1. Interest Rate Related:
Julie Miller Duffy Gilligan Brian Sacks
David Jaffe Doug Grothjan Steve Peterson
A. Question #1: “Jimmy Uptight, a client calls you. He’s upset. Very upset. Jimmy took your advice and locked his jumbo loan at 7.75%, 1 point total, on a 45-day lock. He is scheduled to settle in 14 days. His neighbor just bought a house too. He locked in yesterday at 7.25%, 1 point for 45 days. They’ve been talking, and his neighbor said to call you and demand the same rate, or he’ll fix you up with his LO.
QUESTION: What would be your approach to an obviously difficult situation, understanding that there is no one ‘best’ answer?
- Marc Ayard John Gibbons Pat Sheplee
- Chad Loube
B. Question #2: A Realtor whom you have a promising relationship called you into her office. She had a fully qualified prospect that just came into town. You were there to ‘lock up the deal’. You did, but inadvertently made a significant error in the terms of the particular product you locked them in for [it seems there was a significant pre-payment penalty if they paid off the loan within three years. You failed to mention this to Captain Jones, who clearly mentioned that he would probably be transferred within 3-4 years]. To make matters worse, two weeks have elapsed before your processor brought it to your attention.
QUESTION: Understanding no one answer may carry a 100% satisfactory solution, just how would you handle this situation?
2. Realtor Related:
Julie Miller Scott Gannon Brian Sacks
Ed Naworol Rod Flowers
A. Question #1: Foster and Williams Real Estate have a significant presence in your area with over 15 offices. They have a mortgage subsidiary to boot and place their own LO’s in most of the larger offices…one being your best target. They have a not-so-subtle ‘closed-door policy’. They’ll let you drop your rate sheet up front, but who even knows where that’s going to end up!
QUESTION: What would be your approach to target their 4 top Realtors?
Darran Anthony Dennis Duncan Brian Sacks
Ed Naworol Rod Flowers Doug Grathjan Sue Woodard
B. Question #2: Samantha is a relatively new LO who is concentrating on developing Realtor business. Things look promising and she’s pretty happy with the way things are going. Well, almost. She has received a few loans from the number three volume agent in a 20-agent office in downtown New York. Did an excellent job on every loan. The problem: this agent’s personality just rubs her the wrong way. In every respect. Too demanding. Calls at night after a few too many glasses of vino; political theories that would make Mussolini look like a Communist. But boy, those deals r-a-comin! Oops! Forgot to tell you the obvious for someone who is new: money is important to this single mother of two children.
QUESTION: You have been through situations like this before. The bottom line issue is whether or how to work with Realtors that are difficult. You respect the situation she is in and would like to offer her the following advice in a constructive manner:
Darran Anthony Jeff Lake Dennis Duncan
Duffy Gilligan Lenny Gordon Dave Baca Sue Woodard
C. Question #3: You are an experienced LO [Thelma] who attends most of your settlements. You met a top Realtor ‘on the other side of the table’ at a settlement a month ago. Never asked her who the missing LO was. Everything went just ‘ducky’. Had a few drinks with her and her clients afterward (you were invited). She’s now calling you for quotes and some pre-qual’s. Business is definitely headed your way. Problem is that another LO [Johnny] in your office gets most if not all of her business. You have an excellent working relationship with Johnny too. He’s figured it out however, and temperatures are ‘heading North’…fast.
QUESTION: You have seen many similar situations over the years where the issue enters a gray zone. After all, there is the very real possibility that this Realtor is sincerely dissatisfied with Johnny’s performance. What advice would you offer Thelma if she asked you?
Jennifer Layman Patty Zerbst
Chris Moran Drew Kemp
D. Question #4: The question today revolves around “badmouthing”. This may never have happened to you, but ask around and you’ll find it is not as unusual as one might think. Phyllis is a very professional originator for a small brokerage firm in Memphis. Excellent reputation…firm and her. She was given a particularly difficult Jumbo loan. She did an excellent job from her end, but during submission the small wholesaler decided that it was now “not their cup of tea”. So they jammed Phyllis and the loan headed south. She found another lender who would do the loan quickly but at a much higher much higher price. Deal gets done, but a lot of anger all around. The Realtor knows it’s not your company’s fault (you included!). Next time you attend a Realtor breakfast, you hear from two agents that you are being ‘badmouthed’ within this large office.
QUESTION: You are Phyllis’s BM. How would you fix it? Can it indeed be fixed?
3. Misquoted Rate/Points:
- Julie Miller Scott Gannon Bonnie Doran Duffy Gilligan
- Lenny Gordon Dava Baca Sue Woodard
A. Question #1: Ever hear of the famous movie with Spencer Tracy called Bad Day at Black Rock? Something like that just happened to you. You made an honest mistake. Really. Quoted a full 3/8ths percent lower than the market to a Realtor’s client. She’s a good Realtor client herself…not your top one, but one you work well with and would like to maintain a relationship.
QUESTION: Without reading too deeply into the scenario, what do you think would be your approach to handling this problem [if indeed you think there is one]?
4. Office Related:
- Scott Gannon Darran Anthony Mark Stamm
- Jamie Wetzelberger Bonnie Doran Dave Baca
A. Question #1: You’re a LO who shares a processor with two other LO’s. The processor (Julia) is excellent, conscientious…. and working in a pretty tight labor market. Everything seems to be in harmony. Well, at least until happy hour at Tommy’s Irish pub last night. Tommy’s is a local hangout for the mortgage industry. You overhear a convincing conversation that Julia is ‘looking’. Money is the sole issue. Whatever the truth of the matter, Julia feels she is underpaid. Truth: she is paid right in the ballpark.
