companies, especially online firms, think that if you keep the client
“in the dark” about how the mortgage works, things are easier and more
money can be made. To them the profession is a “get rich quick” scheme.
Portfolio Services, we take a long-range view of the mortgage
profession. Besides the fact that it is our duty to educate clients,
educated clients refer other clients. Educated clients show a marked
reduction in their anxiety level during the mortgage process. Educated
clients feel cared for.
At MPS, our loan
applications, generally done in person, take up to two hours. These two
hours are used to explain home ownership and the mortgage in detail and
to give the client ample time to formulate and ask questions. We want
them to understand what they are doing, how we are compensated and the
process that they are about to experience.