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Old 02-20-2009, 07:35 PM
 
596 posts, read 2,494,392 times
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Can you guys toss up some ideas for me on why a mortgage officer would not communicate well? (Rarely returning calls, never returning emails, include requests for confirmation on receipt of documents)

This is 1 week out from submission of all requested paperwork. Since she wont return calls or emails, we are frustrated just because we dont know what we're supposed to be doing or how long this is supposed to take. If we knew to sit tight for a week, two weeks, or a month, thats what we'd do. At this point we dont even know for certain if she has everything she needs, or is in receipt of everything to begin with.

The R.E. Agent is now saying to contact her mortgage officer of choice and that it doesnt hurt to have two people working for you. She also says her person is highl recommended and very communicative. But we are using a highly specialized loan program, so we cant really do this.

Thanks for your thoughts and suggestions.
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Old 02-20-2009, 08:49 PM
 
Location: Wake Forest, NC
835 posts, read 3,527,758 times
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Your loan officer has a manager or someone they report to. Call the office and ask to speak to them. They should have given you a timetable for each step of the process at your very first meeting and set reasonable expectations for completion of each step. At that very least I always speak to or email my clients each Friday. It may be I don't have any more information than the last time we spoke but I will come XXXXday next week. There is no excuse for lack of communication.

I will say that you should not have 2 loan officers working for you throughout the process, pick one and stick with them. If you are not comfortable and not getting professional service and want to make a change that is fine but let you first loan officer know that you have decided to go elsewhere, don't string them along with no intention of completing the loan with them.

I bet your buyers agent didn't recommend you have 2 agents working for you when you were looking for your home, they more than likely had you sign an agreement that you wouldn't work with another agent, or at least if you did you were obligated to pay them if you purchased a home while you were under contract with them. Most won't let you in their car without an exclusive contract to represent you. Remember the golden rule- your agent would never want to be treated the way they recommend you treat others.
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Old 02-21-2009, 09:03 AM
 
596 posts, read 2,494,392 times
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Do you have a timetable you could share?Why would mortgage officers work like the wizard of oz behind the curtain, getting all calls screened by a receptionist to voice mail ("she's in a meeting all day" "she's with a customer" even calling 5 times throughout the day...)? Is it because they simply wouldnt get any loans processed if they took calls?It just seems so rude. She took my calls before we submitted the contract...
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Old 02-21-2009, 09:34 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
Reputation: 952
Quote:
Originally Posted by jctx View Post
Do you have a timetable you could share?Why would mortgage officers work like the wizard of oz behind the curtain, getting all calls screened by a receptionist to voice mail ("she's in a meeting all day" "she's with a customer" even calling 5 times throughout the day...)? Is it because they simply wouldnt get any loans processed if they took calls?It just seems so rude. She took my calls before we submitted the contract...

Perhaps the LO is legitimately busy. Perhaps there are some issues with the file that she is trying to address and doesn't want you to worry, or perhaps she is afraid to tell you that what she said before does not stand anymore. Of course I can only speculate on this, but I personally feel that there is no excuse for at the very least not returning the phone call. Is there noone else in your area that deals with this highly specialized loan program? Perhaps you should seek them out.

That being said, calling 5 times a day seems a bit excessive. Perhaps you are just rubbing the LO the wrong way (we are people too and unfortunately with some of us our emotions get in the way of our professionalism). Perhaps a nice, concise email explaining what you expect out of the process and what you expect from her, which should be at least a weekly update letting you know what the status is even if there has not been any change.

Again, please understand that I don't know your LO, I don't know anything about you, and I don't know anything about the loan program you are using so everything I write here should be taken for what it is worth, assumptions and guesses.
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Old 02-21-2009, 02:53 PM
 
596 posts, read 2,494,392 times
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Quote:
Originally Posted by Daddys///M3 View Post
Perhaps the LO is legitimately busy. Perhaps there are some issues with the file that she is trying to address and doesn't want you to worry, or perhaps she is afraid to tell you that what she said before does not stand anymore. Of course I can only speculate on this, but I personally feel that there is no excuse for at the very least not returning the phone call. Is there noone else in your area that deals with this highly specialized loan program? Perhaps you should seek them out.

