last week a borrower went for a fixed rate loan and it was done up as a variable with a balloon payment, etc and when the borrower called the lender (he put it on speaker phone) the lender said "oh, didn't someone call you?" and then proceeded to tell him that he really had no idea that someone had changed the terms because "once the paperwork gets to a certain point, he doesn't see what they do with it after that"
Then today, again I called a borrower for a confirmation and the borrower didn't know what I was talking about. He had been shopping for a loan but not finalized anything with anyone. |
