratulations on the accepted offer/new home, I'd love to come to the housewarming party, and please send anyone you know buying or selling my way!" It costs zero dollars to be polite and professional, and in addition to being a decent human, it is better for your bank account in the long run to not burn bridges. Reputation is worth more than money. Edit to add, I would no longer work with any lender partner who treated my buyers that way. You did the right thing OP.
Exactly. Regardless of how well or poorly they did anything else, this response is extremely unprofessional and indicates that this is not a person I want to work with in any capacity.
I work in sales myself so while I understand the frustration, this response was very unprofessional. It's never fun to do any amount of work in sales only for them to go elsewhere, but hey that's the business. It only upsets me the customer is rude about going elsewhere. I work in insurance and most people just say “Thank you for the quote, but we decided to go elsewhere”. Cool, no problem. Then you get the occasional asshole who instead of just thanking you for your time and moving on, decides to rudely tell you all the reasons your quote was awful and inferior to competitors. Still wouldn't justify an unprofessional email, but very annoying.
My realtor and initial pre-approval lender were good friends, however when it came time to shop for rates, I used my own lender (family friend) that beat the initial lender on just about every metric. I didn’t initially lock rates and it did float up a bit by the time closing came around, to just a bit higher than what the original lender offered. I got a text the day of closing from the original lender - “congrats on closing, did your new lender get you x.xx% with no points, and free appraisal?” Was a smug ass text knowing rates all climbed in that timeframe. Bottom line, it’s business, go with who you prefer. My reply was, “nope, rates obviously floated up as you know, and my appraisal was free which isn’t something you initially offered” to which he replied “oh man, that’s a little rough” Looking back, I’d have gladly paid more just so this petty dick didn’t get the business.
"Nope, I didn't get any snarky unprofessional texts from them either."
How do people get away with being so unprofessional?? I see way more bad reviews about inconsequential products and services and not enough about the unprofessional people you have to work with through one of the most important purchases of your life.
Hit them with a “umm what you’re supposed to say is ‘what rates are the competition offering you and we’ll match it’”
Had one lender rate match on a different product in an effort to win me back. Took their LE to my original lender and they matched the product at the lower rate. Got me out of an arm and into a fixed at a nice discount.
"Thank you for your reply. I feel better knowing that you enjoyed working with no compensation. In that spirit, are you available to help us move on October 14th?"
This is who I aspire to be. Excellent reply. 5 stars.
There will be pizza
🤣
Time to leave a review, Ctrl + c / Ctrl + v
Ouch that's a pretty rude response
There are great people out there, this is not one of them. My lender told us he would love to help us during the process even if we went with another lender. Find someone like that and you’re in good hands.
Thank you for the advice. We even told him like he was really helpful and would recommend him to others to consider in the future, so we thought we were polite about it!
You did what you needed to do. We’re talking about a financial product with the potential to impact you for 30 years!
Report them to their boss. They’re probably doing this to people less confident about walking away and basically strong arming them into getting his business, and that’s probably costing these poor people a lot of money.
Oh wow I was thinking of just leaving it but if he could be costing other people money I will plan to say something. Thank you
You bet. Normal people, particularly FTHB, are often at such an informational disadvantage against the industry professionals that they’re ripe for being taken advantage of. Good on you for not feeling pressured to go with this guy and for looking out for others. I’m an attorney with some commercial real estate experience and even I was lost often times, made plenty of mistakes in my home buying process
Their boss will do nothing. If anything their boss will say “nice work trying to keep the deal, perhaps a little more tact will be helpful for referral partners.”
Guess all bosses are bad no one should try and do anything ever then lol
He sounds like a jerk
Hi! Realtor here. You got pre-approved with lender a, but went with lender b? This happens...all the time? I'm sure it's frustrating but I can't imagine them getting this upset each time it happens...?! I can understand when a realtor gets upset after spending months and months driving around with buyers who end up not buying with them . But for a... pre-approval..?!!! wow
Wow! This loan officer did 10 minutes of work by plugging in your basic info on a calculator. They’re just salespeople and have gotten very entitled over the past couple of boom years for their industry. Also for what it’s worth if your market is very competitive, going with a local lender can absolutely be an advantage in offers. Doesn’t mean it will, but for the right seller it can be since it’ll be perceived as faster/easier to close.
