08/12/2010
Intention and Consequence
According to Forbes.com, Wells Fargo & Co. was ordered to pay nearly $203 million in overdraft fees back to customers and to change what was called “unfair and deceptive business practices” by U.S. District Judge William Alsup in the case Gutierrez v. Wells Fargo.
Wells Fargo’s currently processes checks from highest amounts to lowest, which in their policies, they intend to do so in the best interest of their customers. Imagine which payment you’d like to clear first—that cup of coffee or your mortgage? It makes sense at first glance.
However, this policy runs counter to unforeseen internal corporate emails and memos read by Judge Alsup that emphasize that the policies were to maximize the number of overdrafts. This intention is much different than looking out for customer interests.
While details of the case slowly aggregate on the internet, the case in point for today’s post is to shed light on intention. We are big on intention when it comes to the parties we involve ourselves with on a daily basis.
- Commercial Brokers: Our intention is to work with you to find a home for your deals, whether it is with us, or with another lender.
- Residential Brokers: We want to facilitate your deal so you can help your borrower confidently.
- Bankers: Preserving your client relationships while assisting in rehabilitating their business through our alternative financing is our goal.
- Borrowers: We implore you to get to know what we have to offer and know that if it is not a solution that fits your needs, we won’t push you to do anything. We’ll most likely show you someone else’s product that fits your situation.
The bottom line is that what smaller lenders can learn from this is that if you practice business with a firm, genuine intention, your customers will appreciate you for it. Saying one thing, but practicing it in a means that harms your customers is counter-intuitive toward building financial relationships that are quite sensitive in this current economic climate.
08/05/2010
A Reminder to Back up Your Data
The Scotsman Guide, a national resource for residential and commercial mortgage brokers, recently featured Fairway America’s own Lance Pederson, VP of IT and Marketing, in their August 2010 issue.
Lance’s article, called “Back up Your Data,” encouraged mortgage brokers to take a moment out of their hectic schedules to choose one of two convenient ways to back up their contact lists, deal documents, and other sensitive materials.
A broker can gain some peace of mind by either purchasing an affordable portable hard drive, or subscribe to a remote backup service. More details can be found in the Scotsman Guide article on broker-friendly technology.
We’d like to congratulate Lance for having an article make the cut into the Scotsman Guide and for representing Fairway America in a broker-friendly, positive light on a national level.
07/13/2010
CRE Firms Push Marketing
Surviving an economic meltdown is one thing. Being top-of-mind to your customers takes a bit more effort.
Though a separate discipline, commercial real estate firms slowly pick up their marketing efforts in order to make the most of the post-recession decision-making going on by their clients, according to the Atlanta Business Chronicle.
While market decisions were much tougher to make during the last year, expert forecasts pick out new opportunities– they’re clearing way toward success and progress. Clients and referral sources are needed in order to capitalize on said opportunities.
Effective marketing is necessary.
However, because of the economic slump, marketing became a secondary, even tertiary communications priority for many CRE firms.
It slowly makes it way back to first place.
As small-balance commercial lenders, we can take a similar cue and begin aggressively vying for the favor of our constituents.
Are you still relevant? Are you top-of-mind when it comes to your customers?
Older Posts »