Good Example of Customer Service in the Mortgage Business
Paul Karem (yours truly) and my IQ of 17 tried and tried to get the great realtor Kenny Reutlinger to add me to his list of mortgage vendors. I wanted Mr. Reutlinger to give me a shot at financing one of his buyers, and in turn, show him what he was missing out on. It took a year and a half of calling on Mr. Reutlinger’s agency to get a deal. I frequently visited their offices and left my cards all over the place.
One day, I finally got a call back from Mr. Reutlinger.
He gave me the name and contact information of a buyer, as he did as well with 2 other lenders. I got the deal. Then I went to his office and took the buyers loan app. The buyer had horrible credit and did not qualify for the loan.
Now comes the moment of truth.
- Do I try to work this out some way?
- Should I try to repair this guys credit (which might take two months)?
I spent hours weighing out the pros and cons but kept coming back to the old saying, “the truth will set you free.”
I decided to tell the truth.
I called Mr. Reutlinger and said “we can’t do the deal due to credit problems.” Side note: you could say that in those days.
To my surprise, he said “Paul, thank you for giving me the bad news fast.”
Over the next 15 years, I received at least $1 million a year in referrals from his company.
The moral of the story is to tell the customer the truth. Don’t hold up the chain. The
Fred’s, Ned’s, Jed’s and Ted’s are going through the same scenario right now.
Count on it.