AgentMortgage

Don’t judge a lender by its disgruntled customers

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(This is Part 1 of a two-part series. Read Part 2.) "What can you tell me about how a borrower goes about factoring service quality into the selection of a loan provider?" Quality of service is a critically important issue in selecting a loan provider. This is especially true in connection with a home purchase, where poor service by a lender or a mortgage broker can kill the deal. Despite its importance, I seldom write about service quality because there is little reliable information available upon which to make reasoned judgments. I hasten to add that never a day goes by that I don't hear from borrowers reporting on their experience with loan providers. I don't make this information publicly available because it is not reliable and is easily misconstrued. Virtually all such letters come from the two tails of the distribution of borrowers: those who were extremely disgruntled and those who were ecstatically pleased. I seldom hear from the great majority of borrowers who fall somewhere...