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I just wanted to find out what others think of the situation. I'm pretty baffled and shocked myself. I am a first time home buyer and been on a house hunt for quite awhile now. I feel like I was lucky to be preapproved by an excellent lender who has a stellar reputation. He was able to qualify me when others could not, because my situation with my income and support was a little complicated. Over the months, I put in offers and was outbid again and again. I finally realized I might need to look at raising my price level and explre other options. Friends recommended I talk to other lenders, especially since some time had gone by and I had a bit more cash and higher credit score etc. I really trusted my lender and wanted to work with him but I also knew there could be other programs out there... so long story short I was preapproved with another lender whose fees were a bit lower and seemed to have a bit more flexibility. This lender also had an excellent reputation, so I felt like I had two great options when the time came to actually purchase. Over the weeks, I submitted offers, I ran the numbers by both lenders. Time and time again, the second lender was always able to give me a much better rate than the first one and closing cost fees were also lower. I know there's no guarantee on rates until there's an accepted offer and it's locked in, but my question always was "if I had an accepted offer today on this property, what rate would I receive?" Sometimes the difference was huge in terms of my monthly payment, which would often be $100 lower with the second lender. Although this was a good thing, I really wanted to work with the first lender! He had been with me throughout the months and I had a loyalty and a trust.
Recently, I decided to approach my first lender again and was upfront with him and told him I found a lender who was able to offer me lower rates and fees per each recent offer. I told him I really wanted to work with him and was hoping he could possibly match or get close to these numbers. With this, he literally flipped out via text and told me he did not play that game and literally dropped me right then and there over the phone. He expressed how he had worked with me tirelessly and was clearly very upset about what he viewed as a "game" I was trying to play. I won't quote the text exactly but it was basically an I'm done with you kind of message that was pretty blunt. He also implied that he was tired of dealing with me and that my search was dragging on for a very long time. Over the months, I have been very impressed with how patient he was with me and my questions. And I suddenly he was letting me know what a pain in the A i had been! As I had mentioned, I was strongly encouraged to look at all options and I agreed. Bottom line is I need to get into a house I can afford and I had to look at all possibilities. I had also read online and I had heard again and again that you should always be preapproved by more than one lender..so I thought these questions were normal and acceptable. Maybe not? I am not sure if I should go over this person's head and share what happened so I can keep this loan in place, possibly with another lender in their company? It's so much work to get preapproved and I would feel more comfortable having more than one preapproval. Plus I really don't want to have a hard pull my credit again if I don't need to.
I truly don't take his outburst personally because I think sometimes people have things going on behind the scenes and take it out on others. This individual has rave reviews and an excellent reputation, so that's why I'm assuming this is pretty out of character for him. I don't want to screw with anyone's career over one outburst. I don't know if this is a first for him or not? But I also want to do what's best for my situation financially and don't know if I should just walk away from this and forget it or try to save the loan and keep it active. The mortgage company is very good and has a few branches around my city.
Bottom line is, it's not worth it to me to screw with someone's career even if they were a jerk! So not sure if it's worth complaining or not. I take complaining or reporting someone's behavior very seriously so that's why need some feedback here. Excuse any typos here as I am typing via my phone.
Last edited by ThanksABunch; 07-11-2017 at 10:09 AM..
Reason: Left out info
Over the weeks, I submitted offers, I ran the numbers by both lenders.
...
He expressed how he had worked with me tirelessly and was clearly very upset about what he viewed as a "game" I was trying to play.
...
I don't want to screw with anyone's career over one outburst.
You made both lenders work their tails off and you think that's okay? It's NOT.
You should have decided between the lenders before you ran the numbers. You wasted the first lender's precious time and energy on you, when he could have been working with a viable buyer. I don't blame him a bit for being angry.
And now you want to mess with his career when it's you who is at fault?
