u/REFlorida

Mortgage brokers/LOs — how are you handling the “What rate are you getting me?” question right out of the gate before even having an application?

I run into this more then I would think for mostly purchase transactions.

Someone calls, and before I know anything about them — credit score, DTI, loan-to-value, property type etc. — they immediately want a rate, fees, APR, closing costs, the whole thing.

My usual response is something along the lines of:
“Rates depend on a combination of factors like credit, down payment, property type, loan type, debt-to-income ratio, etc., so I really need a completed application before I can accurately quote you.”

But a lot of people still keep pushing for a number anyway. Then if you give a rough ballpark, it turns into:
“Another lender said lower.”
“Your rate seems high.”
“What are your fees?”
Etc.

The thing is, I run super lean and I’m not scared of competing on pricing. I just feel like it derails the process immediately before we’ve even established whether they’re qualified or what loan scenario we’re talking about.

So I’m curious:

• How do you guys handle this conversation?
• Do you give a rough range upfront or refuse until you have an app?
• What’s your best rebuttal when someone says “your rate seems high”?
• And realistically… are these just tire-kicker shoppers that you invest minimal time into?

Would genuinely appreciate some insight from people who’ve been doing this longer than me.

thanks for reading his far

What are you quoting for the following

Single-family home (Miami fl)

First timeHome Buyer

803 credit score

855k purchase price

29% DTI

LTV 59% ($500,000 loan amount)

Conventional loan - 5.99% borrower paid with a $1400 cost (delta from box A to box J lender credit)

And $1000 underwriting fee

I’m pricing this at 100 basis points and I’m told I’m too expensive. Is there anyone here even remotely close to this?

So, after talking to a bunch of my account executives—some of them in the top 10, one even in the top 5—why the hell am I out here working seven days a week chasing real estate agents and kissing ass for referrals, when most of them have their weekends off? On the non-QM side they’re making well over a million, and even the govy loan guys in the top 10 are pulling in like $500K to $700K a year.

Why am I wasting my time as a loan officer when I could be fully remote, W-2, making the same or way more, and actually have my weekends back? What am I doing?

Someone please tell me I’m being stupid and that this isn’t the move, because I’m really close to saying screw it and going AE. I know my products as well as—if not better than—them.
(and I made over $300,000 last year so it’s not like I’m not making money but goddamn I don’t want need to be a martyr of sacrifice)

I’m looking for input from people generating solid numbers, not theory.

Right now I hit 5–10 open houses every Saturday and Sunday. Quick drop-ins (i pull numbers from MMI etc. so I make sure the people I’m seeing do a little volume normally 1 to 4 buyside transactions a year which tells me they don’t have a go to person or if they’re using Cross Country Mortgage in my area because they are disgustingly expensive I hit them up hard), short conversations, small gift, think pen/snacks etc. Then I add on social, follow up with a text, and try to set a lunch. Lunch set ups have not been going well.

I’ve been consistent with this for a couple years. It’s built some long-term relationships, but not a ton of fast results. YTD I’m probably somewhere around 30 to 40 loans and the majority of them this year have actually come from people I met at open houses. But some of these people I met three years ago and only sent me a deal in the last six months.

On the flip side, I’ve also sat a bunch of open houses myself (probably ~30 last year), and from a lead gen standpoint it was completely pointless. Mostly for agents who i already know and it Felt more like “if I don’t sit it, someone else will” vs actual opportunity.

I recently saw someone say they call agents during the week, co-host opens with them, then take them to lunch after. Curious if that’s actually working, how do you select who to call and what the follow up is like

For those of you putting up real numbers — what’s your actual open house game plan?

How are you using them (or not using them) to generate business?

What’s your follow-up process that’s actually converting?

Insight greatly appreciated and thank you for reading this far