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The same is true in our interactions with our employees and colleagues. We must take great care with personal and confidential information. Only then will people believe that we’re looking out for their best interests.
One of the most-unacceptable practices in our industry is disclosing only that information for which a borrower specifically asks. Leaving out important details is equivalent to lying.
For example, we must tell our borrowers every detail they’re going to see on a good-faith estimate before we send it. We should do everything in our power to ensure there are no surprises and allow time for objections. We also should allow time to explain and overcome such concerns. Don’t be afraid to explain the value the customer receives from each charge. These explanations will often lead to a more committed sale.
Being completely honest is always the best policy. Besides, when you always tell the truth, you never have to wonder what you said.
Many people think of honesty and integrity as the same thing. They are, however, somewhat different.
To have integrity, we must be people of character that plays out in our personal and public lives. This means not only being honest to a fault but also always doing the right thing regardless of the outcome.
In our business, this means only offering our customers loans that will help. If we can’t do that, we should tell them as much and look for others we can help.
Ethics also requires a high level of commitment -- to our borrower, to our employer and to our industry. We also should be committed to being the best mortgage professionals possible. To do so, we must provide the advice that best helps the customer, not ourselves.
Our commitment should be to satisfying our clients today and for many years to come.
As mortgage professionals, we must have a sincere desire to make a positive difference in the lives of our customers and of all the people with whom we come in contact. If we sincerely care about our customers’ well-being, it will show.
This is the essence of being successful. If customers sense that we sincerely want to help, they will have a desire to give us business. That sincerity often will keep them loyal, even when someone else offers a slightly better rate.
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Mortgage brokers willing to show the highest level of ethics can position themselves to find success despite the downturn. Together, we can also restore our reputations and the industry’s as a whole.
Dale Vermillion is a prominent industry speaker and founder and CEO of Vermillion Consulting Inc., a consulting and training firm for mortgage professionals. He recently released his first book on mortgage lending, Navigating the Mortgage Maze: The Simple Truth About Financing Your Home. He also founded Mortgage Professionals Providing Hope, a nonprofit organization that aids impoverished children and families in rural India. To learn more, visit www.dalevermillion.com or www.mpph.org, or call (888) VCI-EDGE (824-3343).
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