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UBER Review Phenomenon

by  | VA LOAN LENDING
Posted:     Updated: Apr 30, 2019  17:01 ET
 
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Ok before I begin, let's be straight about one thing. I'm not certain there is actually an UBER review phenomenon. In fact, I haven't even done enough research into whether the exchange of star ratings that seems to have helped make UBER a successful alternative taxi service can indeed be classified as a "phenomenon". Common sense tells me though, if it's not, it should be.

I tagged this post under ""lending", so if you're reading this under that category, you're probably asking how the heck this has anything to do with financial services.

How often have you worked with or been associated with someone that seemed to create more obstacles than pathways? It makes things more difficult doesn't it? Of course it does. Relationships and everything associated with the relationship, whether it be business or personal, becomes exponentially more difficult with each and every obstacle that's created.

Now imagine that same person getting or losing money based on a legitimate review given for their actions. Lenders would treat customers better, realtors would treat lenders better, builders would stop bullying their customers into bad loans. The list is endless.

But what about the false reviews? This brings up a good point. I get 99% of my business from VA LOAN LENDING where I have promised to not only waive veteran's origination fees but I legitimately try to give back to my customers in service, and lower overall cost and lower rates. I don't remember when I've gotten anything less than 5 stars from my customers. Some realtors on the other hand are another story.

A good example:

I had a couple that I had worked with earlier this year (2019) when they were looking for VA closing cost assistance. Unfortunately they weren't eligible for either the loan or the closing cost grant. The wife had 528 credit. I ran a credit analysis and found that I would be able to help them when they came into some money in the next 2 months.

Fast forward one month...

I get a call on my cell right before dinner. The couple had entered into a contract to buy a home and somehow had a prequalification from a lender even though there was absolutely no possible way they could legitimately purchase that house at that point in time. They still didn't have the money they needed to improve their credit nor did they have enough money to cover the closing cost.

I"m going to shoot to the end of this story to save some time...

I was able to rescore the wife's credit from 528 to 604, originate the loan, have a VA APPRAISAL completed, loan approval and close the loan in less than 3 weeks. All of that and the loan was not only closed on time but early!

Most might find that completely impossible and yet, I get a 4 star rating from the listing agent because I didn't call to introduce myself right when the loan started...the same listing agent that did nothing but create obstacles towards the end by getting my customer's worried about switching lenders, which was the exact reason I didn't call to introduce myself in the beginning.

So, would a review exchange work in the mortgage business? Hard to say. Would that realtor have given me a 5 star review knowing he would have received a lower one from me? Or would he have worked harder to help the process along knowing a review could cost him literally tens of thousands of dollars each year?

I know there are plenty of sites that provide reviews on lenders. I just think we need a solution to keep others in check as well. There would be much less obstacles than paths I'm certain.

Topics: Residential customer service | Residential lending
More by: Bruce Glassinger

 

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UBER Review Phenomenon

by Bruce Glassinger | VA LOAN LENDING
Posted: Apr 30, 2019  17:01 ET    Updated: Apr 30, 2019  17:01 ET

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