Posted by Alice Jones on 3/31/09 3:21pm
Msg #282875

My phone is not ringing, why?

I was looking for my phone to be ringing because of lower interest rate. It has been slow for the end of month.

Reply by Linda_H/FL on 3/31/09 3:22pm
Msg #282876

Maybe takes some time for them to be ready to close?

Apps are up but underwriting and processing are taking some time...

Reply by doglover/CA on 3/31/09 7:52pm
Msg #282910

Re: Maybe takes some time for them to be ready to close?

Some borrowers whose signings I have handled this month have told me that they had started the refinance process about 2 months prior to signing. So your phone may be busier by the time summer rolls around.

Reply by 101livescan on 3/31/09 4:15pm
Msg #282882

Lenders are backed up...remember when they laid everyone off last year and no one had work, many went to work in other industries, went back to school, joined the armed services, decided to go into their own businesses, well, know lenders are having to hire inexperienced staff to help them get all these loans processes and underwritten, and they are usually temp personnel, on contract. Having difficulty with the bottle neck of new loans in process.

Reply by Yowheelz on 3/31/09 5:11pm
Msg #282888

I have to agree about the inexperience. I had a package last night that had 10 identity certificates in it. Some were doubles, one for each borrower but most were same information in different format. They also required a copy of drivers license. Talk about overkill! My phone has been ringing, Feb and March were both well above previous highs. It sure feels good to be working again, last fall got real scary. It was a homemade gift christmas.

Reply by Jim/AL on 3/31/09 5:17pm
Msg #282889

Not being funny, but is the ringer on?

recently saw a post where the guy wondered the same thing and he had turned off ringer in a closing (not a practice of mine) and forgot. He had lots of missed calls.

Slow here also, but the Month is just starting.
Hang in their.

Reply by Shoshana Roller on 3/31/09 5:28pm
Msg #282890

No personnel problem in my office. Sometimes it's a matter of the borrower getting off their butt to collect their conditions to close or to get preliminary paperwork together.
A lot of procrastinators out there. Then they blame the LO because the loan doesn't close on time.
Shoshana

Reply by Todd/OH on 3/31/09 5:32pm
Msg #282892

I've heard the opposite Shoshana - the borrowers supplied all the info they were asked and heard nothing from the LO for days. They claim to leave message after message and hear nothing. In one case, the rate climbed a bit - borrower is really PO'd now.

Reply by Shoshana Roller on 3/31/09 5:59pm
Msg #282898

Todd, I should have added that was my personal experienece as an LO. Certainly, the other story happens all the time.

Reply by Todd/OH on 3/31/09 5:29pm
Msg #282891

I agree with 101. I'm seeing signs of inexperience in my last few packages. They are taking 2-3 months to process. One signing each in Feb and March started in November - so they tell me. The borrowers weren't impressed - both CW.

Reply by Glenn Strickler on 3/31/09 5:58pm
Msg #282897

The applications may be up but ....

A very high percentage of the loans are falling through because the appraisals are coming back too low.

Reply by Shoshana Roller on 3/31/09 6:07pm
Msg #282899

A good LO will ask an appraiser to pull comps first.

Sometimes the difference will be in the lender chosen. I know one lender that's running 15 business days in underwriting. I have an A Paper lender who runs 24-48 hours in underwriting when a complete file is submitted. When all theconditions are satisfied then it's 24-48 hours till docs are drawn. Conceivably a loan could close in 7 days if everyone co-operates.

Reply by Todd/OH on 3/31/09 7:03pm
Msg #282903

No matter - my phone is pretty quiet too... n/m

Reply by Susan Fischer on 4/1/09 1:23am
Msg #282947

Right on, Shoshana. I'm hearing "We started this last Oct"

alot.

CW used to be so put-together. TCs too. Today, tons of dupes/trips, plus that 11 pages of faxed-so-many-times-it's-unreadable dupes. Some cut-off legals.

I recommend a whole day's paid training on "Scanning Documents for PDF-Printing Accuracy."

It's sure apparent - the seasoned from the raw recruits.

More to your point, I refied my home in Idaho in 2002 with my credit union. Took exactly 14 days from my first phone call to closing at the Title Company's beautiful office. (They had a HUGE salt-water aquarium - 10' high, and 30-40' long - that was open towards the lobby, and had four small meeting rooms on the other side. There was music as a soft background noise, and while the notary was doing her thing, the mini-ocean was entrancing.) Brilliant design.

14 days. That includes the appraisal, everything. So handy; I could walk across the street to sign the prelim papers. Those were the days. They didn't sell the loan.

Maybe the point is - try going with a local lender. Of course, that would put a crimp on our job.

Reply by BobbiCT on 4/1/09 6:41am
Msg #282958

7-10 days from Application to loan document signing ...

I have had quite a few this past month were the borrowers were HAPPY and PLEASED with their lender and the person they worked with (assume lender processor or loan officer). Borrowers got a lower rate, no cash out - all they wanted was the lower rate. These people were so pleasantly surprised that "we applied seven days ago ... we've never had a loan close this fast or so easy."

This particular lender / title company / scheduling team has their act down pat. It's not a high paying deal, but when they're a sort distance away it is very easy when the borrowers are so happy and the streamlined document package (no "junk" documents ... signed at the application portion) comes without a hitch.

Reply by MW/VA on 4/1/09 10:31am
Msg #282992

I can't understand why you're not getting calls. It was slammed for EOM here in VA, and so far my business is up considerably from the first 3 months of 08. Maybe it's time for you to make some calls to your regulars to see what's up. It is reported that apps for refi are way up, but it is taking longer for processing under more stringent lending guidelines.