Borrower- Info is sold as a lead to multiple loan officers
Loan Officer- Buys leads from site
- Contacts borrower and provides quick estimate
- Competes with several other loan officers
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Borrower- Chooses the apparent best offer
Loan Officer- Competes with other loan officers on price
- Must convince borrower of integrity
- May or may not be selected
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Borrower- Chooses to close, negotiate, or start all over
Loan Officer- Attempts to meet offer, but...
- Underestimated fees in an attempt to compete
- Tries to get borrower to close anyway
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