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The Bait And Switch Still Happens

Posted on May 11 By Justin McHood

Consumers are on alert when they talk with mortgage loan officers more than I have seen in recent years. All over the news, people are being bombarded with stories about how people are being foreclosed on all because some unethical mortgage loan officer put them in a bad loan and now they can't afford their payments.

And in some strange way of thinking, people seem to gravitate toward the bigger lenders thinking that there is no way that anyone from would be able to do something that would be considered bad.

Wrong.

Heck, I see it happen all the time. As recently as yesterday. The simple case highlights:

Lady came to me wanting a mortgage and I quoted her a 5.125% rate.

She said that Wells Fargo quoted her a 4.875% rate and so she decided that we were too high and trying to "rip her off".

Realtor just emailed me this exact email: You will be happy to know who decided to go with Wells because their 4.875 was better than your 5.125 just closed... 5.25 (DOH)

So they promised a 4.875% and she ended up getting a 5.25% rate - worse than the actual 5.125% that I could have delivered?

Yes.

I see it all the time. At least once a week. Someone promising something they can't deliver.

I wonder how she feels about Wells Fargo now?

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