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The Loan ‘Shopper’ from Hell

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Mortgage Professional America | 20 Mar 2013, 10:38 AM Agree 0
In the lending business, there is a term called a “shopper” to describe a person who is calling every lender in town to find the best deal on a mortgage. Experienced lenders can usually spot a ‘shopper’ a mile away, while more inexperienced lenders are easy prey. Many times a ‘shopper’ will pretend that the lender is their only lender, while he or she is working with half a dozen lenders at the same time.
  • Bryan | | 22 Mar 2013, 03:41 PM Agree 0
    This is why I primarily work with past clients, or direct referrals from them. Both lenders should have pulled their commitment from Jackie, left her out in the cold to start all over, and sent her a bill for their services.
  • CoreyCurwickDutton | | 22 Mar 2013, 04:27 PM Agree 0
    Thanks Bryan. Yes this is the type of behavior that makes a require a borrower to submit a small mortgage commitment fee once they sign off on the letter of intent. We don't charge upfront fees but some lenders do, and this is a good example of why. Thanks for your comment.
  • Hard Money Lenders Directory | | 22 Mar 2013, 10:49 PM Agree 0
    Whoa! I agree with Bryan, she should be left out in the cold because of what she have done to both lenders. Totally a waste of time in dealing with her. I wonder what happened to her mortgage after.
  • CoreyCurwickDutton | | 24 Mar 2013, 11:25 PM Agree 0
    She was able to get a mortgage from the other lender. She got what she wanted.
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