Every now and then you may have a client who feels the need to YELL at you! In my years in the Mortgage Business, I've handled this many ways.
This is how my friends at LTB recommend handling these situations.
Tips for Handling Disgruntled Clients
The only constant in the financial markets is change, a concept that can sometimes scare, confuse, and even anger some of our clients and associates. And, while we may have no control over certain delays and hiccups in our transactions due to these changes, we can control how we react to the frustration of our clients.
The following are three basic steps to consider when dealing with an upset or angry client. Utilize these steps to salvage your relationships.
Step One: Listen, and take careful notes.
Allow your client to vent all of his or her frustrations without interruption. By being the shoulder they can cry on, you have a much better chance of diffusing the situation and preserving the relationship.
Step Two: Take responsibility.
Whether it's your fault or not, take responsibility and apologize for the frustration he or she is experiencing. Don't make excuses! If nothing else, this action takes away any further arguments that they might have had on the subject.
Step Three: Provide solutions.
How are you going to remedy the situation and make things right? Can you make things right? Be prepared to answer these questions and, more importantly, be prepared to provide actual solutions that make sense for everyone.
One of the biggest mistakes professionals make in this situation is attempting to defend or even argue his or her case. Almost always misperceived, this type of communication only makes things worse, creating conflict that puts others on guard or makes them even more upset than they were to begin with.
By utilizing these basic steps, it's possible, in most situations, to avoid a nasty confrontation and achieve a positive outcome for everyone involved.
Here's to Happy Clients!
Tuesday, August 4, 2009
Monday, August 3, 2009
Salem, Oregon Mortgage Changes
Good Monday morning to you all. I can't believe it's August already! every Monday, I'll post Mortgage Rates for the Salem, Willamette Valley area.
Homebuyer Protection Alert!
Recent Federal legislation can impact your closing date. When completing your Purchase Agreement, even if you are prepared to move forward and close quickly, a more conservative timeframe of at least 30-45 days from the time of the contract acceptance would be a more realistic expectation at this time.Listed below is information on legislation that stand to impact your closing date, and a few bullet points that explain the reasoning behind and effects of each measure.
HERA: Housing and Economic Recovery ActHERA was designed to ensure that the borrower(s) involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate or APR) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance.
Under HERA:
No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.
Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.
Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.
Mortgage Interest Rates*
Rates as of Monday, 3rd August, 2009:
30-Yr. Fixed 5.125% Rate (5.297% APR)
15-Yr. Fixed 4.625% Rate (4.789% APR)
VA -Zero Down 5.375% Rate (5.588% APR)
FHA 30 year-3.5% Down 5.125% Rate (5.299% APR)
USDA-Zero Down 5.50% Rate (5.710% APR)
*Rates are subject to change due to market fluctuations and borrower's eligibility.
ML137
Homebuyer Protection Alert!
Recent Federal legislation can impact your closing date. When completing your Purchase Agreement, even if you are prepared to move forward and close quickly, a more conservative timeframe of at least 30-45 days from the time of the contract acceptance would be a more realistic expectation at this time.Listed below is information on legislation that stand to impact your closing date, and a few bullet points that explain the reasoning behind and effects of each measure.
HERA: Housing and Economic Recovery ActHERA was designed to ensure that the borrower(s) involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate or APR) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance.
Under HERA:
No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.
Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.
Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.
Mortgage Interest Rates*
Rates as of Monday, 3rd August, 2009:
30-Yr. Fixed 5.125% Rate (5.297% APR)
15-Yr. Fixed 4.625% Rate (4.789% APR)
VA -Zero Down 5.375% Rate (5.588% APR)
FHA 30 year-3.5% Down 5.125% Rate (5.299% APR)
USDA-Zero Down 5.50% Rate (5.710% APR)
*Rates are subject to change due to market fluctuations and borrower's eligibility.
ML137
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