My loan officer seemed to turn on me after being required to match another company’s low rate – is there a chance he lost money and/or made nothing for all his hard work on my mortgage?

I closed on a house about five months ago now but this was such a weird aspect of closing that I can’t seem to get it out of my head. So I figured I would toss it out here for discussion.

I went with a reputable local mortgage lender, and my loan officer was excellent for most of the process. Responsive, friendly, hard working. He told me in the beginning that they would match any rate I could find elsewhere, so I took that seriously.

After getting a house, I found a low rate online and asked my loan officer if they could match it. I told him what the rate was and he seemed to not believe me and asked me to send over the loan estimate document as proof. When I did, he eventually called back and said they are unable to match it because it’s a big online company and they can only match other in-state lenders. He seemed dejected or something. He eventually ended the phone call with, “I have to make money too you know…” I then found another local lender offering the same rate as the online one, and again asked my officer to match it because it was not a big online company like he first mentioned.

After much discussion with his bosses behind the scenes, he called back and said they were going to match the rate. But from that point on, he didn’t come across as nearly as friendly, hard-working, or excited about the process. I got the impression that he was not expecting me to come back with a rate that low, and that he somehow missed out on some commission or otherwise didn’t make any money on this deal at all? I’m not really sure how this works but his whole demeanor changed at that point. I don’t really care that much one way or another because they said they’d match any offer and they ended up doing so. So I came out ahead there.

Can anyone give me some industry insight as to what might’ve happened and why he suddenly became so dejected over this?

submitted by /u/DetroitWhat1992
[link] [comments]

I closed on a house about five months ago now but this was such a weird aspect of closing that I can’t seem to get it out of my head. So I figured I would toss it out here for discussion. I went with a reputable local mortgage lender, and my loan officer was excellent for most of the process. Responsive, friendly, hard working. He told me in the beginning that they would match any rate I could find elsewhere, so I took that seriously. After getting a house, I found a low rate online and asked my loan officer if they could match it. I told him what the rate was and he seemed to not believe me and asked me to send over the loan estimate document as proof. When I did, he eventually called back and said they are unable to match it because it’s a big online company and they can only match other in-state lenders. He seemed dejected or something. He eventually ended the phone call with, “I have to make money too you know…” I then found another local lender offering the same rate as the online one, and again asked my officer to match it because it was not a big online company like he first mentioned. After much discussion with his bosses behind the scenes, he called back and said they were going to match the rate. But from that point on, he didn’t come across as nearly as friendly, hard-working, or excited about the process. I got the impression that he was not expecting me to come back with a rate that low, and that he somehow missed out on some commission or otherwise didn’t make any money on this deal at all? I’m not really sure how this works but his whole demeanor changed at that point. I don’t really care that much one way or another because they said they’d match any offer and they ended up doing so. So I came out ahead there. Can anyone give me some industry insight as to what might’ve happened and why he suddenly became so dejected over this? submitted by /u/DetroitWhat1992 [link] [comments]

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