Why is it that the CFPB assumes that if something is bad for lenders it’s good for consumers. Now they are going to publicly post unverified consumer complaints.
Before we get started I have to bring this up. We have a Boomerang Prospecting webinar tomorrow at 10am pacific time. Yesterday someone posted this about Boomerang Prospecting: “Boomerang prospecting….. per their website, $320 a month to call just 100 prospects?? PT Barnum would be proud, although I’m sure there will be a discount at the end of the webinar…” So here is how I will reply. “No there is no discount and yes it’s $320 a month to call 100 of your past clients. That’s like paying someone $320 to call 5 of your past clients every single work day, then when they find someone who wants to start some new business with you or send you a referral, they send you the information and the recording of the conversation. Then after all 100 were called they send you a full report showing you everything that was done, your results and the disposition of every single call. Our alpha testing showed about 5% of the people who were called wanted to have a conversation with the loan officer and of those 5 it resulted in about 2 deals. Now of course it’s much better for you to personally call 5 of your past clients a day, but if you’re not doing this then $320 is a pretty darn good deal to ensure that it’s getting done, fully documented and fully compliant with all laws including Do Not Call laws. So, no discounts and yes $320 a month for 100 contacts. It’s a damn good way to get a couple new deals a month, or….. you can continue to not call your past clients at all. Either way is cool with us.” CLICK HERE to register for tomorrows webinar.
Now on to the show. Can you believe that the CFPB is going to encourage consumers to freely post negative complaints about lenders on their public government website completely unverified? Seriously? That means anybody who’s got an axe to grind can go in there and say things that are NOT true (completely unverified) and throw you and/or your company under the bus. Sure there are some valid complaints to be made, but shouldn’t those be vetted first? Geez, want to hurt your competition? Just make us some fake user information and post negative stuff about them, it’s not verified so there ya go! Anyone can say anything about anyone. It’s like the wild wild west on their site and people can freely start gun-slingning whatever complaints they want. Not fair. This is malicious and slanderous. But who can we complain too? Oh yeah, nobody. Thanks Barny, thanks Chris, that’s really helpful for everyone. Hope you’re proud of the monster you’ve created.
Let us know your thoughts below and have a great day!
Frank and Brian