OX..
Did your loan fund yet ?? I’m sorry that you had to go through the stress that you did…
It is amazing what can arise with loan apps these days. When people ask what can go wrong, it is impossible to predict.
Even people with 800 credit scores, 50% down and $200K incomes can have grief.
I have a borrower right now that cannot document a $1200 bank deposit made in July. Another recent issue was a water heater that wasn’t enclosed per code and another was whether there were permits issued for an addition done many years ago. Another form needed to be on an official letterhead. Another form had a borrower omit their phone number… These can all cause delays and affect loan locks.
One of ths biggest misconceptions is that BANKS are THE place to get loans. BANKS are nothing more than mortgage brokers. 30 YR loans are underwritten to guidelines so the loans can be sold off in mortgage backed securities. They have separate divisions. Loans are usually not underwritten at a branch. Most bank employees are just a cog in the corporate wheel. Many have crappy credit scores and have never gotten a loan themselves. This is who millions of people go to for advice on the biggest financial transaction of their life.
It’s like asking a colorblind person which TV set has the best color quality OR asking a barber if you need a haircut.
A good mortgage broker is a savior. A bad one is a thief. If you originate a loan with someone and are then passed off to a processor and no longer get communication from the originator, I don’t think that is right. I stay on top of loans from start to finish and can usually be reached 7 days a week.
I have spoken with many PIGG’s about their situations and tried to be helpful whenever I can.
I have done loans for a number of PIGG’s as well.
I am not aware of any complaints or unhappy PIGG’s.
Some people truly have difficult situations and don’t want to accept it. I have reduced my fee if necessary to be able to deliver what I promise. The biggest mistake that most people make is shopping by rate and thinking they found “the best deal”. Rates mean nothing until you qualify for that rate. There are 42 different pricing boxes based on a combination of credit score and LTV. My best lender had 3 different price changes today.
You should shop for the person to get you your loan and understand your options. Asked to be fooled and ye shall be fooled…. HLS (Sheldon)
