Posted by bigdog on 6/2/07 12:22am
Msg #193307

Dang LO's..... rant

Why can't they just give the BO's what they ask for. Had a BO cancel signing because LO made loan for more than she asked for. Not a couple hundred mind you, 4,000 more. Arrrrrgh.
Wasted trip for nothing. I feel better now. On the bright side, she said she'd ask for me when they get it right. Man was she PO'd.

Reply by ErayFL on 6/2/07 12:48am
Msg #193316

I had that happen yesterday. Funny how it always seems to change right before the signing.

Reply by PJM/MI on 6/2/07 6:15am
Msg #193325

Re: Another LO Rant

I got stuck in construction traffic on the way to a closing, and of course, I called the office where the closing was to take place. I was 10 minutes late.
LO didn't introduce himself until I was about 1/2 way through the signing.
The next morning, he sent an email to the title co and BLASTED me. He didn't say a word about me being late, he was mad I took a phone call. (Which lasted maybe 30 seconds). He stated the closing was "horrible". (huh?)
While I was on the phone to the title co, they got an email from the broker that said, "Excellent closing! Thanks so much".
I would like to call up Mr. Meany LO and give him a piece of my mind (not that I can really spare any), but I won't. I have the feeling I'll be working in this business alot longer than he will.
Thank goodness there were other people there to substantiate my claim of a "good" closing.

Reply by Joe Ewing on 6/2/07 10:15am
Msg #193346

Re: Another LO Rant

Borrower "I would like a loan for $200,000". Loan officer "OK ".
...Later...
Borrower "Why is my loan for $204,000"? Loan officer "you said you wanted a loan for $200,000".

Reply by LC/AZ on 6/2/07 11:48am
Msg #193359

Re: Another LO Rant

No sign last night. Borrower had asked for a 30 year fixed and no balloon note. Got to the table and they had a 15 year with a balloon note. Somebody's wasting my time!

Reply by LaurieAZ on 6/2/07 10:25pm
Msg #193401

Re: Another LO Rant

I was an LO for a few years and then a processor for awhile also. It's unfortunate just how many LO's out there try to take advantage of borrowers or play them for "stupid". When I was a Processor I made the LO's call their borrower and cover everything on the HUD with them before I assigned the notary.....this seemed to assist in making the loan closing process much easier and the borrower knew all the fee's etc. I feel for those who waste their time at signings because of LO's pulling bait and switch or just plain lying to borrowers. I hope everyone has a great night!!!!

Reply by JanetK_CA on 6/3/07 1:40am
Msg #193405

Re: Another LO Rant

Bless you!! If more people did that, this world would be a happier place... at least we and the borrowers would be happier! Sometimes I imagine that there is some pressure on some of them to help a branch make a quota, along with the LO trying to make their own numbers. I think that sort of thing was what got Ameriquest into trouble. Sadly, as business gets slower for them - especially the weaker links - we may see an increase in that kind of stuff. But I hope instead, that the slowdown causes many of the bad apples to leave the business altogether!