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If you’ve ever worked in a bar, or are an alcoholic, or a mortgage lender or Realtor, you probably know about bitters.If you do there’s only 1 type of bitters it’s the bottle with the oversized, “doesn’t fit” label-Angostura.
I’d like to share a little anecdotal story with you. In 1870 two sons took over the business and decided to rebrand for an upcoming competition. One son redesigned the bottle, the other the label. Neither consulted the other, one handled the label, while the other did the bottle design. But they weren’t on the same page.
150 years later Angostura oversized label is in every bar in the world. So what’s the moral to the story? In marketing, your mistakes and bad ideas can turn out to be good ideas. The only. and I mean only failure in marketing for a Loan officer is not doing it! Your job is not to close, the deal, anyone can do that, it’s to get the deal… and who knows, maybe it starts out with what you think is a bad idea…. That’s not a problem provided you start!
The first installment of our uncommon mortgage lending cents; Senator Liz Warren says the CFPB is rooting out junk fees so Americans keep more money in their pockets.
Wrong!
Did you know mortgage Lenders are actually losing money on a per loan basis? Plenty of blame to go around there but historically lenders “junk fees” are essentially there profit margin. To get rid of them would be to get rid of profits which would get rid of mortgage lending. Not good not charity and not necessary.
You see if you get rid of junk fees in mortgage lending and you may, lenders will be forced to find profits in other areas that are not as easily identifiable as the “junk fees”. You pay, and they are disclosed on your settlement statements and GFE; for example, lenders will, and they do, raise your interest rate to generate a higher premium on that loan, as a means of making profits. That means Americans will not save money as senator Warren says, but rather you get to finance the fees and simply pay them over 30 year, with interest of course.
If you have any uncommon mortgage “cents” ideas…. Let’s get you on video! Let’s share it with our collective peers; if you are shy, share the idea and we’ll make it happen!
Have a great day!