For this week’s update, I thought I’d pass along a little piece of interesting information, basically addressing the “commoditizing” of our industry. My branch manager, Trevor, just spoke about this exact topic yesterday during his presentation and it’s in the papers today! Apparently, the Justice Department filed a lawsuit yesterday (note link to story) against Quicken Loans contending that it made hundreds of improper loans through the Federal Housing Administration (FHA) lending program, costing the agency millions of dollars (The Rob Chrisman Leadership Report, April 24, 2015).
The lesson learned here – use a professional!!! This is why mortgage lenders and realtors are LICENSED!! With the advent of Redfin, Zillow, Quicken Loans and the rest, our industry has been commoditized. We should help the consumer understand the advantage of a professional.
You are all wonderful professional and add a real, tangible value to your clients real estate purchase – never forget that.