Working With Rate Shoppers

Michelle recently sent me this question:

How do you overcome rate shoppers? Those that you have talked with and think you have an application, only to find out they are also talking to another lender that has a better rate.  How can I make sure to keep that deal?

Here's my answer:

That is a great question with no easy answer. I am pretty up front with borrowers that I know are shopping. I ask them to get me a copy of the other lenders estimate so I can see if I can beat it. Warning though–there will always be someone willing to go lower than you so you have to not let it get you down if you lose a few this way. I always tell the client that they are welcome to call me even after they start with the other lender. I want to keep that door open in case they are unhappy with the other lender. I have had people close with the low cost lender, but then do future business with me because of that relationship I established.

What do you do with rate shoppers?