Posted by Donna LaBelle on 4/6/06 5:42pm
Msg #111669

these lenders are getting a bit ridiculous...

last week a borrower went for a fixed rate loan and it was done up as a variable with a balloon payment, etc and when the borrower called the lender (he put it on speaker phone) the lender said "oh, didn't someone call you?" and then proceeded to tell him that he really had no idea that someone had changed the terms because "once the paperwork gets to a certain point, he doesn't see what they do with it after that"
Then today, again I called a borrower for a confirmation and the borrower didn't know what I was talking about. He had been shopping for a loan but not finalized anything with anyone.

Reply by BP/WV on 4/6/06 8:00pm
Msg #111688

I would sure call that lack of communication.

Do these loan officers just hit the send button even if they know these borrowers are not going to be happy with the terms.. and just sit back and hope the borrowers are slow on the uptake?

Better yet, maybe they hope the borrowers get assigned a $40.00 S.A. ...cause even a L.O. understands that you get what you pay for.

I was assigned to a signing where the borrowers were apparently just 'shopping'; It was for a company that does not allow contact with the borrower. So, there I was, standing on the porch with Mr. Borrower scratching my head. The only thing I could say was…....hmmmmmmm.

Reply by MelissaCT on 4/7/06 1:18pm
Msg #111901

I always call bwr, don't care what they say about not contacting them. Especially since CT is a witness state -- too often bwrs are not told they'll need a witness or ID. Hello!?!?!? I want to make sure I'm not wasting my time or theirs & always let them know what will be required upon my arrival.