Utilizing the New GFE as a Sales Tool

After I did this post asking readers how they explain the new Good Faith Estimate, I heard from my old friend, Christopher Cruise with Loan Officer School.  He shared with me an article he had recently written on this exact subject.

I'll be the first to admit, I've had a pretty bad attitude about all of this.... but I'm trying to turn over a new leaf and like Chris' positive spin on something I have only had negative thoughts about.

See full article here:  Utilizing the New GFE as a Sales Tool

So I'm newly dedicated.  I will be a source of "positive" information.  No more bashing the people on drugs that created this new form.  No more thinking bad words while I'm explaining the reason why the new form doesn't give all the necessary information.... well that one might be tough.  But I'll work on it.

Comments

[Lisa Swoboda]

I am with you, the new Good Faith does EXACTLY the opposite of what it is supposed to do, it lumps everything together and makes it easier to hide fees, rather then explain them- and it confuses the consumer, because it's not at all what they are used to.

However, I took it as a good thing. Anytime there is a major overhaul in the industry- programs changing, new GFE, new forms- I really got creative with the Patriot Act Forms- that gives another excuse to touch bases with our database and our realtors.

I found in talking with realtors, that they were NOT informed on the changes as it affected our side of the business. They had been in trainings learning the changes in the HUD-1, but really didn't know what it meant.

I actually went to 5 trainings on the new GFE in our area because there were going to be realtors there, and what a great place to meet, commiserate, and then show them what a professional, knowledgeable expert you really are. That's a HUGE asset when you are a major part of whether their loans will close or not.

So I designed my New Years Marketing Newsletter to past Customers around Credit (scores, identity theft, etc) and the new GFE. And I have had more calls from past customers confused, or concerned or just wanted to share their opinion. Which gave me the perfect opportunity to see what they had been up to in their lives and make that all important in road to what I could do to help them feel more secure in their homes.

So yep, the new GFE has us all uncomfortable. But we get it. And it's not going anywhere. So make it your specialty- embrace the change, and use it to your advantage!

I plan on adding a note on how implementing the new form is going in my March Newsletter. It's all about keeping in front of people and making them believe you have them and their homes as your reason for being in the business. And I do. I care about them, their families and their homes.

So yeah- the new GFE is a pain that we would rather not have to deal with, but as long as we do- let's use it to our advantage! Best wishes for a fabulous 2010!