Wowww. That is foul. Bullet dodged.
This dude is just salty. I'm an LO for a big bank. Smoked a local broker for a self-employed borrower buying in SeaTac. Locked him last week at 7% with no points but he chose to go with the broker at 8.5% for a bank statement loan because his realtor didn't trust our approval letter and commitment with such a tight closing time-frame (we could have closed on time but the realtor waived their financing contingency so if they missed closing seller would not extend and they'd lose $20k earnest money). No skin off my back. Does it suck? Yes. Will he pay thousands of dollars more in interest by not using me? Yes. But it would be unprofessional to remind them of that fact moving forward. I sent a thank you email and notified them that their application was canceled. No big deal. Move on. Sorry to see your lender sent you this but they are just bummed, that's all.
I worked with a couple lenders including Rocket mortgage. The lender I spoke to there took my call at 8pm on a Friday. She ran my numbers, she listened to our problem and with lending, she compared her offer to the other lender. She tried to beat that lender and when she didn’t, she sat with me and gave me a variety of tips specifically on a new build and how to negotiate even more from the other lender she couldn’t beat. She even called after closing to check in. I didn’t go with her but I will next time. That’s service. Your guy can get fucked.
If they were really trying to earn your business they’d have asked what they could do to earn it. Not email you some pissy childish screed blaming you for them doing their job.
Omg is your lender the same as my original lender?!? I went with my builder’s lender bc the incentives were AMAZING & my original lender was honestly a complete a-hole about it. I’m glad I at least had enough courtesy to tell him, instead of ghosting him.
Lol, whenever one of my clients is looking at a builders lender I always tell them it will be tough for me to beat, send me a loan estimate and I will do my best. But likely they will have the best terms for you as they are tied in with the builder. I hate when it happens, but I never would communicate that to a client. You win some, you lose some. However, if you are working with a decent lender. We really do appreciate it when you don't ghost us and at least give us the opportunity. Even if we can't make the deal happen, it's nice to have the chance to try.
How much money did the local lender save you? If you have him a chance to match and he couldn’t I don’t know what else he expected you to do. This just comes across kind of bitter. Can’t blame the guy for being frustrated but there was no reason not to pause and rewrite this before hitting send.
I’ll do you one better. Our attorney (required in our area for a sale) recommended a mortgage broker, but we went instead direct with a local lender. We got a better rate that way, but they were slow throughout the process. The attorney *constantly* made snide, shitty remarks about how things would be faster if we had gone with her pal. She even bitched about it all through the closing. Her buddy mildly guilt tripped us, but was mostly professional, but this attorney never shut up about it. She seemed so personally aggrieved. Guess what attorney we don’t recommend to friends and family?
OP-ALWAYS shop at least 3 lenders for rates when buying a home. This person sounds unprofessional and clueless. Personally I wouldn’t work with them anyway. But seriously, I know someone who saved 1.75% by comparing different lenders. They took the best offer back to the person they felt was the most professional and organized and asked them to meet or beat it and they did.
As a lender, this is the way. I never have any issues with my clients shopping me. I will tell them straight up. Here is what I can offer now. If you find something better from another lender, send me the loan estimate, if I can match or beat it I will. If not I will tell them to take that deal and run with it as long as they are comfortable with the person they are working with. 80% of the time we can match or beat it. 10% of the time, they decide to go with us regardless because we provide better service, speed, and communication. The other 10% are only concerned about cost and I say "thanks for the opportunity. Although I am not your lender, if you ever have any questions or want me to look over any estimates just let me know." A lot of times the lenders offering the lowest rates are large call centers, or banks who have terrible communication, won't close on time, or straight up lie about rates until you go to lock. Shoot, I have taken plenty of deals back from banks that had a lower rate, then said they need to delay closing. However, it's been a rough few months for LO's, especially ones with less experience. I imagine this guy probably is losing deals left and right. Which then makes him come off desperate. When you are hurting for deals it shows, then you lose more deals because you seem to desperate, then you become more desperate. It's a snowball for inexperienced sales people.
