Every loan officer has been there – on the brink of losing a deal that you’ve poured your heart and soul into. The stress, the uncertainty, and the feeling that all your hard work might slip away can be overwhelming. But then, there’s that sweet, sweet save that makes it all worthwhile.
The Story: My Recent Sweet Save
Just a couple of days ago, I found myself in a situation that could have ended disastrously. We were working on a fast-close loan with short contingency dates, putting in the effort to make sure everything went smoothly. Out of nowhere, I discovered my borrower was shopping around for better rates. Another lender had come into the picture, offering a slightly better deal and making my life miserable.
The real kicker? The difference in rates and price was negligible, something I could easily match. But here I was, in a race to the bottom, scrambling to keep the deal. I knew I had to step in and fight for it. I had to get tough with the borrowers, explaining that I’d have to pull the plug until we resolved the issue. It wasn’t fun, and it was nerve-wracking for everyone involved.
But in the end, I won. The feeling of potentially losing the deal was terrible, but the victory was incredibly sweet. It wasn’t just a win for me but also a huge relief for all the realtors involved, who knew they could trust me to get the job done.
The Counter: Confirming Commitment
In hindsight, I realized that the borrowers had initially come to me for a pre-approval letter over the weekend because they couldn’t reach the other lender. Steve Kyles always reminds us to “get the commitment” from the borrowers by asking, “Is there anything that would prevent me from being your lender?” Reaffirming this commitment before issuing any pre-approval letters, especially on weekends, can save us from working for nothing. Had I known they were talking to another lender, I wouldn’t have issued the letter until the shopping issue was resolved.
The Moral of the Story: Fight to the End
The moral here is clear: even when it seems like you might lose a deal, fight for it until the end. It’s not always fun, but if you’re victorious, the satisfaction and relief are immense. And remember, when we’re in these situations, we’re not just fighting for ourselves – we’re fighting for our realtor partners as well.
Action Steps:
- Stay Vigilant: Always keep an eye on your deals. Regular check-ins can help you spot potential issues early.
- Communicate Clearly: If you suspect a borrower is shopping around, address it head-on. Clear, honest communication can often resolve issues before they escalate.
- Confirm Commitment: Before issuing pre-approval letters, especially on weekends, ensure the borrower is committed to working with you.
- Know Your Worth: Understand that sometimes you need to stand firm and fight for what you’ve worked hard for. It’s about knowing your value and conveying that to your clients.
- Support Your Team: Remember, you’re not alone in this. Your success is tied to the success of your realtor partners. Fight for them as you would for yourself.
The next time you find yourself in a tough spot, remember the sweet save. It’s worth the fight.
Let’s get out there and make today a great day!