San Diego Housing Market News and Analysis
Problems With My Loan Broker
User Forum Topic
Submitted by KPP on May 13, 2008 - 5:22pm
We have been having problems with our loan broker. There were times in the beginning where we thought about changing our loan broker, but figured this would only take 3 weeks and then it'll be over with, so we ended up staying with "Joice."
It has been three weeks into the loan process and feel like we are no different today than we are from day 1. We've given her a lot of information, and still she has no given us any quotes, letters, or statements. She got into a huge verbal argument with our real estate agent over how the "incentive" money shuold be spent last week.
Today I again asked her what other conditions I needed to meet, when I'd get some sort of loan lock or preapproval letter...ANTYING! I don't even know what her fees are, but with closing date coming, I'm too far into it to start over. She was explaining I could only use 3% of my incentive monies and that made NO sense to me, along with everything else she was explaining with her fees. So I asked her if I could have the loan processor from Citibank call me to explain, from a different perspective, or if it be easier, if I could call them.
Must have hit a nerve, and Joice straight LOST IT. She started screaming at me, "Who the hell do you think you are?! You want the processor's number so you can give it to your agent? Your agent is a nobody!! Forget this! Forget you!! I'm cancelling this loan!!" then click, she hung up on me.
Woah now. I did not expect that at all. All I wanted was some sort of clairfication. I think it's odd when I haven't received any sort of paperwork from them, when the builder I'm buying from has more information on my loan than I do! I think back (this happened 20 minutes ago), and maybe she was just insecure I was going to go straight to the lender and get a loan.
NOW, what can I do now? I heard that ditching a loan broker and going around directly to the lender is not a good practice, and that I cannot even be guaranteed same rates, since they get "wholesale" rates and I get "retail" rates. I had no intention of "ditching" the broker, and was simply asking for clarification from someone else. With 8 days until closing, what do you guys recommend I do? I've called Citibank and they're processing department is closed. I won't know what to do until tomorrow.
Any advice or help would be greatly appreciated...
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