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Old 11-06-2012, 01:35 PM
 
25 posts, read 37,034 times
Reputation: 23

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I'm trying to buy a condo and I don't know where to find a mortgage lender who will be timely, answer my questions, and be able to close on time? I had initially tried using a broker that works with my agent, but she was quite honestly a nightmare. She wouldn't return my calls, she gave me false information about my loan, she told me at the last minute (literally the day before my closing date) that my loan was denied because the Desktop Underwriter found the property to be too expensive as listed (even though it was about a fourth of what I was qualified for). Is this the norm in the mortgage industry these days? It seems like no matter where I turn it's nothing but lenders who wont return phone calls, will ignore my loan and the closing date, and I have to call them over and over and over again. It's so frustrating...I don't see how anybody ever closes if this is the norm. I don't mind providing whatever is needed, but it's seriously infuriating to not be able to get one person who has no concept of customer service.

Can anyone help? Does anyone know a good mortgage lender?
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Old 11-06-2012, 02:46 PM
 
Location: Coupeville WA
5 posts, read 12,533 times
Reputation: 21
Hi GoDavs21,
Surprisingly, this is not the first time I have heard this complaint about getting a mortgage lender to return your calls. I have most often heard it when the potential home buyer/refinance has been attempting to get information from one of the larger banks. One of the reasons this is happening is that the bank loan officers are being given their leads by the bank and not having to bust their rump as hard as a non bank loan officer in many cases.
To find a good loan officer, that will return your calls, see who is available in your area that doesn't work for a big bank. Also, I don't know where you are located, but if you want to contact me, I have contacts around the country and would be happy to set you up with someone in your location.
Good luck, they are not all that way!
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Old 11-06-2012, 05:23 PM
 
6,191 posts, read 7,372,756 times
Reputation: 7570
One day I just walked into Chase and spoke with a loan officer, at length, about everything. I found him incredibly helpful and very knowledgeable. He even answered some follow-up questions I had via e-mail.

I ended up choosing another bank because the rates were far better but it really has been not-so-great. I cannot believe how dense the people we work with are and how incompetent they seem at getting anything together. Our closing was supposed to be tomorrow but due to a number of factors I have no idea when it actually is being pushed back until.

If I were you I would try to directly speak to a bank with loan officers or try a credit union. I considered a credit union but at the time, the ones in my area had rates MUCH higher than the banks.
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Old 11-06-2012, 11:38 PM
 
Location: deep woods
404 posts, read 899,834 times
Reputation: 574
You need to share what city you are in to get help with that.
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Old 11-07-2012, 08:26 AM
 
Location: deep woods
404 posts, read 899,834 times
Reputation: 574
Default mortgage loan on a condo

It's a condo loan, and that is your biggest problem.

The solution is to find what bank has been willing to do and has done recent condo loans in that specific condo development.

Find out who the exact person at the bank was who handled the loan. Not just the bank. That person will know what problems they may have run into to do a loan at that specific development.



Here are 3 ways to do that:

1. Ask your agent to look in mls at the recent sales of those exact condos, and that he contact each Selling Agent of those deals, and ask who was their Buyer's lender. Or ask who was the title company that closed the deal(s). Each of those title co's worked hand in hand with a lender who did a loan there and would know who they are. As well you find a title co who has worked through any issues with the condo development. If you are paying title, then request that title company be the one that closes the sale.

2. Go to the condo management or their property management company and ask them who did the recent loans. Same thing, they would have coordinated things with a recent lender, and a title company. (This may be the easiest solution). Ask about the title co's, too. [[[[[[Title companies are your friend. Take a title person to lunch.]]]]] You have to find the right person though, at the management, whose job it is to deal with the bank and title co.

3. Go into public records, look at most recent recorded deed transfers for the development and see what banks have recorded new mortgage liens on those properties. (This way is only going to get you the bank.)

The obstacle to the loan will be the condo and the financial status of the condo development, not you.

I skimmed your previous thread. It's possible with your previous effort that the lender got way into the process before realizing their bank would not do a condo loan at that development.


Just so you know, the number of lenders that would do loans in some condo
developments is a grand total of:::::::::::::::::::::::::::0

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Last edited by gv28; 11-07-2012 at 08:48 AM..
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