I have already been quoted 4% with no points by a few brokers. Can you beat that???

[Jay Hurst]

I do love getting these emails with ridiculously out of the market rates and terms. Got one today through bigger pockets in fact. Just curious how other originators handle these  type of situations? Of course asking the to show in writing just leads them to disappear which is likely just fine, but just wanted to see if any tactic works on these kinds of borrowers? 

[Patrick Roberts]

If they are someone I actually want to work with, I'll take a few minutes to explain how and why these quotes are misleading and disingenuous. If theyre youre typical "what's your most competitive rate" shopper types, I typically just say that it will be between 5 and 10 and I wont know more without a complete application (which is honestly the truth anyways). 

The shoppers that call wanting a rate quote without putting in an app are doing you the favor of warning you that they will shop you last minute to save $150. These people are not my clients - I get them out of my business as soon as they are identified as shoppers. Shoppers are shopping for someone who will work for free. It's a zero sum game with them- to win, you have to lose. I protect my time by just not playing.