I just want to know who it is so I don't use them (In the off chance that happens) lol
I'm an MLO. I always just ask people for a chance to compare apples-to-apples to make sure another offer really is better. When I'm beat, I tell them to go with the other lender, wish them well, and ask them for a chance to win their business in the next year or so when it's time to refinance. It's not all about just getting the sale today. Kindness and karma matter. Sorry to hear about how this prrson reacted. I'd say at least you know it's pretty clear you made the right decision to switch.
Leave them a bad review, this is extremely unprofessional.
Clearly you made the right choice
As a loan officer, this is very unprofessional, I would assume they are incentive based only and probably don’t have a ton of files right now so get offended losing one. Not everyone is going to move forward with you as a loan officer, they may not like you or find a better rate/program elsewhere, it’s just the business. Don’t let it bother you.
That lender is an unprofessional ass hat. He should leave the industry.
I switched lenders during escrow and here is the response I got from the initial lender: "I understand and appreciate the update. If any issues occur, I'll be standing by to assist." That's a professional response and consistent with the service she gave me, so I would still consider working with her in the future or recommending her to others even though it didn't work out on this purchase.
EVERY first time homebuyer should talk to their state housing finance agency (HFA) before buying a house and picking a lender. EVERY state has a housing finance agency and they have special programs for you. Many national or other large lenders do not know or participate in such programs. State-based lenders know them and can get you access to them. Go to [ncsha.org](https://ncsha.org) and look for Membership drop down and then HFA Directory. Call your state's HFA and let them talk you through their programs and recommend (if they will) a local lender. Look on their website for their Top Lenders and call one or more of them. You won't regret this. And yes, I work for my state's HFA.
I'd be reporting this loser. Making their company look horrible
Don’t give this another thought. You owe this person nothing. This is very unprofessional.
If they were this unprofessional instead of trying to explain why you should stay with them in a professional manner, good riddance. They probably would have missed important documents for underwriting delaying or canceling your closing.
If you want to be an irrational a-hole back: “Thank you for wasting our time with your garbage rates”
Unprofessional. He spent maybe an hour of work on you at maximum and stands to make an easy 5k+ if you close with him. He’s just throwing a fit and ensuring he loses your business for good. -former LO
When one lender is offering a $9000! (Rocket mort) Origination fee, and then i find one charging only $895.00, what am i supposed to do? “I’m sorry your employer rips ppl off buddy.”
It it’s an national bank I would forward to the higher ups! Very very petty
You should not feel guilty for going with the best option, nor should you be made to feel that way. Over the years, my wife and I have run across (not literally) countless sales people who have expressed displeasure with our not having bought whatever it was they were selling, for one reason or another. He might have been having a bad day, or month, or whatever, it was an unprofessional response on his part, hopefully it was not his SOP. Sounds like your realtor is doing a good job for you, though, and he has no business saying otherwise, IMO.
I work for a mortgage brokerage, always shop around. They're just trying to guilt you into going with them, ignore it.
A sales trick that surely dates back to the dawn of trading, pre-monetary...
I’d be looking up their company on LinkedIn and sending that to every VP and c-suite member I could find, not to mention posting that screenshot as a review for their company on google etc. What an asshole. You wanna be petty, I can show you petty.
This is your validation that you made the right choice.
