I’m am not entirely sure what made me think that this would be a good idea, but now that i’ve taken the leap I received exactly the response that I anticipated by telling this unflattering story to my database of over 9,000 consumers.
Let me back up for just a second here and shape the battlefield for you.
Business has been absolutely crazy this past month with a surge of files from buyers trying to get in under the wire for the $8,000 federal tax credit.
Our staff is pushing maximum capacity and to top it all off, the rates have significantly dipped in the past couple of weeks.
Now, let me set up this particular situation, share with you how I dealt with it (publicly), then I would like to get your feedback.
Close of escrow is scheduled for May 29th. The borrower is using a CalSTR 80/17 purchase money loan which allows for a free float down if the rates drop during first 45 days of the lock.
Rates dropped and we combed through our pipeline looking for opportunities to “knock the socks off” buyers by making the “I know we’re closing next week and I can lower your rate today” phone call that everyone loves to make.
We had a mix-up, a miscommunication between the loan officer and the processor (processor processess float down) – the result was that we accidentally floated down the rate of a buyer before we called them to communicate the option and the opportunity.
As it turns out – that was a fatal error in the buyer’s mind. The $27 a month savings paled to his concerns about closing his escrow early or on time.
This miscommunication compounded by a plethora of other miscommunications and mistakes by escrow quickly snow balled into a series of emails from the buyer, expressing exactly how he felt about the situation he was thrust into.
These emails were directed to me as the branch manager and “homeownership educator” of the office. I thought long and hard about how to make this a positive experience because it got kind of ugly, which you will see for yourself.
I decided to Read more