QUESTION: Let’s assume you want for Julia to stay. How would you approach this problem, understanding that there is no one right answer?
5. CONDO Related:
- Malcolm Hollensteiner Mark Stamm Jamie Wetzelberger
- Rod Flowers Steve Petersen Frank Donnelly Ed Dean
A. Question #1: Helen is an experienced LO in an area with a substantial amount of CONDO development…’conversions’ and ‘new’. She sees this as a new target-of-opportunity even though she has no direct experience. She has time-blocked significant periods for the whole month to learn from the ground up. Problem is, she hasn’t a clue how to start. “Hey, what’s a ’1028′, anyway”?
QUESTION: As someone with significant condo experience, what would you specifically recommend to Helen for starters?
6. Builder Related (non-CONDO):
- Mark Stamm Jamie Wetzelberger Bonnie Doran
- Bill McHugh Ed Naworol Doug Grothjan Ed Dean
A. Question #1: Tommy is an experienced LO in the Washington DC metropolitan area where he concentrates almost exclusively on about 12 top producing Realtors. Problem is, 2 plan to move out of the area and 3 are retiring later this year. Perhaps a good time for Tommy to both diversify and develop Builder new subdivision business.
QUESTION: As someone with extensive Builder experience, what would be your two top priorities if you were in Tommy’s place?
- Jennifer Blessing Ed Naworol
- Annette Walter John Pettit
B. Question #2: You have enjoyed the fruits of a medium-sized builder for over 7 years. No problems whatsover. Yesterday you noticed an article in the Wall Street Journal that said a similar sized Builder had reached an ‘agreement in principal’ to purchase both your Builder and another similarly-sized one in your market area. You figure the deal will close within 90-120 days.
QUESTION: What would you do to both maintain and even possibly grow this account? Remember, ‘time is of the essence’ in this situation!?
7. Developing Affinity Business:
- Malcolm Hollensteiner David Jaffe Lenny Gordon
- Dave Baca Sue Woodard Frank Donnelly
A. Question #1: Elsa Doolittle (no pun intended) is an experienced LO who would like to move her business up-to-the-next-level. She is having a friendly chat with a cross-town LO from a rival company who goes on-n-on about his “Annuity Income” derived solely from Attorney referrals. Elsa comes into work the next day on fire…determined to get a slice of that pie!
QUESTION: You have extensive experience in that field and know the hazards of being unprepared. What 2 or 3 pearls of wisdom would you throw her way?
- Kristine Bredeau Mimi Kelly
- Joe Collis Patti Zerbst
B. Question #2: Your manager calls and leaves a voice mail on your answering machine at 5 PM last Friday. She says “Julia, your production the last 6 months seems to be slipping for reasons we already discussed. I just had a brilliant idea! I want you to start allocating some of your time to one of three affinity groups: Lawyers, Financial Planners or Stockbrokers. Have a plan of action to me in 7 days and we’ll discuss. Thanks George.”
QUESTION: Give us an idea of how you’d think it through to select one of the three (knowing nothing more than what I just told your).
8. LO Related:
- Malcolm Hollensteiner Duffy Gilligan Jeff Lake
- David Jaffe Lenny Gordon Sue Woodard
A. Question #1: The subject is mentoring. Philip has been a LO for about 3 months. Bright, pleasant personality who is liked by his fellow workers…yet, ‘working hard’ but not ‘working smart’. Truthfully, he seems to be floundering. There are two other top producers in his Branch who would make great mentors, but they seem standoffish and often give an air of looking ‘too busy’. Yet they represent potential salvation!
QUESTION: You’ve been around and seen this situation before and you think you have 2 or 3 suggestions that would be helpful. Let’s hear ‘em!
- Terry Healy Annette Walter
- Shawn Eckley Steve Wisniewski
B. Question #2: This question is really written to elicit some ideas on how to help one another cope when things just are not going right. Sally Williams has been a self-taught LO for about 5 years. She was doing well in an office full of ‘big producers’. Then came an ugly divorce; a teen who’s having some serious ‘issues’ for her age and her best friend was just diagnosed with breast cancer. In short, she is really ‘down’ in more ways than one.
QUESTION: You are one of those ‘big producers’ who knows her reasonably well and would like to help. Any ideas?
9. Branch Manager Related:
Craig Vecchiola Bill McHugh Jeff Lake
Steve Peterson Frank Donnelly Ed Dean
A. Question #1: Sally is an experienced LO whose volume has increased by 50% each of the last 4 years. She was unhappy with the support her company gave her however. After some intense wooing by rival company executives, she made the leap two months ago. She is receiving great internal support from everyone but her new Branch manager. She feels like there’s a chill in the air. Thomas, her BM, seems to spend all his time with the old timers. All she gets from him in the morning is a friendly “Hello”. She’s not making this up. Furthermore, she’d like to stay…everyone’s great but him. Hey, who knew!
QUESTION: You’ve seen this happen more than once before, and you have some specific advice for her. Let’s have it.
10. Processor Related:
Malcolm Hollensteiner Bill McHugh Duffy Gilligan
Dava Baca Frank Donnelly Ed Dean
A. Question #1: You are one of three LO’s who share a processor. She is excellent but carries a pretty heavy load. All three of you get along fine. There is a fly in the ointment however: even though you treat her well professionally, it now obvious to you that she plays favorites and you are not getting equitable treatment. You have never experienced something like this before and need advice.
QUESTION: Everyone seems to run into something like this in his or her career. The issue is how to solve this to everyone’s satisfaction without creating lingering ‘feelings’. What is your advice?