Our product knowledge was recently put to the test in a comparison we did on Smith Manoeuvre mortgages.
In cases where we didn’t know the answer to a product question we did what mortgage brokers do and contacted the lender’s Business Development Manager (BDM).
BDM’s are basically salespeople to brokers. They educate brokers on a lender’s products and try to get that broker “on board.”
Well, our view of BDM’s has now changed. Not all are created equal.
Accuracy was naturally our prime objective, so we had each lender recheck our data table. Lender reps were asked to “sign off” on their respective product information. We thought we were good to go.
Wrong. As some of our helpful readers noted, a few errors went unnoticed. In some cases, some of the information provided by BDM’s and bank managers was totally off base. It makes you wonder if some BDM’s, especially new ones, spend much time studying their own mortgage products. (Note: I say “some” because many BDM’s are truly exceptional.)
The point is, if a lender’s own rep doesn’t know their product, who in God’s name should?
The underwriters. That’s who.
More and more, they seem to be the most reliable people in the chain of command. They’re the real technical detail experts in many cases. And they, are who we’ll consult on our next mortgage comparison.
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