Comments on: Beware of the Salesman! http://blownmortgage.com/2007/12/06/beware-of-the-salesman/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sun, 08 Nov 2009 16:51:22 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Robert D. Ashby http://blownmortgage.com/2007/12/06/beware-of-the-salesman/comment-page-1/#comment-7696 Robert D. Ashby Thu, 06 Dec 2007 21:32:08 +0000 http://blownmortgage.com/2007/12/06/beware-of-the-salesman/#comment-7696 Ricardo, Excellent job with this one. I do carry the CMPS designation and enjoyed the training, but it only goes so far. The real proof, as you stated, is "in the pudding" and I say that a lot. I tell people to not take my word for it and do their research to find the right professional out there as many do not carry designations, but are still worthy of your business. Again, well stated. Ricardo,

Excellent job with this one. I do carry the CMPS designation and enjoyed the training, but it only goes so far. The real proof, as you stated, is “in the pudding” and I say that a lot. I tell people to not take my word for it and do their research to find the right professional out there as many do not carry designations, but are still worthy of your business. Again, well stated.

]]> By: Atlanta New Homes http://blownmortgage.com/2007/12/06/beware-of-the-salesman/comment-page-1/#comment-7690 Atlanta New Homes Thu, 06 Dec 2007 20:23:17 +0000 http://blownmortgage.com/2007/12/06/beware-of-the-salesman/#comment-7690 Great comment Straight Digs. You took the words right out of my mouth. Great comment Straight Digs. You took the words right out of my mouth.

]]> By: Straight Digs http://blownmortgage.com/2007/12/06/beware-of-the-salesman/comment-page-1/#comment-7685 Straight Digs Thu, 06 Dec 2007 19:03:09 +0000 http://blownmortgage.com/2007/12/06/beware-of-the-salesman/#comment-7685 Thank you for suggesting to get a recommendation from your Realtor. I can't tell you the number of times I have tried to recommend lenders to clients who want to use family or a friend or whomever is offering the "best rate." When times get tough at closing, it is almost always too late to change lenders. Also, I recommend to my clients to talk to three lenders, at least one of which is a bank and at least one of which is a broker. If you talk to more than one, your bs detector gets ratcheted up a notch. Thank you for suggesting to get a recommendation from your Realtor. I can’t tell you the number of times I have tried to recommend lenders to clients who want to use family or a friend or whomever is offering the “best rate.” When times get tough at closing, it is almost always too late to change lenders.

Also, I recommend to my clients to talk to three lenders, at least one of which is a bank and at least one of which is a broker. If you talk to more than one, your bs detector gets ratcheted up a notch.

]]> By: The Mortgage Guy http://blownmortgage.com/2007/12/06/beware-of-the-salesman/comment-page-1/#comment-7670 The Mortgage Guy Thu, 06 Dec 2007 14:03:31 +0000 http://blownmortgage.com/2007/12/06/beware-of-the-salesman/#comment-7670 Mortgage originators do not have a true fiduciary responsibility to the borrower. The relationship is transactional, not one based on ongoing advise built upon a thorough understanding of the client and financial world. I'm a former CFP, I know the difference. In fact, one of my client disclosures clearly states that I am not acting as a fiduciary. This in spite of the fact I am very capable of doing so. This does not relieve me of my responsibility to make appropriate product recommendations and doing the "right" things with regard to the client. However, it is not a fiduciary relationship. I do agree with the assessment of not putting too much stock into designations and presentation glitz. Nor does the size of the lending institution really matter. What really matters and what it all boils down to are the people you work with. A business relationship and satisfaction with any company boils down to the people you ultimately work with. Mortgage originators do not have a true fiduciary responsibility to the borrower. The relationship is transactional, not one based on ongoing advise built upon a thorough understanding of the client and financial world.

I’m a former CFP, I know the difference. In fact, one of my client disclosures clearly states that I am not acting as a fiduciary. This in spite of the fact I am very capable of doing so.

This does not relieve me of my responsibility to make appropriate product recommendations and doing the “right” things with regard to the client. However, it is not a fiduciary relationship.

I do agree with the assessment of not putting too much stock into designations and presentation glitz. Nor does the size of the lending institution really matter. What really matters and what it all boils down to are the people you work with. A business relationship and satisfaction with any company boils down to the people you ultimately work with.

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