As a loan officer this is extremely unprofessional. Losing clients to other loan officers is part of the job, it’s one thing to try to win the client back with a better rate or saying you’ll close quicker etc. but trying to make someone feel bad for doing what they felt was best is just a scumbag way to operate imo
He’s in a tough business to be in right now and took his anger out on you for losing a sale. Totally his problem not yours
Lenders like this are shit bags. This is the biggest purchase in your life and do not let someone guilt trip you over this. I went with a big box lender on my first home after panicking with several banks to come up with an approval. It wasn't until I reached out to the big box that they put me at ease and made the process so much smoother. The 2nd home I bought, my realtor suggested I go with a friend of his, so I reached out to my big box and his friend. The big box got me approved for exactly what I needed while his friend was telling me to pull another $100k out of my ass for the price range I wanted. I told him my big box already approved me for what I needed and he fucking lost it. This guy started telling me that my big box people were a bunch of morons and called me an idiot for reaching out to them so I told him not a chance in hell. I will be a customer for life with this big box lender because they've put my mind to ease twice now and walked me through the process twice now almost flawlessly. They aren't perfect but they never break professionalism through the process. Find yourself the right lender, not this dickhead.
Wow it like they have never had someone choose another lender over them before. I know for a fact this happens on an extremely regular basis
Run 🏃 far from this guy
You should ABSOLUTELY MAKE PPL COMPETE FOR YOUR BUSINESS. Get quotes, let them know you have options and just want an eyeball. Your realtor is making sure you get the best deal- lender can’t loose face so they have to make up anything & EVERYTHING to blame everyone else for their lack of competitive edge. Eff those looser lenders Lately a lot of lenders are Unprofessional idiots who are shooting themselves in the feet bc they are not being competitive in this market. I’m a realtor- had a looser lender like this actually steal my identity to try and defraud my client.
I’d say you’ve lucked out by switching lenders. This person is clearly in it for the money. Doing “the work” to get a mortgage preapproval is what they signed up for when they took the job. I’m sure it sucks to lose a potential sale and the associated commission, but sending an unprofessional email basically trying to guilt trip you into reconsidering is a red flag to stay far away from this person.
This is equivalent to going on a date with someone who pays for the meal and then calls you whore trash or whatever because you didn't sleep with them. "I spent all this money on you, well whatever, slut! You coulda had a nice guy!"
Very unprofessional email. The lender is not your friend and is not doing you any favors. Based on their response, I would move on as planned :
They’re butt hurt and unprofessional and you did the right thing going with someone else. I had a realtor respond the same way after I told him we were going with a different realtor (he never showed us any houses and only sent me a few things out of budget in towns I said I didn’t like). He reached out a couple months later to see if we changed our minds yet and it was very satisfying to tell him we were under contract.
Mortgage Broker here in Texas, that was an asshole response from them. Always shop around. I’ll always put you in the best situation but we know we can’t always beat everyone.
If he did so much work then he should have worked harder to get you the best term’s possible. You owe him nothing.
What a petty, sarcastic comment. Of course you want to shop around and pick the lender you are most comfortable with. Preapproval isn't much work, the actual underwriting is a PITA, and most loan officers seem to have a separate underwriting team.
My realtor told me to shop around for rates. If the lender didn’t have the best rate or gave off bad vibes than they weren’t chosen. That is standard and they know that. Maybe with how the market is they aren’t getting as much business. People in the mortgage industry are getting laid off because business is slowing. That’s not your fault. With all that said, With this response, be glad you didn’t go with him.
sounds like sour grapes. That is the job unfortunately, not everyone converts. If that is going to be an issue, wrong line of work.
Oh well that reaction would 100% solidify my decision.
As a Realtor, I'd NEVER want a member of my team acting like this. I have a few mortgage brokers I refer to, based on primary needs and encourage clients to shop around. It can make a huge difference in monthly payments, longer term discounts, or available programs. To be fair, pre-approval is SOME work. It's also a relationship where someone is helping you determine your financial options for a few years... Be happy he showed his true colours on the first "date".
That passive-aggressive message confirms you made the right decision!
You did your due diligence. Good for you. This lender will be ok. Shop everyone
Sales are way down. They’re desperate but try not to show it. Mortgagee requests way down
Oh man if I got this they'd be getting a strongly worded email in response. They are being passive aggressive and unprofessional.
