{"id":6681,"date":"2009-01-23T00:30:37","date_gmt":"2009-01-23T07:30:37","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=6681"},"modified":"2009-01-23T00:30:37","modified_gmt":"2009-01-23T07:30:37","slug":"david-bartels-redefines-mortgage-originators-as-borrower-advocates","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6681\/david-bartels-redefines-mortgage-originators-as-borrower-advocates\/","title":{"rendered":"David Bartels Redefines Mortgage Originators as “Borrower Advocates”"},"content":{"rendered":"

I had fun today because\u00a0 I got to hang out with a bunch of mortgage salespeople.\u00a0 I drove up the 5 to Irvine, epicenter of the sub-prime mortgage industry, to see the High Performance Strategies Seminar<\/a>, hosted by David Bartels and Greg Frost.\u00a0 David Bartels is an executive with Loan Magic<\/a> .\u00a0 Greg Frost is America’s first billion dollar originator<\/a>.\u00a0 The cool part about their accomplishments\u00a0 is that they do the right thing.\u00a0 Both are highly-principled salespeople who hustle.<\/p>\n

David impressed me with his definition of our job as a “borrower’s advocate”.\u00a0 He suggested that we would do well to align ourselves squarely with the borrowers.\u00a0 While he never suggested that our lender partners are the enemies, his message was quite clear.\u00a0 Originators need to help borrowers FIRST.\u00a0 Banks are so puckered today that borrowers need a guide to help them interpret loan offerings, argue their case for approval, and secure the best terms possible.\u00a0 When mortgage brokers fully embrace that concept, we will have earned the public’s trust.\u00a0 Here’s David on Mortgage Sales Blog<\/a>:<\/p>\n

For some reason, originators get offended when a potential client wants to know detailed information about the terms of their new loan prior to completing a full application.<\/em><\/p>\n

The mortgage rate question is a buying sign, not a shopping sign.<\/strong><\/em><\/p>\n

They ask about rates because all of the advertising in the news and media leads borrowers to believe that mortgage rates are a consistent means of measuring one broker or banker over another.<\/em><\/p><\/blockquote>\n

In reality, most borrowers have more important criteria for selecting a loan officer to do business with, like whether or not they can trust you.<\/em><\/p>\n

The rate question is basically a qualifier. They\u2019re not shopping rates, they are shopping you. It gives the borrower some insight into you level of transparency and ability to communicate on their terms.<\/em><\/p>\n

How you answer the rate question will ultimately determine your success or failure at earning a borrower\u2019s business.<\/em><\/p>\n

Think about it, if a potential client is willing to speak with you about rates, then they are obviously interested in opening a dialogue about how your mortgage options will impact their financial goals.<\/em><\/p><\/blockquote>\n

What would Read more<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

I had fun today because\u00a0 I got to hang out with a bunch of mortgage salespeople.\u00a0 I drove up the 5 to Irvine, epicenter of the sub-prime mortgage industry, to see the High Performance Strategies Seminar, hosted by David Bartels and Greg Frost.\u00a0 David Bartels is an executive with Loan Magic .\u00a0 Greg Frost is […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-6681","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1622,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1622\/six-daily-disciplines-of-purposeful-advisers\/","url_meta":{"origin":6681,"position":0},"title":"Six Daily Disciplines of Purposeful Advisers","author":"Brian Brady","date":"July 3, 2007","format":false,"excerpt":"The following essay is taken from a lecture by Todd Duncan at the Strategic Equity Summit. Mr. Duncan opened the conference of 3,000 mortgage originators with an electric speech chock full of useful information. Mr. Duncan is an author, a highly sought after speaker, and a business consultant. His company,\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2884,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2884\/zillowcoms-long-awaited-mortgage-lending-service-to-offer-anonymous-customized-loan-quotes-to-consumers-affording-loan-originators-the-opportunity-to-compete-transparently-for-free-mortgage-leads\/","url_meta":{"origin":6681,"position":1},"title":"Zillow.com’s long-awaited mortgage lending service offers anonymous customized loan quotes to consumers, affording loan originators the opportunity to compete transparently for free mortgage leads","author":"Greg Swann","date":"April 2, 2008","format":false,"excerpt":"Seattle-based real estate start-up Zillow.com tonight releases its long-anticipated mortgage lending product. We've known for nearly a month that Zillow's offering would include working loan originators in some fashion. What becomes clear tonight is that Zillow will basically be acting as a hands-off intermediary between mortgage-seeking clients and loan originators.\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11629,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11629\/originator-compensation-overhaul-to-cost-consumers\/","url_meta":{"origin":6681,"position":2},"title":"Originator Compensation Overhaul to Cost Consumers","author":"Brian Brady","date":"March 23, 2010","format":false,"excerpt":"I said\u00a0new legislation would\u00a0benefit mortgage brokers to the detriment of direct lenders.\u00a0 In the comments, I feared something insidious might happen (responding to Wayne Long): WAYNE: \u201cIt is interesting that the new rules benefit the broker vs. the direct lender\u201d BRIAN: It wasn\u2019t by design (which is why I expect\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2716,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2716\/zillow-mortgage-zoriginators-delight-or-bane\/","url_meta":{"origin":6681,"position":3},"title":"Zillow Mortgage: Zoriginators’ Delight or Bane?","author":"Brian Brady","date":"March 7, 2008","format":false,"excerpt":"Greg Swann covered the big Zillow Mortgage announcement so I won't regurgitate the details here.\u00a0 I will weigh in my opinion and speculate about the consumer offering. I share Greg's enthusiasm for an independent originator database.\u00a0 The industry can't get it together and the Federal government may be violating the\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2892,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2892\/zillow-mortgage-marketplace-one-way-transparency-like-a-bad-online-dating-site\/","url_meta":{"origin":6681,"position":4},"title":"Zillow Mortgage Marketplace: One Way Transparency Like A Bad Online Dating Site","author":"Brian Brady","date":"April 4, 2008","format":false,"excerpt":"Zillow Mortgage MarketPlace rang the opening bell and loan requests came flying in the door. I was pleasantly flabbergasted! It's no secret that I'm a Zillow-phile; I believe they are leading the way to transparent loan and real estate transactions. 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This mortgage crisis has seen\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/6681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=6681"}],"version-history":[{"count":9,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/6681\/revisions"}],"predecessor-version":[{"id":6690,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/6681\/revisions\/6690"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=6681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=6681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=6681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}