THE WORST CLIENTS FOR A MORTGAGE BROKER ARE...

3 Replies

As a Florida Mortgage Broker, I can say that hands down, and other Mortgage Brokers these days will agree, the worst borrowers are:

1. Prior Mortgage Brokers

2. Current and prior Realtors

Why Prior Mortgage Brokers?   Because they have just enough irrelevant and inaccurate knowledge of a time that no longer exists to cause non-stop issues from start to finish...and like a parrot, constantly remind you that they used to be in the business.

Why Realtors?  Besides being the most uncooperative borrowers they have just enough sporadic knowledge about mortgages to cause non-stop issues from start to finish. 

With a few exceptions, you can count on any deal you take on for these two is going to be a 5 times as hard as they argue with you the entire way and saying...."that's not how I used to do it when I was in the business!"

Steve McRory, Lender in FL (#360492)
888-662-4404

I'm pretty sure this is true in any industry. Worst patients are doctors. Worst patrons are waiters/waitresses, etc. etc.

Actually that last one may be the exception that proves the rule. Once you have waited on tables you tend to be a lot more understanding I've found.

This post has been removed.

Originally posted by @Steve McRory :

As a Florida Mortgage Broker, I can say that hands down, and other Mortgage Brokers these days will agree, the worst borrowers are:

1. Prior Mortgage Brokers

2. Current and prior Realtors

Why Prior Mortgage Brokers?   Because they have just enough irrelevant and inaccurate knowledge of a time that no longer exists to cause non-stop issues from start to finish...and like a parrot, constantly remind you that they used to be in the business.

Why Realtors?  Besides being the most uncooperative borrowers they have just enough sporadic knowledge about mortgages to cause non-stop issues from start to finish. 

With a few exceptions, you can count on any deal you take on for these two is going to be a 5 times as hard as they argue with you the entire way and saying...."that's not how I used to do it when I was in the business!"

I held an "open" for one of the houses I was selling on owner financing and had over a 100 couples come through the door over the course of a couple of weeks. I used to be a mortgage broker. So, I know the basics of what they need to qualify for FHA. Lots of them were close to qualifying for FHA (I wasn't accepting FHA, I was selling it owner financing) and I sent them to a mortgage broker who knows his stuff. Very few actually called him. They could have qualified in a mere matter of months if they did the right things. They didn't do those things. It was their (poor) choice.

I still get calls from them asking if I have other "owner financing" houses available. Which, I do. But, they still don't qualify for owner financing because they didn't take my advice and save their money for a down payment. They do have enough for an FHA down but they also didn't do what the broker asked them to do to on the other things so they still don't qualify for FHA.

These to me are the Worst Clients For a Mortgage Broker. They "say" they will do what you tell them, and then they waste your time telling you 6 ways to Sunday why they haven't done the necessary things and yet STILL want a loan.

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