Posted by Linda Juenger on 2/21/09 3:41pm
Msg #278348

In the last 2 days, I have been the brunt of the borrowers

frustrations over the extremely long process (3 months or more) to finally get to the closing stage with Chase. Has/is anyone else seeing this? Last nights closing was a Chase and the borrowers vented to me(big time) what an ordeal it was. I politely listened and sympathized with them. Then today, a Chase loan was scheduled for 11am and it didn't happen. On the phone the borrower told me what problems he has had and was furious that I wasn't coming at 11. He was really angry. Then, when confirming an appt for Monday, the borrower said Chase has been such a hassle and it better close at 4:30 on Monday, or else. (Or else what?? I don't know). Just odd that 3 times in 2 days I have had very unhappy borrowers and they were all Chase. They are frustrated people over the whole process. All different TC's.

Reply by Linda_H/FL on 2/21/09 4:09pm
Msg #278351

My last 3 signings the borrowers all said the same thing

(Not Chase, by the way, but 3 different other lenders)....that they'd been trying to get their loan closed for 2-3 months....one even did the signing one evening although it wasn't convenient at all for them - they wanted to finally be done with it!!

Reply by GA/Atty on 2/21/09 4:11pm
Msg #278353

I suspect there are just so many loans in the pipeline that

customer service has got to suffer across the boards.

Reply by docs1954CA on 2/21/09 4:14pm
Msg #278354

It probably has to do with the job cuts made last year,

Now the title companies and lenders are short handed as, I am hearing about this also on a regular basis.Nothing we can do, except listen and have them sign.

Reply by Dorothy_MI on 2/21/09 7:58pm
Msg #278375

I did a signing on Friday

where the loan officer was there. She told me word came down on Wednesday from Corporate to not schedule any more closings for the balance of the month. We both assumed it was because they were too buried.

Reply by Linda_H/FL on 2/21/09 8:17pm
Msg #278380

Maybe waiting on new regs with stimulus plan...

supposed to be announced early March...

Reply by Marian_in_CA on 2/21/09 10:04pm
Msg #278390

Re: Maybe waiting on new regs with stimulus plan...

Yup... I did a loan mod last Monday and the bank was eager to get i signed because it was one of the last mods they were issuing until they get more details about the stimulus plan. Of course... this particular lender also put a hold on foreclosures, too... basically, they're telling their borrowers to stay put and see what happens next month. It seems a lot of institutions are are doing something similar.

Which means we may be in a for a lot of work in the next couple of months. Or... so we can hope.

Reply by jba/fl on 2/21/09 5:02pm
Msg #278363

Could it be

that the borrowers are just spoiled little children who also ask in their prayers for patience, demanding, "I want it now!"

Sometimes expectations far exceed availability.

Reply by Marian_in_CA on 2/21/09 6:15pm
Msg #278365

Not just Chase... a recent Countrywide refi I had the borrower really mouthing off about the loan officer and how difficult it was to get answers, and how this whole process started back in November. As we went over the RTC forms the borrower said, "Well, even if I do have questions, I won't get an answer in 72 hours. I'm lucky to get answers within a week."

I actually felt really bad for her, because she had some legitimate questions about the loan which, of course, I couldn't answer for her. The loan ended up funding just fine anyway....but I could tell she was overwhelmed with it all.

Reply by cdoty_IL on 2/21/09 8:49pm
Msg #278386

Same thing here.....

2 have been from chase and one from CW.....all telling me they started their loans from October to November. I saw the silver lining that maybe this is just the beginning of the rush since that is when rates started to lower....:-)

Reply by Claudine Osborne on 2/21/09 9:58pm
Msg #278388

Re: Same thing here.....

It has become an almost daily complaint from here..Taking way too long to close and not being able to reach LO with questions. I had a couple cancel last week the LO never called back within the 3 days, they had no choice.

Reply by Teddog/CO on 2/22/09 9:07am
Msg #278398

Linda I've had the same experience also. All these companies have cut their staff back so much they can't handle all the work. One BWR told me it took him 10 months to get a modification, he was a Very unhappy camper. Refi's are taking months for Bwr's to get. I've had several Chase loans they have been very large pkgs with all the copies they request. Two to three copies of the same docs for the Bwr's to sign. What a pain.

The biggest problem with all the people that companies have laid off have just moved on. Sadly you can't train people overnight to process these docs and fill other vital positions. When it gets really busy they are going to be in big trouble. They will be working 24/7 trying to keep up with processing,...

I've been reminding people that I must have the docs at least two to three hours before the appointment to allow for printing and travel. If they send the docs at the last minute their BWR's appointment gets pushed to the last appointment. We just don't have the time to run back and forth or change everyone's appointment for late/last minute docs. Our problem here in Colorado is the distance between appointments. Rural, then dash to the city and pray the weather holds out. Snow and black ice are coming in March and April.

We if nothing else it's going to be very interesting.

Reply by Stamper_WI on 2/24/09 5:58am
Msg #278548

Add to that, stricter underwriting requirements. This is the more traditional timeframe for loans. Pre instant gratification.