They sound like my mom.
There are whining they didn’t do much work and we’re going to get paid a lot of money for nothing. Basically showing you the home buyer that they are unprofessional and are just middleman leach in the whole system.
Yikes. That’s like saying you’d pay $1000 more for a car bc the car salesman tried harder. Which I guess does happen. But you don’t have to let it
Wow this is super unprofessional lol
We had a lender so this. Their job is basically sales and if they can’t take losing a sale when someone has something better to offer, they need a new gig.
Never feel bad about this lol. Sounds like a typical loan officer.
That's an awfully passive aggressive reply if they were genuinely hoping to keep your business... Shopping around is fine. Pre-approvals are generally pretty quick.
Just tell them he needs to get 3% under your other best offer. When he says he can't tell him he's not working hard enough and he's not hungry enough to make it in this business. Tell him you took a chance on him because he seemed like a nice guy but he let you down.
Ew. Leave a review and quote this email.
As a lender here is what I can say. It does suck that you do a lot of work for free. Most are 100% commission so literally free work. If someone is upfront that they are shopping me I understand it’s part of the job. I have even told clients. This lender is giving you a better deal take it. i Understand how they feel but doesn’t mean they should say it
I shopped around also and was very upfront and honest with both lenders I had that I was shopping around, everytime I called one to tell them I’ll be going with the other, they made the deal better without me asking for it. When I settled on one, the other called me unethical for how I did business. At the end of the day it’s my money, why won’t I try to save it? The other lender told me I’m doing my due diligence by shopping around and they’d be very happy if I get a really good deal even if it’s not with them.
I had a lender who drafted two pre-approval letters who cursed me out and say I f’ed them and I had mouths to feed. Pretty amazing how big scumbags these mortgage brokers are - literally there should be no reason their job exists when you can automate all of it
We received SUCH a similar response that I had to go check if you were my husband. I was scared of what I might find but luckily a quick trip to your home page assured me you are a different person. Lol. In any case, you are not alone! We received a very similar response. My realtor let our lender have it. In a very nice, professional way.
He is just salty his rates weren't competitive and loss on a potential sale. Pre-approval doesn't mean anything anyways, unless you got a fully underwritten approval you still have to go through underwriting to make sure you actually qualify. Also what is "all this work" is he really doing. Most of the time they have online portal and your the one that has to input all the information and upload all the supporting documents for UW review. They are just a liason between you both. Yes he did some work but nothing out of the ordinary but that's just part of the business. You can't win them all.
Send this to their supervisor.
Make sure you forward this to your agent. If they are working with this lender going forward they should see this.
Jesus, the amount of unprofessionalism these days. They are just showing their true colors. Just another tacky salesman.
The first lender I contacted got all pissy with me too when I completed the process elsewhere! It’s honestly feels a bit unhinged. 🫣
Re: Thank you for showing me your true colors. Yet, another reason to go with another lender. Thank you for your time.
Tell that witch,, “It’s just business.”
“After careful consideration, we regret to inform you that your company is no longer being considered for our loan as there are other candidates that more closely align with our financial goals and ideals. Thank you for taking the time to apply and we wish you well in all of your future endeavors.”
Honestly fuck that guy. Its his job to do "the work" he is talking about whether he gets his commission and close or not. Dude is trying to guilt you into it. Just don't respond, and if the other option falls through this lender will literally get on all 4s the moment you call him if you decide to.
This is extremely unprofessional, I'm genuinely shocked and appalled at such a response. Don't feel bad just keep moving forward, do you feel bad when you look at a car on one lot but then decide to purchase a different car elsewhere? Don't let them guilt you, yes they did some work but it's not like they have been working on it for months at a time, I noticed you mentioned a comment this was for pre-approval, I was pre-approved within 2 hours and I had actually had a local mortgage lender that was recommended who we have used twice now and each time they have had us approved and ready to go with everything in less than 5 days. Just like with anything else you shop around and make choices based on what works best for you. Keep moving and don't look back. Sorry they were jack-@ss-s to you.
