Selling a loan to make a buck? How much revenue did you just lose?
In the world of Correspondent Lending, it is tempting to go for a quick buck with the highest bidder. But the price of customer dissatisfaction can be 400 - 1,000 times the price differential.
TMS looked into the mortgage industry and other related industries to quantify the value of a promoter and the cost of a detractor to a lender. The highest price may not always be the best deal when selling loans to an investor. Here is what we learned.