Guest blog written by Gene Colter.
I like to think I’ve gotten pretty good at spotting and avoiding the come-on letters, but this one got by me. It came in a good-quality envelope, the sort of one used to see wrapped around personal letters back when people wrote letters. So I opened it. On the cover of the card inside was a color photo of a darling baby girl. She was some months past birth, given her ability to hold her head up and the stud earrings she was already sporting, but she was still swaddled like a baby. My mind raced: Whose baby is getting christened? Why don’t I recognize this lovely little doll? I opened the letter to find out.
Whereupon I found out that I, Eugene, could lower my monthly mortgage payment if I could meet with a representative who had reviewed my loan and who would soon be in my neighborhood to chat.
That representative, of course, would be a mortgage broker. He and his ilk are well represented down where the sun never shines. And, despite a daily pounding of news coverage on the woes of the nation’s housing market, some of the worst salespeople in the country continue to ply their trade just as they did when housing prices were inflating and loans of dubious merit were being extended to people who had little hope of being able to live up to their terms.
This is an industry that has not even begun to grasp the basics of reputation management. Salesmen in general have always had a complicated reputation, but the mortgage-broking industry stands out in its awfulness.