Written By: Karen Deis
How would you like to STOP the practice of other mortgage companies contacting your past clients (with letters, emails and even phone calls) once you have closed their loan?
In the mortgage industry, there is a big debate going on about who "owns the customer". Your investor says that they own the customer because they "paid" you (the SRP) to originate the loan and sell it to them. The loan originator says that they own the customer because they spent their marketing dollars to find them in the first place. And the loan officer who works for a mortgage bank is usually discouraged from refinancing the client again because their servicing department says they own the client now and does not want to pay the loan officer a commission to refinance again (loan officers who work for bankers usually have reduced commission when refinancing a previous customer).
FACT: Credit bureaus SELL mortgage data to OTHER mortgage companies who are willing to pay big bucks for that information. And, it's perfectly legal for them to do so. It's one of the ways mortgage companies generate refinance leads.
Do you want to stop other mortgage companies from contacting your clients?
Then have them sign a Credit Bureau Opt-Out form.
Here's how it works:
(Subscribers can download the form for their clients at the end of this article.)