That being said, calling 5 times a day seems a bit excessive. Perhaps you are just rubbing the LO the wrong way (we are people too and unfortunately with some of us our emotions get in the way of our professionalism). Perhaps a nice, concise email explaining what you expect out of the process and what you expect from her, which should be at least a weekly update letting you know what the status is even if there has not been any change.

Again, please understand that I don't know your LO, I don't know anything about you, and I don't know anything about the loan program you are using so everything I write here should be taken for what it is worth, assumptions and guesses.
You're right, it did come across as if I was being ridiculously annoying so I will clarify. I have called and left a very nice voice mail. At the end of the day with no return call to me, I would call again but choose not to leave another message. A few days would pass with no messages left also, after being put through to her voicemail because she was "with a customer". So then after several days, I thought that if she wasnt picking up when I called, maybe trying her at different times would eventually bring an answer on her part but it didnt. She doesnt even know I called but a couple of times where I left polite messages for her to call me at her earliest convenience. I dont want to stress her out, I just want someone to tell me what I'm supposed to be doing or how long I should sit tight for, because we're in a bit of a fog right now.

As for possibly talking to another mortgage officer, there is no other bank in a huge radius that provides the same program offered by this bank.

I do appreciate your unique perspective as a lending officer. Thank you. You bring home the fact that you are people too, and we have to respect that you're all very busy in your work. I reserve the right to pull out my hair, though, hehe.
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Old 02-21-2009, 03:50 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
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Quote:
Originally Posted by jctx View Post
You're right, it did come across as if I was being ridiculously annoying so I will clarify. I have called and left a very nice voice mail. At the end of the day with no return call to me, I would call again but choose not to leave another message. A few days would pass with no messages left also, after being put through to her voicemail because she was "with a customer". So then after several days, I thought that if she wasnt picking up when I called, maybe trying her at different times would eventually bring an answer on her part but it didnt. She doesnt even know I called but a couple of times where I left polite messages for her to call me at her earliest convenience. I dont want to stress her out, I just want someone to tell me what I'm supposed to be doing or how long I should sit tight for, because we're in a bit of a fog right now.

As for possibly talking to another mortgage officer, there is no other bank in a huge radius that provides the same program offered by this bank.

I do appreciate your unique perspective as a lending officer. Thank you. You bring home the fact that you are people too, and we have to respect that you're all very busy in your work. I reserve the right to pull out my hair, though, hehe.
LOL. I completely understand. Where exactly are you in the process? Perhaps I can help shed some light (albeit still based on assumptions and hearsay since I am likely not familiar with this particular loan program) on what should be going on in the process right now. The paperwork that you submitted, is this for the initial application and preapproval process or are you under contract and your loan is in processing?
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Old 02-21-2009, 10:11 PM
 
596 posts, read 2,494,392 times
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Daddys//M3 (is this a BMW?)...We submitted everything for the preapproval but learned later that she hadnt received it all. I dont know if thats true or not but I'll give her the benefit of the doubt. In the meantime, we contracted to purchase a home a week ago. The communications during that negotiating were intense and constant. As soon as everyone signed on the dotted line, we were left in the dark and it feels strange. We resubmitted everything asked of us, including the contract. We werent asked for very much because this is a small town bank that says they "keep all their own mortgages" (?) and they have a relationship with a local organization where they will provide a mortgage to certain new employees (based on a signed employment contract with that organization). Sorry, run on sentence, I think. So the only things they really wanted to see were the contract, the employment contract, and 1 bank statement to document a banking relationship somewhere. In the future they will require us to open an account with their bank, though.Does this all smell ok to you, or should we be doing something? How long should we just hang tight and concentrate on other things before worrying about not hearing anything from anyone? Because if this is how buying a home is normally, this part was extremely easy. The "shopping" aspect was fun.
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Old 02-22-2009, 09:30 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
Reputation: 952
So basically you are not even sure if you are preapproved yet? This is how I operate, and I'm sure that most LO's nowadays operate this way.