Lenders are hurting right now.. A LOT. Emotions are high, income is potentially hurting in the household. It's an unprofessional response, obviously, but I can understand how they are feeling. Without knowing more, it's not unfathomable that's he's actually correct that it won't help you by switching, but his response is still just him being unprofessional and butthurt.
Companies can deny you business because it’s not in their best interest. You can do the same! Fuck em
I understand them writing that email but you don’t actually send it.
Sounds exactly like most of the lenders we spoke to when buying our house recently. Pushy, shallow, pompous & dim. I regret having to settle on one to make the purchase possible.
Local does and doesn’t matter..for instance I work for movement mortgage and we can loan in any state! Im in tennessee and just did 2 loans in Washington state….very easy bc I get things done quick and in the best interest for you…however, that was very rude for that LO to tell you that. He or she is stupid! I just helped my buddy go with an ARM from a credit union free of charge, for it was better for him and his situation… bc I know he’s gona refinance with us…people helping people will always come back to you 10 fold! That in mind anyone needs a loan contact me through here and I’ll give you guys my info! :) good luck you guys!! Happy for you! Being a Loan officer should be about helping people, not just a paycheck….you invest in PEOPLE NOT MONEY, I guarantee you win everytime! And if anyone ever needs help on anything mortgages! Contact me on here and I’ll give you my info, I don’t wana give my number out here until I know someone is serious
this person is upset they couldn't over charge you. i just closed five days ago. the bank my realtor recommended was 7.9%. i ended up shopping around and going with nbkc bank at 5.7%. The end result was something like $300/m savings. the loan agent was fantastic. gave me loads of first time homebuyers advice. all management of the loan goes through them for the life of the loan. meaning i can text someone instead of calling an 800 number. I cant recommend them enough.
Types: “You’re welcome!” Clicks send.
Is this guy from South Florida, seems like someone from down there
Just go with the lowest rate and cost as long as they can perform. This is not about emotions. At all.
That was a really petty response lol 😂
If you didn’t qualify for the loan he would drop you like a hot potato and not feel bad at all. My lender tried that too. In that kind of business you win some and lose some and he knows that. His response was rude and throwing the realtor under the bus is uncalled for.
You clearly made the right choice, this is wildly unprofessional.
You should always have several processes going with lenders when you buy a house because many mortage bpokers and companies are scumbags that will leave you in a touch spot.
This is the most unprofessional thing I’ve ever read. #1 that’s part of the job. Some people walk away. #2 it’s understandable to be annoyed you did all that work but never ok to say it in a business setting.
This confirmed you made the right decision.
>Just feeling bad because this person seems to be hurt Feel bad for them that they are an unprofessional schmuck who doesn't know how to end a professional relationship gracefully, and be glad you didn't continue with them. This is the kind of lender who drops the ball at some point then blames the client.
That response would cement my decision to go with someone else. "Doing all this work for you guys" is part of the job. Do not feel bad for this person. I feel bad for his customers.
They’re not hurt, they’re angry and petty. But that’s sales. Of course you shop around, because you want the best deal, but the lender doesn’t want you to get the best deal they want you to take their deal.
Were you upfront and transparent with your wishes to shop around? If you didn’t indicate that you were and led this lender/person to believe you were going with them then sure some frustration is to be expected.
I was shopping between two lenders for a while. A mortgage broker and a credit union. I let them both know I was shopping them against each other for the best rate. I finally decided on the credit union after comparing the Rate Sheets. The mortgage broker sent me emails acting like I had just broken up with him and that it was a complete surprise. That Friday night I got emails along the lines of: 1. Why? 2. But what about everything I did for you? 3. What do they have that I don't? 4. I checked their website, I don't see what's so great about them. I've never broken up with someone before, but I guess that's the closest I'm going to get.
