It seems that the industry as a whole has shot itself in the foot with mudslinging adverstising tactics. Homebuyers who are not savvy all seem to think that everyone is out to rip them off and paying any kind of closing costs is out of the question. I think the Ditech and E-loan commercials are the worst culprits because they promise impossible loan terms.

I pretty much work only with investors now and its much less stressful for me.

These companies are the biggest bait 'n switchers in our industries and people fall for it everyday. Ever asked a real estate agent what their experience was when a client chose to go to one of those internet lenders and call centers to get their loan? It's pretty alarming. Oh and of course, there are the testimonials you find on the internet like these ones about Diech, Quick Loan Funding and the likes:
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Ditech.com is a bait-n-switch company. Great advertising, but poor service. They do not honor what they tell you. All they want is your social security number and a $500 NON-REFUNDABLE fee. Their loan officers don't have a clue, don't return phone calls, and promise the world!

If you don't understand APR, you better learn FAST before you deal with their bait-n-switch rates.

Their rates are NOT better then everyone else. It comes loaded with fees and points you do not want to pay.

If they are on all TV channels in all markets all day long, who do you think ends up paying for all those expensive commercials. THE CUSTOMERS! How do they get all the customers? They BAIT-N-SWITCH.

DO NOT USE DITECH.COM! I got a much better deal with my local lender, who was honest, and experienced. In the end, I was able to recover the $500 I wasted at Ditech.com within just a few months using a better lender!

John
Atlanta, Georgia
U.S.A.
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We applied to DiTech for a refinance/remodel loan. Tons of paperwork. Had to stay out of work and be home for appraiser (who was not even from the area house is located in). No word from DiTech for several weeks. Called us finally and told us they could not approve our loan until all remodeling was completed and another appraisal done. House did not photograph well! Told DiTech if we had money to finish the remodel, we would not need a loan! DiTech had already contacted our home owner's insurance company weeks earlier and had themselves put as the new loss/payee. Would not have know this except for a note from out insurance agent. Decided to try refinace/remodel loan with local bank. No problems. Closed on a great loan in less than 3 weeks. LISTEN UP PEOPLE - try your local loan companies or banks before letting TV hype influence you.

Donna
Marshville, North Carolina
U.S.A.
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What should have been a speedy refi has turned into a 5 month ordeal! Ditech.com, through inefficiency, ineptitude, and unsurpassed poor communication has cost me thousands of dollars. Consumers beware! Do not do business with ditech.com! They spend all their money on advertising and hire amateurs to complete the transaction. After they took my $500 rate-lock, the processing department left the paperwork in limbo until the rate-lock expired. A second rate lock is within a few days of expiring and still no loan after months of faxing, phoning, and emailing.

Thomas
*******
U.S.A.
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I was previously employed by this company. And I have recorded proof of Quick Loan Funding guaranteeing people that their loans will be approved after the appraisal fee is paid. This company also cheats their employees out of their wages, creates false documents, And offers employees promotions to lie for them in court. A word to the wise do not do business with this company or seek employment with this company. That is if you have any morals . This company does not have any morals.Quick Loan Funding is what one would call SCANLESS.

Holly
Irvine, California
U.S.A.
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Gotta love those ex-employees who spill the beans

Anyways, there are pages and pages of that stuff. If you want to know where they are, just let me know.

can you PM me the info?

i need to learn the objections and how to analyze and expose the bait n switch

Just did.

We spend at least 57.78 hours per funded loan. Read on.

We spend about 3 hours on any individual file depending on it's complexity.

But I'm giving props to Aaron like others. We work over 8 hours a day and the average loan officer closes 3 loans per month (roughly).

Figuring for a 40 hour work week and 52 weeks per year (we work more than that), then that puts us at 57.78 hours per closed loan based on the average of 3 loans per month.

I spend about 5 hours worth of work on a purchase and about 3 on a refi. That's just office work though and doesnt include the other stuff like marketing.

People who do not appreciate their credit enough to be disciplined often do not give anything back. Think about it. Many of them get a chance then mess it up. People do favors and give them loans and they default. You can usually tell right from the beginning whether you will benefit after closing or not.

But, some live and learn and try to get back on track because they start to care about creditors. Those people get that lucky loan and deliver more than any perfect credit borrower.

It is hit and miss..

If you spend more than 3 days placing a loan cut them loose and advise them on credit repair. If they follow your instruction and come back great. If they continue to shop then they really do not care about credit. Let's face it brokers are about the same across the board. Some know more than others and have niche's to get it done. But more than 3 days is too much. Your time would be better invested into marketing for a loan that you know will happen.

Also when you only have 1 lender you better tell your customer. When there is only 1 lender there is a reason. 50/50 chance on closing it. Or you have an AE who over promises and under delivers.