Lenders can be changed, yes. But OP, it sounds like you really waited until the 11th hour to shop your rate like it was a Walmart Rollback deal. There is a lot that goes into approving someone and you undoubtedly wasted time.
I see two wrongs here. Your lender probably really just got fed up and said some unprofessional (and perhaps true, but still unprofessional) things. Not cool. He/she should have maintained their calm, cool, collected persona.
You sound like the kind of client I get stuck with when my junior staff are fed up and frankly not paid enough to deal with. Picky though you have "complicated" assets. Not aware of what it really takes to win an offer despite the fact (I am sure) that your realtor probably told you up front. And always convinced that the grass is greener. A long uphill slog sort of client who is very skittish and always looking for a "deal".
If your lender really does have an excellent rep, complaining to his boss won't do anything. Those who know customer service in its many forms can spot a difficult client miles off. I would take a moment and put the shoe on the proverbial other foot-- if your living was based on working with people, and you had spent a LOT of time and energy working with someone, who came in late in the game with some halfassed offer from a competitor and demanded you meet it, you might feel like you just wasted a whole lot of your life you will never get back.
I just wanted to find out what others think of the situation. I'm pretty baffled and shocked myself. I am a first time home buyer and been on a house hunt for quite awhile now.This indicates that the first lender gave you a University-Level course in Mortgage 101 and spend a LOT of time teaching you every thing. With zero compensation. I feel like I was lucky to be preapproved by an excellent lender who has a stellar reputation. He was able to qualify me when others could not, because my situation with my income and support was a little complicated.This indicates that the First Lender spent a LOT of time working to help you understand your credit and worked to position you to be able to own a home. Again - unpaid. Think of how many Slam Dunks your First Lender could have closed if you hadn't consumed so much time. Over the months, I put in offers and was outbid again and again. I finally realized I might need to look at raising my price level and explre other options. Friends recommended I talk to other lenders Did you show your friends your credit and Financials? How long have they been in the business? Did they know the granular history of your lack of creditworthiness? , especially since some time had gone by and I had a bit more cash and higher credit score etc. I really trusted my lender and wanted to work with him but I also knew there could be other programs out there Did you ever ask about other programs or was this a "hunch?"... so long story short I was preapproved with another lender whose fees were a bit lower and seemed to have a bit more flexibility. So you allowed the First Lender to teach you EVERYTHING and get you into an approvable level, then gave an easy deal to another lender after all this work had been done. This lender also had an excellent reputation, so I felt like I had two great options when the time came to actually purchase. Over the weeks, I submitted offers, I ran the numbers by both lenders. Time and time again, the second lender was always able to give me a much better rate than the first one and closing cost fees were also lower. I know there's no guarantee on rates until there's an accepted offer and it's locked in, but my question always was "if I had an accepted offer today on this property, what rate would I receive?" Sometimes the difference was huge in terms of my monthly payment, which would often be $100 lower I'd like to see the paperwork on this. with the second lender. Although this was a good thing, I really wanted to work with the first lender! He had been with me throughout the months and I had a loyalty and a trust.
Recently, I decided to approach my first lender again and was upfront with him and told him I found a lender who was able to offer me lower rates and fees per each recent offer. I told him I really wanted to work with him and was hoping he could possibly match or get close to these numbers. With this, he literally flipped out via text and told me he did not play that game and literally dropped me right then and there over the phone. Standing O. He expressed how he had worked with me tirelessly and was clearly very upset about what he viewed as a "game" I was trying to play. Emphatic Standing O. I won't quote the text exactly but it was basically an I'm done with you kind of message that was pretty blunt. You should have heard what he said, standing in his kitchen slamming Miller Lites that night. He also implied that he was tired of dealing with me and that my search was dragging on for a very long time. Fair point. Over the months, I have been very impressed with how patient he was with me and my questions. And I suddenly he was letting me know what a pain in the A i had been! Because you were. Because you were. As I had mentioned, I was strongly encouraged to look at all options and I agreed. Bottom line is I need to get into a house I can afford and I had to look at all possibilities. I had also read online and I had heard again and again that you should always be preapproved by more than one lender..so I thought these questions were normal and acceptable. Maybe not? Not once someone does that kind of work for you. I am not sure if I should go over this person's head and share what happened so I can keep this loan in place, possibly with another lender in their company? Ah, no. It's so much work to get preapproved and I would feel more comfortable having more than one preapproval. "But I really want to screw up this guy's life who worked for me for months! It's not enough to undercut him and shop lenders AFTER he made me approvable!! Plus I really don't want to have a hard pull my credit again if I don't need to. Suddenly you're an expert.
