Posted by ME/NJ on 1/5/12 1:55pm
Msg #408260

Last 3 deals took 5 months or longer

To come to table, I see a lot of this even when I did TD bank that was a big issue. What happened to the 30 day turn around.lol

Pipeline is clogged, also ran into a deal that was to close on Thanksgiving and when it did not happen the house was re-appraised and it was lower by 5K and reduced the loan and pre paid interest. They went from getting money to owe 900 bucks. YIKES

Reply by bagger on 1/5/12 2:26pm
Msg #408264

Uh, excuse me but....what problem is it of yours if the deal disn't close this month or even this year?
You did the job you were hired for - completing the signing- so you should be paid.

Reply by Moneyman/TX on 1/5/12 2:35pm
Msg #408268

Bagger, I think he is commenting on the length of time from app to close for loans, not payment to NSA.

The longer times may account for some of the slowdown that some people are seeing in loan signings.

Reply by NJDiva on 1/5/12 2:38pm
Msg #408271

For quite a while now, I've been in the habit of

telling people it's taking 3-6 months. It seems to de-esculate (is that a word?) their frustration...somewhat.

Reply by bagger on 1/5/12 2:44pm
Msg #408275

Chris, I honestly could care less about how long it takes a deal to close.
Net 30 has been the business standard since the 1950's, and if I do a job on 1/1, I expect payment by 2/1.

Reply by ME/NJ on 1/5/12 3:06pm
Msg #408277

has nothing to do with payments.. deal to table

payment not in same world..

Reply by bagger on 1/5/12 3:12pm
Msg #408278

Sorry Mike, I misunderstood the OP

It's been my experience over the last 2-3 years that the REFI process has been taking about 3 months on average.
Sorry I got confused with b!thc!ng about the payment lag.

Reply by ME/NJ on 1/5/12 2:37pm
Msg #408269

You own a business don't you?

If you want to forecast volume and timeframe what info will you need. So yes I care and wonder so I can track and forecast what month maybe busy.

6 months ago it was 45-60 days for alot of deals, now it's taking longer and with one simple question you get the info you need. Was this an easy process..

Right now deals coming to table should be from Sept-Oct or if everything went well Nov, deals this week were from July and Aug.

Reply by PegiT_MN on 1/5/12 5:40pm
Msg #408304

Hi Mike. In my experience, the 30 day turnaround time was typically when a broker originated a loan. Recently, I have seen some of the Chase Super Streamline Refi's get done in 30 days or less, and this new Citi program where they mail the docs straight to the borrower is taking a couple of weeks as well. For the most part though, I am seeing three to five months for a loan to close as well. Wells Fargo, Bank of America......longer than normal turnaround times. One of the big lenders is right here in my city and with rates so low they have way too many loan applications and not enough employees to get the work done. Some of those poor processors are carrying 95-110 loans in their pipeline, but on an average close 30 loans per month. The good news for us is that these loans are eventually going to close and we should continue to have steady business.

Reply by ToniK on 1/5/12 6:27pm
Msg #408312

I was on monster and careerbuilder last night and seen alot of job openings for loan orginators and closers. Must be a lack of employees. lol

Reply by jba/fl on 1/5/12 10:15pm
Msg #408331

I think you are on to something there Toni

When all the businesses began imploding and dying couple of years ago there had to have been a huge brain drain. People left, but have not returned in the numbers needed. Those that left may have decided to retrain and enter another arena and now those entering are on a learning curve. I see and experience less experience on the other end of the phone lines.

Reply by JanetK_CA on 1/6/12 3:55pm
Msg #408397

Re: I think you are on to something there Toni

I've been telling people that for months. It seems like the first thing I hear at most appointments is what a mess it's been, etc., etc. I tell them that I hear that from nearly everyone, regardless of who the lender or title company is. I add that my guess is that short-staffing has a lot to do with it. Everyone's heard about the mortgage meltdown and that all the players involved in putting these deals together probably pared staffing levels down to bare bones and may be gun shy about hiring again. Also, it wouldn't surprise me if many laid off their most experienced - and highest paid - staff.

Great for us to have a nice backlog in the pipeline! I think I'm also going to start asking them how long it took to get from application to docs ready to sign.

Reply by ToniK on 1/5/12 6:26pm
Msg #408311

All my signings in Nov/Dec 90% BO said they been dealing with this since Aug. Only a few have been quick on my end.