1. Take initial application and verify income and assets via documentation you provide prior to preapproval, pull credit

2. Complete preapproval based on the verified information, run the scenario through automated underwriting (this may not apply in your case), if I receive an approve/eligible finding then I issue a preapproval letter. The process should take no more than 24 hours from the time I receive all of the necessary documentation

3. Provide the complete application and disclosure package, with good faith estimate and truth in lending, within 3 business days of pulling your credit.

3. Once a home is found and under contract I will order the preliminary title report and the appraisal (to be paid by borrower)

4. From there the loan goes into processing where my processor will order verification of employment, hazard insurance binder, etc.

5. Once I have all of these items along with the purchase contract including all offers, counteroffers, and addendums I submit the loan for underwriting. This should take no more than a week from the time I receive the initial offer and acceptance, dependent on appraiser turntimes and whatnot

6. Underwriter will issue a conditional loan approval (timeframe will be lender dependent). This means that there may be some conditions regarding supplemental documentation to clarify certain things, the UW may condition the appraiser for extra comps, etc.

7. Once conditions are signed off then we get a clear to close at which time we draw docs and send them to title

8 Once title receives the docs then everyone is given a copy of the HUD-1 settlement statement to review 24 hours prior to signing

9. We make an appointment for signing

10. There will usually be funding conditions that have to be met by the title company so the time between signing and funding will vary not only based on title meeting the funding conditions, but lender turntimes as well. Once the wire is received at title then they will send a runner to the county recorder's office to record the deed. Once that is done you can get your keys.

Now, there is no reason for an LO not to contact all parties involved (buyer, buyer's agent, listing agent) on a weekly basis to let everyone know where the deal is at, even if there is no news.

Also keep in mind that I am in Nevada and not all states operate the same. Some states do not use a title company for signings, but an attorney. Some states have different procedures regarding funding and recording, so it may be best to touch base with someone with some local experience.

Is there any way you could stop in for a surprise visit? Maybe you just have to corner this LO and explain that the lack of communication is unacceptable.


Off topic, yes the M3 is a BMW but I don't own it anymore. Maintenance and repairs were outrageous so I downsized.
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Old 02-22-2009, 09:31 AM
 
87 posts, read 347,707 times
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Can someone explain why it is bad to apply with several lendors? That way you can see who is more responsive, who is giving you the best deal, and who you are more comfortable with. A mortgage is a business deal ... it shouldnt be considered personal. Dont forget that if you are having a hard time getting a hold of them now, what about when you want to lock in a rate which can usually only be done over the phone. I would probably just call the generic mortgage department for that bank and explain your situation and if there is someone else that can answer your questions. You should not be having to wait this long. If they cant provide you with someone, apply elsewhere and ask if they have similar programs and your situation. If they want your business they will work with you. Nothing to lose.
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Old 02-22-2009, 10:08 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
Reputation: 952
Quote:
Originally Posted by Fant View Post
Can someone explain why it is bad to apply with several lendors? That way you can see who is more responsive, who is giving you the best deal, and who you are more comfortable with. A mortgage is a business deal ... it shouldnt be considered personal. Dont forget that if you are having a hard time getting a hold of them now, what about when you want to lock in a rate which can usually only be done over the phone. I would probably just call the generic mortgage department for that bank and explain your situation and if there is someone else that can answer your questions. You should not be having to wait this long. If they cant provide you with someone, apply elsewhere and ask if they have similar programs and your situation. If they want your business they will work with you. Nothing to lose.
It's not but I think in the OP's case it involves a specific loan program that is being offered by a certain bank to employees of a certain company, which obviously limits the ability to shop around.
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