I truly don't take his outburst personally because I think sometimes people have things going on behind the scenes and take it out on others. Not take it out on others - YOU are the correct party. It's called Working For Free For Months and then getting shopped by another lender who I Hope To God is lying. This individual has rave reviews and an excellent reputation, so that's why I'm assuming this is pretty out of character for him. No, he is excellent and is appropriately compensated. I don't want to screw with anyone's career over one outburst. You can't hurt this guy for firing you. His manager probably high-fived him and moved a House Deal into his name to compensate him. I don't know if this is a first for him or not? But I also want to do what's best for my situation financially and don't know if I should just walk away from this and forget it or try to save the loan and keep it active. The mortgage company is very good and has a few branches around my city. You should stick with your New Lender and let us know if everything they promised came true.
Bottom line is, it's not worth it to me to screw with someone's career even if they were a jerk! So not sure if it's worth complaining or not. I take complaining or reporting someone's behavior very seriously so that's why need some feedback here. Excuse any typos here as I am typing via my phone.
You cannot touch this person's career. He is not interested in dealing with a rate-shopper. I don't have the lowest rates in town, but I'm closing 27 deals this month because I Perform, and my clients would rather work with someone who knows what they are doing. The first lender did not deny you credit, they just didn't bend to whatever empty promise another lender made while trying to steal a deal.
Let me tell you a story that happened multiple times when I was selling mortgages with an online broker (almost exclusively refis).
I spent weeks working with the clients, trying my best to get them the best deal and a CLOSED deal. I can't tell you how many times clients called and asked me to meet somebody else's rates or closing costs. I knew that I had done the best I could do, so I refused to negotiate. The majority of these prices shoppers would get to the closing table and find out that the deal they were promised was not what was delivered. I'd get a phone call asking if they could have the deal I proposed back. Almost always, the answer was no, that rates or closing costs had adjusted themselves.
I admit this was many years ago, so maybe new rules make this scenario impossible. Still, I agree that what you did was pretty crappy.
Not only did you make a Richard move, you're compounding it because he fired you. You should have been up front with him, let him know you were working with someone else. When I know someone is 2-timing me, it allows me to allocate my time more efficiently. How many calls did he put off to handle your labor intensive BS? You very likely cost him money. Look, everyone should get the best deal/rate for themselves, but not at the expense of someone else. If someone tells me they are working with another loan officer, I have nothing but respect for their honesty. I will provide them with what I can, when I can, but not to tell another borrower they would have to wait until tomorrow. They immediately lose their first row seat, which are reserved for my committed borrowers (many are repeat borrowers).
But what really makes me think he did the absolute best thing to kick you to the curb is the fact you are attempting a petty move and trying to get him into trouble. Had this been me, I may not have kicked you to the curb, but I would have told you I was passing your application over to a junior loan officer for the rest of the process. Your actions are high maintenance, inconsiderate and manipulative. Sorry, but I call it like I see it.
