Questions get ask sometimes that make the most sense after you think about them for a while. Let me explain.

My office had a title company's rep come visit us today. We were talking about the way different closers handle different situations. One of the topics that came up was some of the horror stories about what closers say at the closings.

In one such incident, the loan that was closing was a Pay Option Arm. Simple enough for some of us, but for others that don't understand the Pay Option Arm, it can be extremely complicated. Here's what happened: When the closer came into the room everyone exchanged pleasantries and said there hellos. When the closer opened the package and noticed the closing docs were for the Pay Option Arm, this is what was said... "Oh not one of these. I hate closing these kinds of loans."

As you know, the closer is the last beacon of comfort to the borrowers. They are perceived as the "final expert" to the borrowers. If anything negative is said at this point, it could possibly freak the borrower out and guess what, you are no longer perceived at the expert because the "authority figure", the closer, just killed your credibility because of their lack of understanding of the Pay Option Arm. What is one referral from a borrower worth to you? That one can lead to another, then another, and so on. If the first referral doesn't happen, you could potentially lose a boat load of deals and a boat load of money!

I would like to invite you to get "mortgage info with an attitude". Free weekly answers about the mortgage business called the Mortgage Mailbag. The first installment is, are you ready for this.... "The 5 Biggest Myths about the Pay Option Arm and the Real Truth About Them". You can access this free service at http://www.MortgageMailbag.com

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