Quote over the phone or email?

Question

Do you provide quotes over the phone or in writing via email?

I personally prefer email quote since it gives us time to really look at the deal, underwrite and follow up with questions before committing to a rate/fee structure..

Robin Simon · Answer

Do you think this is an area where it can fully be automated or AI-generated?  I think it will get there where discussing the quote will still need a human post-sending via e-mail or even in an app on the website, but will take some work to get there

Robin Simon · Answer

Oh believe me I know on the inaccuracy of the pricers - its a gift and a curse, its pretty incredible that some of these lenders with so so many resources can't build a properly working / accurate sizer but it creates massive opportunity for those that can! Frustrating in the interim but ultimately a good thing (opportunity)

Erik Estrada · Answer

It really depends on how forthcoming the borrower is. If they are hiding information or leaving out information that's where an actual human will need to take over and really assess the validity of the situation. Maybe over time once the AI starts to learn human mistakes will it be able to spot things right off the bat.

Even the pricers that many lenders have are not entirely accurate.. You still have to check guidelines and make sure there are not any hidden LLPAs or LTV restrictions. By the looks of it, may take a while for the industry to do away with encompass and the old ways and embrace AI fully.

Jules Aton · Answer

Email

Shawn Forrest Crofoot · Answer

If I do a quote on the phone, I always follow it up with an email.  I also make sure to include the exact parameters of the scenario as a CYA measure.

Overall though, I think email is preferable since the details can't just be forgotten or misinterpreted.

Quote over the phone or email?

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