I just wanted to find out what others think of the situation. I'm pretty baffled and shocked myself. I am a first time home buyer and been on a house hunt for quite awhile now. I feel like I was lucky to be preapproved by an excellent lender who has a stellar reputation. He was able to qualify me when others could not, because my situation with my income and support was a little complicated. Over the months, I put in offers and was outbid again and again. I finally realized I might need to look at raising my price level and explre other options. Friends recommended I talk to other lenders, especially since some time had gone by and I had a bit more cash and higher credit score etc. I really trusted my lender and wanted to work with him but I also knew there could be other programs out there... so long story short I was preapproved with another lender whose fees were a bit lower and seemed to have a bit more flexibility. This lender also had an excellent reputation, so I felt like I had two great options when the time came to actually purchase. Over the weeks, I submitted offers, I ran the numbers by both lenders. Time and time again, the second lender was always able to give me a much better rate than the first one and closing cost fees were also lower. I know there's no guarantee on rates until there's an accepted offer and it's locked in, but my question always was "if I had an accepted offer today on this property, what rate would I receive?" Sometimes the difference was huge in terms of my monthly payment, which would often be $100 lower with the second lender. Although this was a good thing, I really wanted to work with the first lender! He had been with me throughout the months and I had a loyalty and a trust.
Recently, I decided to approach my first lender again and was upfront with him and told him I found a lender who was able to offer me lower rates and fees per each recent offer. I told him I really wanted to work with him and was hoping he could possibly match or get close to these numbers. With this, he literally flipped out via text and told me he did not play that game and literally dropped me right then and there over the phone. He expressed how he had worked with me tirelessly and was clearly very upset about what he viewed as a "game" I was trying to play. I won't quote the text exactly but it was basically an I'm done with you kind of message that was pretty blunt. He also implied that he was tired of dealing with me and that my search was dragging on for a very long time. Over the months, I have been very impressed with how patient he was with me and my questions. And I suddenly he was letting me know what a pain in the A i had been! As I had mentioned, I was strongly encouraged to look at all options and I agreed. Bottom line is I need to get into a house I can afford and I had to look at all possibilities. I had also read online and I had heard again and again that you should always be preapproved by more than one lender..so I thought these questions were normal and acceptable. Maybe not? I am not sure if I should go over this person's head and share what happened so I can keep this loan in place, possibly with another lender in their company? It's so much work to get preapproved and I would feel more comfortable having more than one preapproval. Plus I really don't want to have a hard pull my credit again if I don't need to.
I truly don't take his outburst personally because I think sometimes people have things going on behind the scenes and take it out on others. This individual has rave reviews and an excellent reputation, so that's why I'm assuming this is pretty out of character for him. I don't want to screw with anyone's career over one outburst. I don't know if this is a first for him or not? But I also want to do what's best for my situation financially and don't know if I should just walk away from this and forget it or try to save the loan and keep it active. The mortgage company is very good and has a few branches around my city.
Bottom line is, it's not worth it to me to screw with someone's career even if they were a jerk! So not sure if it's worth complaining or not. I take complaining or reporting someone's behavior very seriously so that's why need some feedback here. Excuse any typos here as I am typing via my phone.
The lender was too patient with you until the last straw and they couldn't take anymore. Let it go, go forward with your other lender and if you need another one since you've been preapproved it should not be a big issue.
He figured he had you since he put so much time and effort into getting you approved to buy. He shouldn't have reacted that way but no one knows what you put him thru. So he wasted all his time and effort for nothing just to let you know that you could be approved and you turn around and use his help to find a different lender.
Now to add insult to injury you say you don't want to get him in trouble, which means you thought about doing it, let it go, I'm sure he could write several books about you to back up all his frustrations and he did nothing wrong, its his right to end the business relationship with a person who he thinks is wasting his time.
Let me give you an analogy. I'm assuming your a man, but it works either way.
You're dating a women, spending your time and money taking her to dinner, expensive rock concerts, etc. This goes on for sometime. Then, she dumps you for somebody better looking or with more money. Wouldn't YOU be pissed that she jerked you around?