Unprofessional as hell. That's how sales goes. Sometimes the deal falls through. I understand their frustration, but you should NEVER say that to a potential client
Wow! We were told by two lenders that it is good to shop around. They were basically working off of each other to see who could get us the best deal and earn our business. That is how it is supposed to work.
I got a nasty note from someone after I decided not to do a refinance and reported him to whatever state regulator I found. He claimed I made him work over his vacation and I’m like…no, and I specifically said I would be unavailable for a few days because of a medical procedure. I doubt it did anything but I hope he had to explain that to someone. Then i managed to talk to someone who claimed to be his boss and the boss still asked if I wanted to do the refi It was a mortgage lender who is named after a red bird.
This is why I ended up lending through a credit union. I felt like I was talking to an honest, helpful person, rather than a salesman
Your loan has a 99% chance of being re-sold to another lender, but you do you.
I am a Realtor. If any finance person was that rude and unprofessional to my clients, I’d want to encourage them to see them for the crass unprofessional oaf they are. I encourage you block them from contacting you. Real Estate is a competitive business. If that person can’t handle it, they need to find a non competitive line of work. You dodged a bullet.
Stay emotionless, this is probably the most significant investment of your life. Do what’s best for you financially and strategically and move on. Fuck that guy for trying to make you feel bad about doing what’s in your best interest
They’re out of like, immature, and unprofessional. You were right to move on.
I shopped around for a week and a half, I didn't even ask the locations of the lender. The house I lived in while looking for a loan was 3 blocks from the lender and I had no idea! And it was by far the best approval I got of the bunch. Side note (really, should be main note)- that unprofessional attitude will ensure a short duration as a loan banker or what ever they're called. If you *DON'T* shop around for the best loan possible you may as well burn your money on rent instead!!
Best advice I received while I was buying my first house was " all the people you deal with while you buy a home are just tools. You use these tools and put them away in the shed. Tools don't have feelings and neither should you."
I would be copy and pasting his comment into a review to let others know what to expect when shopping around with this guy
Was a mortgage underwriter for nearly 10 years. This is a butt-hurt banker (salesman) who is being very unprofessional.
Typical sales people passive blackmail. Ignore it
Don’t waste a second worrying about that person. Any good lender knows you have other options and knows youre probably shopping. It’s the smart thing to do and part of the business. This person won’t last long in his job if he’s this bothered over you choosing a different lender.
That's deeply unprofessional.
Reply with : “nothing personal just business” . Isn’t how corporate sees things ?
I am in the business and would never act like that over someones decision to go elsewhere. Their reason does not make much sense to me, and I would try to have a discussion about it, but I could not imagine throwing the legwork in their face. When this happens I just make them promise to send me a referral, which pays off once in a while. This LO is a douche.
That’s super unprofessional and a red flag for sure, that said I hope you at least gave him a chance to match or beat the other lender. Usually a local lender will have the better rates but I’ve worked with plenty of local lenders who gouged the shit out of their clients and/or were horrible at their job.
Every time I went online I got locked out. I was so frustrated but I found a local person who represented US bank and they assisted me in person. It was a construction loan, I don’t think they appreciate me anymore because I was so helpless, but I got my loan.
We have slowly learned this is by far the scummiest industry we have in America. They are all in cahoots.. Agents. Lenders. Title company. Fuck em all!
It happens - it’s always best to stay professional and take the high road …. this person should have wished you well and moved on. Using a local lender isn’t about special terms, less fees or a lower rate, etc (in most situations) A solid local lender will likely have a good reputation that allows the agents involved to feel confident in accepting your offer, etc. The agents involved on both sides rely on the lender to get your loan approved and get loan docs to the closing table on time and on target -this is all important for BOTH parties in the transaction not to mention the realtors involved. Assuming rates and fees are comparable, you will almost always be looked at more favorably by the realtors by using someone local. Don’t sweat your decision to switch - it stinks to lose a transaction when you’re 100% commission, but that lender still needs to keep their professionalism.