Posted by PJM/MI on 8/25/06 1:02pm
Msg #140921

A Complaint about Loan Officers

Yea.. I know.. without 'em, we wouldn't have closings..BUT... I am sick and tired and deeply saddened by what I see.
Loan officers are telling people" Don't pay your mortgage on the 1st..we'll have you all taken care of by then." Then the 1st of the month passes, then ANOTHER 1st of the month passes, and the poor borrower is now 2 months behind on his mortgage payment.
Then we arrive with docs in hand and the interest rate, pay-offs and monthly loan amount is much, much higher than was "promised". So poor Mr. Borrower is now behind the eight-ball, and basically HAS to sign. He can't go anywhere else and get a loan as he is behind on his mortgage and his credit scores are now pretty crappy.
It justs burns me that WE are to uphold the laws that govern us, and WE are to do everything legal and above board, yet these "Scam" artists get away with this EVERY DAY.
Too bad they don't have be licensed or governed by laws.
Just had to vent....

Reply by ReneeK_MI on 8/25/06 1:41pm
Msg #140937

I'm running out the door, but for kicks - try www.bankersonline.com with that, I just seriously doubt there's not something in place addressing exactly this issue.

Reply by Diga2Lin/FL on 8/25/06 2:23pm
Msg #140951

I kind of hear what you're saying but I have to disagree to part of what you said - if the homeowners let TWO first-of-the-months pass you can't put that all on the LO. The homeowners know the payments are due and should have made sure to keep their payments current and addressed the issue prior to the expiration of the FIRST grace period. Letting two payments go is, in my opinion, all on the homeowner.

But you're right - the LO should be telling them to keep making their payments.

Just my two-cents' worth.

Reply by Kate/CA on 8/25/06 3:17pm
Msg #140967

I totally agree, we all know if the date is pretty close we better get it paid. They can always pay on line on the 15th, but it is amazing how many of them have spent it, then blame the LO.
This is one time, I don't blame them. One of the few times!!!

Reply by John_NorCal on 8/25/06 3:20pm
Msg #140969

**Too bad they don't have be licensed or governed by laws.**

I don't know about other states but here in Calif the majority of loan officers are governed by the Dept of Real Estate. As a former, and soon to be again loan, officer and Realtor, I always informed my clients to continue making their payments through the close of escrow. That way unpleasant surprises and explanations were avoided. It just frosts me that so many people will get into a particular field without any regard to the professionalism and common courtesy that is due the client.

Reply by PA_Notary_II on 8/25/06 3:31pm
Msg #140976

"Yea.. I know.. without 'em, we wouldn't have closings" The fact is, if WE weren't there to do OUR job....nobody would make a dime !

Reply by Mia on 8/25/06 5:21pm
Msg #140996

Re: A Complaint about Loan Officers --ah, Hook Line & Sinker

This LO may be slyer than a fox. Sure, tell the borrower not to pay the
payments --- than the LO will be assured that the borrowers will have to
take the loan..... Hook Line & Sinker!

Reply by Jason on 8/25/06 7:54pm
Msg #141032

"interest rate, pay-offs and monthly loan amount is much, much higher than was "promised". So poor Mr. Borrower is now behind the eight-ball, and basically HAS to sign. He can't go anywhere else and get a loan as he is behind on his mortgage and his credit scores are now pretty crappy."

Saw same thing happen to brwrs on Wed.

Made me sick.

Reply by NCLisa on 8/25/06 10:36pm
Msg #141058

Re: Another Complaint

Had 4 closings scheduled for this afternoon. The one in the total opposite direction of the other 3, was scheduled for 4:30. TC tells me they can't get me docs until 3, so I tell them I need to move this one until later. The borrower is fine with it, he and his wife wanted to go out to dinner anyway. Got all the closings lined up, had docs for the other 3. So I'm on my way to the 1st one, which is 75 miles away from my home, and the LO calls to ask about the closing, I tell him that I didn't have docs by the time I needed to leave, and that the borrower was fine with it. TC calls, and asks, I tell them the same. TC calls back and says that the LO rescheduled the closing with the Borrower for 4:30 so I'd best be there. I explained that it would throw my entire evening off, and who the HE!! was the LO to reschedule my day. So, I still didn't get to the borrowers home until 6pm due to traffic. If he'd just left it alone, I could of done the 3 in a row that were 15 miles apart, missed rush hour traffic, and gotten to his borrower by 7. Well because of him, I just finished my last closing at 11pm. I had to drive back 70 miles again in the other direction. UGH!!!! I put 240 miles on the car today, and I'm not even home yet.

Reply by christiSocal on 8/26/06 2:09am
Msg #141082

Re: Another Complaint and another

I have a friend who is a LO. He is also a very honest person. Unfortunatly his boss isn't. He was doing a loan that "stalled" for lack of a better word. Boss says bribe bank officer. My friend said no. The loan was actually taken away from him, "taken care of" and closed successfully. There are alot of dishonest LO's out there, but not all. It's just really hard to be an honest one!