“I work my butt off for these clients,” Welch told Mortgage Professional America. “I work every weekend, I work every night. I might run 10 properties every week for them, multiple days for what could be six months, could be a year. After working all that time, being available, always answering the phone, always getting them everything they need, making the letters, getting their offer accepted.
“Because I have local relationships with these real estate agents, and they’re accepting it because my name’s stamped on it. Then, at that point, borrowers start shopping with these online companies that are basically a bot.”
She feels like the real estate agents are encouraging customers at the end of the process to shop around for loans, even if the broker has worked for months to get the client into a home.
“Real estate agents, they’re just like, ‘Oh, you’re under contract now, go start shopping,’” Welch said. “Imagine if mortgage brokers said to a buyer, ‘Oh, that real estate agent is charging 3%? Go find one that will charge you 2% after they just showed you 50 properties.’ Do you think that would be socially acceptable? Absolutely not. That would be bad.
“Yet, on our end, as a mortgage broker, they’re saying, ‘Okay, now you’re under contract. Go shop and find the best rate. I know they just helped you for the last year.’ I don’t think that should be socially acceptable either.”
