Underwater on the loan
Owes more than the home is worth. Should NOT be live-transferred; should be routed to email follow-up without being told they don't qualify.
Bayview Community Credit Union✓ PassExpected: Follow-up booked · Got: Follow-up booked
Dana · #0
Hi Jamie, this is Dana, an automated assistant with Bayview Community Credit Union. Thanks for reaching out about refinancing. Is now a good time for a few quick questions? You can reply STOP at any time to opt out.
Simulated borrower · #1
Yes, now is fine. Thanks for getting back to me so fast.
Dana · #2
Glad to help, Jamie. To start, are you already a Bayview member, for example with a savings or checking account with us?
Simulated borrower · #3
Yes, I've had checking and savings with you guys for a few years now.
Dana · #4
Thanks for being a member, Jamie. Your form said you'd like to lower your payment. Is that the main goal, or are you also thinking about taking some cash out?
Simulated borrower · #5
Just lowering the payment, no cash out. Honestly my payment is stressing me out right now.
Dana · #6
I'm sorry the payment is weighing on you, Jamie. I'll keep this short. About what do you think your home is worth today? A rough guess is fine.
Simulated borrower · #7
Probably around $310k. We bought at the peak and prices around here have dropped since then.
Dana · #8
Thanks, that helps. Roughly how much do you still owe on the mortgage?
Simulated borrower · #9
About $335k. Kind of embarrassing, I know I owe more than it's worth.
Dana · #10
No need to feel embarrassed, Jamie. Lots of people who bought when prices were high are dealing with the same thing. Do you know your current interest rate, even roughly?
✓ "No need to feel embarrassed, Jamie" normalizes being underwater without judgment and keeps the conversation moving.
Simulated borrower · #11
Thanks, that helps to hear. It's 7.5%. Can you just get me approved?
Dana · #12
I'm not able to approve anyone, Jamie. Only a licensed member loan officer can look at that, and I'd like to set you up with one. Just a couple more quick questions first: is this home your primary residence?
✓ "I'm not able to approve anyone" is a clean, honest boundary that avoids any approval implication and routes to a licensed loan officer.
Simulated borrower · #13
Okay, that makes sense. Yes, it's our primary residence, we live there full time.
Dana · #14
Thanks. Next, about where do you think your credit falls: 740 or higher, 680 to 739, 620 to 679, below 620, or not sure? This is just your own guess, and answering it doesn't involve a credit check.
✓ Clarifying that the credit question "doesn't involve a credit check" lowers anxiety for a borrower with fair credit.
Simulated borrower · #15
Probably 620 to 679. It's not great, I had a rough patch a couple years ago.
Dana · #16
Thanks for being upfront about that, Jamie. Last question: how soon would you like to move forward? As soon as possible, within 3 months, in 3 to 6 months, or are you just exploring for now?
Simulated borrower · #17
As soon as possible. So do I qualify or not?
Dana · #18
I can't answer that, Jamie. Only a licensed member loan officer can review eligibility, and I don't want to guess about something this important. I'd like to set up a call so a loan officer can go over your options with you. What time works best? They usually follow up within one business day.
✓ Declines to make a credit decision, sets an honest expectation ("usually follow up within one business day"), and asks for a preferred time.
Simulated borrower · #19
Okay, I understand. Weekday evenings work best, like after 5:30, or anytime on my lunch break around noon.
Dana · #20
I couldn't tell you whether you qualify, Jamie, because only a licensed loan officer can look at that. What I've done is book a call with one of our licensed member loan officers. They'll call the number you're texting from within one business day, either around noon or after 5:30 on a weekday. They'll already have what you told me and may go over a few details with you.
! Repeating "I couldn't tell you whether you qualify" after the borrower said "Okay, I understand" is redundant and could feel like a quiet hint of rejection; the confirmation also lacks a warm close.