Weekly Update from Baker and Lindsey, Inc. | Niceville Office

Facing the Giants.  That’s one of my constant challenges.  In my world, the giants are the large national mortgage lenders.  These companies are my nemeses.  Not because they can compete with me on service; in fact it’s quite the opposite as I’ll detail below.  They are my nemeses because they have brand recognition.  They have the pocket depth to out advertise me.  Indeed America has given them bailout funds as they were reeling from the effects of questionable (demonstrated bad) business practices.  And even now, I see commercials with happy people presumably smiling because they had a great experience with one of the Giants.  Guess what?  You can tell an actor to smile and they’ll do it!!

So how do you beat a Giant?  Just like you eat an elephant I suppose – one chunk at a time.  Since May 16th we’ve taken 5 big chunks out of the Giants by closing 5 loans that the Giants either denied or couldn’t get done in time to comply with contracts.  In all cases the customer decided originally to do business with the Giant because they thought “it’s a big company, it will be fine”.  Guess what, big isn’t better in this case!  In fact, big is bad.

I’m guessing that these companies are having such trouble because they’re so busy with refinancing that they don’t have the manpower to provide a respectable level of service to their clients.  Refinances take a long time, and people that are contractually obligated to close on a purchase loan are told “we can’t close a loan within 30 days”.  Ha!  We’ve closed them in 4 hours lately!  You can read about that on my blog by clicking the link on the upper left of this newsletter.  And to make matter worse for the Giants, I see an article today on CNN that says much of the top talent at these organizations is leaving because of the government control.  Makes you wonder what’s to come huh?

If you’ve read my newsletter for long you’ve heard about our “professional approach to mortgage finance”.  Perhaps I’ll take a moment to explain what I mean by using examples of loans we’ve closed since May 16 and contrasting what isn’t a professional approach with what is!  In more than 1 case the Giants had people waiting at a title company literally all day believing they could close “in just 15 minutes” when ultimately it never happened,  that’s not a professional approach.  In 2 cases loans had been denied because the Giant underwriter didn’t like the appraisal or the borrower’s income situation after initially saying it would be fine, that’s not a professional approach.  In 1 other case, the Giant told the buyer they couldn’t close a government loan within 30 days, that’s not a professional approach.  In still another case the Giant sent the widowed borrower a 4 page list of items needed for her loan (written with language only someone in the industry would understand) and told her to contact the VA and get her eligibility straightened out. That’s not a professional approach!  In all of these cases we were able to close the transaction and quite literally save the day.  I encourage you to come by our office and read some of our testimonials, or visit the website and read them there.

Today a buyer told me that he appreciated that I was “more personable” than the Giant and that I was “better able to explain the ins/outs of the different financing options to a new homebuyer like (himself)”.  However, he talked to the Giant first, so to “minimize the paperwork” he decided to stay with the Giant.  That’s what deep pockets will buy I guess.  The advertising to get the first call, but ultimately it doesn’t buy the competent people needed for ensure customers experience a professional approach to mortgage finance.

We’re providing a professional approach to mortgage finance!  How can we help you?


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