Posted by ME/NJ on 4/16/09 1:35pm
Msg #285347

Newbie LOs vs Smarter BO

I had 2 signings set for today. 1 canceled (don't know why) but if I were a betting man (which I am) the numbers are off again. The second for later tonight is forced because of the lock again (what a surprise NOT) I'm hoping this one makes it.

Seems as if the flood of applications has spur a new crop of Used car sales people (I mean LOs) and even with all there tricks the BOs (at least in my area) are doing the homework now.

In the last month I've had more no signs then all of 2008 Not sure if anyone else is seeing the same trend.

Reply by Lee/AR on 4/16/09 2:25pm
Msg #285363

Yep. Quite large amounts due from B at signing; they say 'no way'... and it miraculously gets redone & rescheduled so they get money back. Seems to me to still be business as usual, if possible. Shame.

Reply by MistarellaFL on 4/16/09 2:44pm
Msg #285376

Geez Mike, I couldn't have said it better

I have received multiple calls today and accepted, but when calling to confirm with the brws, they are declining the appts., telling me they haven't spoken to anyone regarding final figures.
I call the AE/LO's and they are newbies....former used car salesmen (these were men).
The last one expects me to explain all the figures with them at closing, hahaha.

I wish they'd get their acts together and do a better job with preparing brws financially.

Reply by MW/VA on 4/16/09 2:50pm
Msg #285379

The last thing we need in this market is "new recruits". Let them earn their money. We certainly earn ours.

Reply by JanetK_CA on 4/16/09 3:21pm
Msg #285386

Yep. I've seen more mistakes in doc prep than anything else, though. (Lots of newbies there, as well, I guess.) It's good to see that the BOs are paying more attention. I've mostly seen savvy people who didn't fall into the traps that hurt so many. They are either taking advantage of low interest rates or buying investment properties. Also a good number of first time home buyer who have been sitting on the sidelines, accumulating a good down payment. I guess I shouldn't be surprised to see how many of them just happen to have a friend or family member in the loan business (or formerly in the loan biz), who has helped them navigate the process.

Maybe some of those low-lifes will have to find another way - or another industry to work in -if they are looking to take advantage of people. It's nice to see that most people have wised up and are doing their homework!

Reply by MistarellaFL on 4/16/09 3:59pm
Msg #285394

Notary-Retro 2005

It's like retro 2005 around here....

Broker tells brw that a personal check will be fine at the closing.
Broker tells brw that the notary will be going over figures AT the closing.
Broker refuses to tell brw the closing costs.
Broker refuses to tell savvy brw what his APR is.
Broker says he is going to make sure I get the HUD ASAP (that was at 3:59 today).
Brw says "don't even show up, I need some time to review the docs/figures/rate/closing costs with my bank"
Brw doesn't give a sh!t about the 3 day RTC.
Brw says the broker jacked up the interest rate today, the day of the signing.
Brw says this whole thing is fishy, and has been since the git-go.

Now a premonition:
Broker is going to blame the notary (me) for not doing his job.

Reply by JanetK_CA on 4/16/09 7:09pm
Msg #285411

Groooaaan!!! Sorry to hear that... n/m

Reply by Glenn Strickler on 4/16/09 6:48pm
Msg #285408

From what I have experienced lately,

I think the used car sales people are more qualified to be LOs then the current newbie crop .....

JMHO ....

Reply by ME/NJ on 4/17/09 8:51am
Msg #285450

LOs 4 months ago were hungry and want things perfect

and not as many in the field as today. I know loans were slim pickings months ago but each loan was perfect, BOs well informed and all A tier.

Now I'm seeing tons of FHA, bad paper work and Loans waiting till Lock-In about to expire. This shows me the market is flooded with apps.

Another thing I noticed is loans are taking much longer from start to finish. All loans I closed this week started back in December. Normal turn around is 30 days.

Reply by ReneeK_MI on 4/17/09 10:59am
Msg #285475

MI now requires licensing for L/O, incl BGC & fingerprinting

If you care to see the details:

http://www.michigan.gov/documents/dleg/LO_Reg_Mar_27_2009_Ltr_272870_7.pdf


OH HAPPY DAY!