Feedback Friday – Keller Williams Mortgage Hot Topic

02/23/2018
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Feedback Friday – Keller Williams Mortgage Hot Topic

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12 thoughts on “Feedback Friday – Keller Williams Mortgage Hot Topic”

  1. Daniel says:

    I guess Keller Williams is paving the way to become a major discount real estate brokerage company. No fees, no money, better service- Isn’t that an interesting motto.

    1. Bob says:

      Ahhhh!!!! I recall a country tune preaching the same business plan: “No Shirt, No Shoes, NO PROBLEM”.

  2. Todd Brown says:

    How do I get on your email distribution again?

  3. Sean OToole says:

    The proof is going to be in the service Kwmortgage is going to be able to provide to these clients. Every real estate agent wants the best deal as well as a seamless transaction for their clients. I work for KW and was at Family Reunion and my impression is that they are trying to fight for their clients- us agents. Any way they can make us more competitive and bring value. This is one way and will put us on the level of a redfin agent without it coming out of our pocket. It’s a battle out there for the future if our business, I’m glad they are on our team. Just hope the product works. Also In theory(as presents by kw) the more new business generated from this product gives, the more chances other trusted loan officers have to earn that business as most agents give multiple lending options. Also as far as the disclosure goes, every agent signed up to use the product has to have their clients sign an affiliated business disclosure. In the end the proof will be in the service KW mortgage is able to offer. I’m optimistic.

  4. Paula Jewett says:

    In my opinion the issue with Keller Williams should be considered steering and collusion. Last time I checked, these are both illegal!

  5. Jose Flores says:

    It is just another sales gimmick, pitch, scheme, idea. Bottomline will be whether or not the borrower really can save money. Builders have been doing the exact same thing for years and because they are all set up as Mortgage Bankers like KW Mortgage, none of them ever have to show the ACTUAL profit on the loan. This allows the LO to be a SALESPERSON and leaves the door WIDE OPEN for the buyer to be sold a higher than best rate available to them. Don’t bother commenting about LO comp schedules because most Bankers have additional profit share plans built into the annual comp plan. So will the Borrower REALLY get all that savings that they claim in their marketing, they would NOT save that much if they were competing against my everyday comp schedule, simply because my traditional Mortgage Broker overhead and profit margins are not as exhorbant as a large company like KW. We beat every bank, credit union and mortgage banker we come up against… and when we do the client is not a very happy camper once they see the pricing scheme that was about to be run on them. Just give the borrower a solid breakdown of how rebate works and how a banker is not offering those pricing options and you will empower the borrower to elect their own closing option… which will be the broker as long as you are competitively pricing your loans.

  6. George Hamilton says:

    Have been an independent loan broker since 1983, still doing loans now with a mtg banker who covers ALL the mortgage programs. I forcast huge problems in providing excellent service for trashed/recovering credit to prime credit nationally. A good way to tarnish your reputation. Why attempt to fix what isn’t broken for a few $$$?

  7. Scott Johnson says:

    Re/MAX Mortgage? C21 Mortgage? ERA Mortgage? Name a builder mortgage company? They are all out there or were tried and they all FAIL! Why? relationship, relationship, relationship AND…all the above builder and realtor mortgage companies continue to hire the TURDS of the mortgage industry. They need leads because they have ZERO relationships, they are too lazy to go sell and too stupid to put a good loan file together and even though they suck at all of that they SUCK WORSE AT CUSTOMER SERVICE! So, good luck with KW Mortgage, I’ll be happy to charge full fees when I’m cleaning up your many messes. KW Mortgage is on my radar to become a strong referral source right behind Chase, Wells Fargo and BOA. Thank God the mortgage idiots continue to survive!

    1. SarcasmDetector says:

      While your comments were a bit harsh, you’re right. I know several originators who change companies as often as I change socks and ended up working for in-house mortgage companies. While they’re not bad people, local industry people know they’re basically hacks and cannot survive unless loans are handed to them.

  8. Phil Denfeld says:

    Just remember the old saying, “You get what you pay for!” First of all, running a mortgage company is no small task. Therefore, to just jump in and say you are not going to charge the borrower any fees is simply a sales tactic. To perform the task properly and in compliance costs money! Compliance costs alone in the mortgage industry have risen dramatically over the years. The money to pay all of the costs associated with a loan comes from the money collected in fees (which is frankly a very small amount – maybe $950 – $1200 on average) and it comes from the spread between what rate the lender gets the money for and what rate they lend it to the borrower for. So, where do you think the rates are going to have to be in order to pay the costs of doing the loan? If you think that the rates won’t be higher you are probably wrong. If the rates are not higher, then the loan officers they hire to do the loans will not be able to be paid a market rate for their services and you will therefore be working with less qualified loan officers or those that could not build a reputable business on the open market and need a captive audience to succeed. So one again, you get what you pay for!

  9. Sam Mahshi says:

    Let’s not miss the very important fact that price and value are very two different things. “You get what you pay for” There are reasons people pay more for a product depending on how they are delivered, added value that comes along with it, and these perceived added costs may actually save a consumer tons in the long run. What good is a lowest cost product if you are prescribed the wrong product, bad advice, or, worse a product that fails to meet consumer need.
    I’m the least bit concerned that another mortgage company is opening its doors, no matter who it is….I’ve seen too many companies fail when all they focus on is delivering on price, rather than value.

  10. Casibet says:

    Hello. I’m Jeff

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