Ep. 109 - Free Refinances, Huge Signing Bonuses and Other Empty Promises Plaguing the Mortgage Industry

Have you noticed some questionable tactics creeping into the mortgage industry lately? In this episode, Quinton Harris shines a light on some of the turbulent forces reshaping the mortgage environment right now. He asks, how can lenders like Guaranteed Rate justify offering huge signing bonuses to attract talent in 2020-2021, only to sue workers to claw the money back a few months before their two-year commitment is up? This is a bad look for the company and the industry overall. Quinton cautions listeners to read the fine print when being presented “Free Refinances”, as these refi offers often have expiration dates and other limitations that prevent borrowers from actually getting a free deal down the road. Listen to this episode to understand how economic conditions are impacting the mortgage industry and the implications for consumers.

[00:00 - 02:39] - Loan Officers' Signing Bonuses

[02:40 - 05:00] - The Fallout in the Mortgage Industry

[05:01 - 07:36] - Legal Battles and Industry Practices

[07:37 - 09:52] - Constriction and Consolidation in the Industry

[09:53 - 12:48] - Consumer Impact and Final Thoughts

Key Quote:

"Understand the fact that there's no such thing as a free lunch” - Quinton Harris

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