Posted by CentralNY on 12/15/12 8:43am
Msg #446612
Banks/Lenders
has anyone else been experiencing complaints from bos. no matter who the lender that is all i hear is complaints about the length of time it took to close, the numerous different people spoken to and asking for the same documentation, over and over. i don't take it personally but i hear it every day.
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Reply by 101livescan on 12/15/12 8:50am
Msg #446614
Constantly. The best ones out there: Quicken, USAA, brokered loans seem to fair better ratings than the typical WF, BofA, Chase loans.
It's the underwriting process, then when the docs are finally ready for churning, someone decides the credit piece needs updating, perhaps the appraisal...completing terroriizing the poor borrower.
Yesterday I had an assignment blow up. Borrower's rate was not adjusted for employee discount, docs had to be redrawn. It took all week to get this done, as the borrower is leaving for vacation today.
Just can't seem to find their butts in the dark.
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Reply by CentralNY on 12/15/12 9:36am
Msg #446616
this guy almost dumped this national lender and went local but he had so much time and effort invested in it. also appraisal low and had to have mortgage insurance. not a happy camper.
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Reply by snowflake/PA on 12/15/12 9:45am
Msg #446617
Yes. I hear it from the majority of borrowers. Some even refinancing with the same lender and it's taking nearly 2 mos to get to closing.
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Reply by CentralNY on 12/15/12 9:51am
Msg #446618
a lot of mine are saying 6 mos. crazy.
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Reply by desktopfull on 12/15/12 5:22pm
Msg #446666
Had one that was 9 months in the making, borrower told them he was leaving the country for 4 months and if they couldn't get it together before he left they could shove their loan and he would find another source when he returned. Surprise, they were able to close in 2 days after his call. He said he wished he had told them that months ago. This was a BOA loan.
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Reply by bagger on 12/15/12 10:46am
Msg #446620
LOL, and then WE show up
with 14 RTC's, 3 TIL's, asking for info that they already gave, copy of their DL's and fill out two ID forms!
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Reply by BobtheElder on 12/15/12 10:54am
Msg #446622
Re: LOL, and then WE show up
... if not for a sense of humor I think some borrowers would just go nuts... sad, but I start out by saying the mortgage industry is nothing if not redundant 
Then I pull out six copies of the HUD, Five ID forms and on and on...
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Reply by bagger on 12/15/12 11:13am
Msg #446626
Part of my opening spiel
I usually say "As we go thought these documents, if you feel like you are signing duplicate information, it's only because you are!"
It calms them down and sets a tone.
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Reply by Lisa Cirillo on 12/17/12 10:29am
Msg #446778
Re: Part of my opening spiel
I hear it all the time. Bo's are waiting anywhere from 3-6 months and longer to get their loans closed. Crazy. I usually say, if you see documents that in duplicate and triplicate it's because they insist on originals for the various departments that need these particular items. Usually calms them and we go through and I'm out in a jiffy!
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