I just wanted to find out what others think of the situation. I'm pretty baffled and shocked myself. I am a first time home buyer and been on a house hunt for quite awhile now. I feel like I was lucky to be preapproved by an excellent lender who has a stellar reputation. He was able to qualify me when others could not, because my situation with my income and support was a little complicated. Over the months, I put in offers and was outbid again and again. I finally realized I might need to look at raising my price level and explre other options. Friends recommended I talk to other lenders, especially since some time had gone by and I had a bit more cash and higher credit score etc. I really trusted my lender and wanted to work with him but I also knew there could be other programs out there... so long story short I was preapproved with another lender whose fees were a bit lower and seemed to have a bit more flexibility. This lender also had an excellent reputation, so I felt like I had two great options when the time came to actually purchase. Over the weeks, I submitted offers, I ran the numbers by both lenders. Time and time again, the second lender was always able to give me a much better rate than the first one and closing cost fees were also lower. I know there's no guarantee on rates until there's an accepted offer and it's locked in, but my question always was "if I had an accepted offer today on this property, what rate would I receive?" Sometimes the difference was huge in terms of my monthly payment, which would often be $100 lower with the second lender. Although this was a good thing, I really wanted to work with the first lender! He had been with me throughout the months and I had a loyalty and a trust.
Recently, I decided to approach my first lender again and was upfront with him and told him I found a lender who was able to offer me lower rates and fees per each recent offer. I told him I really wanted to work with him and was hoping he could possibly match or get close to these numbers. With this, he literally flipped out via text and told me he did not play that game and literally dropped me right then and there over the phone. He expressed how he had worked with me tirelessly and was clearly very upset about what he viewed as a "game" I was trying to play. I won't quote the text exactly but it was basically an I'm done with you kind of message that was pretty blunt. He also implied that he was tired of dealing with me and that my search was dragging on for a very long time. Over the months, I have been very impressed with how patient he was with me and my questions. And I suddenly he was letting me know what a pain in the A i had been! As I had mentioned, I was strongly encouraged to look at all options and I agreed. Bottom line is I need to get into a house I can afford and I had to look at all possibilities. I had also read online and I had heard again and again that you should always be preapproved by more than one lender..so I thought these questions were normal and acceptable. Maybe not? I am not sure if I should go over this person's head and share what happened so I can keep this loan in place, possibly with another lender in their company? It's so much work to get preapproved and I would feel more comfortable having more than one preapproval. Plus I really don't want to have a hard pull my credit again if I don't need to.
I truly don't take his outburst personally because I think sometimes people have things going on behind the scenes and take it out on others. This individual has rave reviews and an excellent reputation, so that's why I'm assuming this is pretty out of character for him. I don't want to screw with anyone's career over one outburst. I don't know if this is a first for him or not? But I also want to do what's best for my situation financially and don't know if I should just walk away from this and forget it or try to save the loan and keep it active. The mortgage company is very good and has a few branches around my city.
Bottom line is, it's not worth it to me to screw with someone's career even if they were a jerk! So not sure if it's worth complaining or not. I take complaining or reporting someone's behavior very seriously so that's why need some feedback here. Excuse any typos here as I am typing via my phone.
I do not think you are at fault. Part of this is just the nature of the housing market right now and it seems like you might have a slim budget/confines to work within. All normal.
I always have a slim budget as well. I looked at over 300 houses, put in a good dozen contracts before I finally had one accepted a couple years ago. It happens. You can't always control this, and it is the mortgage brokers job to prepare the costs for each and every house that you make an offer on. This is probably the most expensive purchase you will make and it needs to be the right decision for you. At the end of the day, you are the one that will be making the mortgage payment.
ETA: I was recently refinancing my house, and the lender I was working with for months, added $10k to the loan the day before settlement. I called another lender, who was $15k cheaper. I cancelled the deal with the first lender and went through with the loan with the second. I do not need to spend an extra $15k just because I had worked with him for a few months. He had the option to meet the price, and could not. Not my problem.
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