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Having worked in the business for more than fifteen years, at many companies, in an array of origination and management positions, and having personally overseen thousands of closings, I have finally collated reams of empirical data, and the conclusions are clear:
1. Loan Processors are FAT LITTLE PIGS who get paid regardless of whether files close at all, and because they are salaried, there are too few of them to handle volume, so they work on the easiest files in a very slipshod manner, worried more about the state of their breakfast burrito than your happiness.
2. Underwriters, while exhibiting traits found in Conclusion #1 above, are also shockingly inexperienced, and tend to underwrite via word-of-mouth, instead of referencing actual guidelines. Underwriters usually are not educated beyond the level of a convenience store cashier, cannot spell, and, like the Processor, are paid regardless of whether your loan closes on time, smoothly, or at all.
3. The people who do the most heavy lifting, creative, and difficult work - far beyond realtors, processors, title companies, any of them - are paid via commission, while everyone else at the mortgage company reaps a salary SOLELY because of the Originator's tireless, fantastic efforts.
4. Mortgage Originators' pay has been literally decimated in the past three years, amounting to about 35% of what it was prior to, say 2010. Meanwhile, Realtors still get that fat 3% fee.
5. When an unforeseen problem arises - - such as a drastic downshift in usable income, or a sudden mid-stream increase in liabilities - anything, really, EVERY SINGLE PERSON MENTIONED IN THIS POST throws up their hands and intellectually leaves the room, except for the Mortgage Originator, who busts his or her ass to find the solution and force their idiot colleagues to put down the 96-Liter Dr. Pepper, snuff out that cigarette, come back to their Mother****ing desk, and use their pea brains.
...EVERY SINGLE PERSON MENTIONED IN THIS POST throws up their hands and intellectually leaves the room, except for the Mortgage Originator, who busts his or her ass...
Fifteen year study determines why the Mortgage Process is so frustrating.
I'm not sure what was supposed to be so frustrating about this process. Buying our home here in Canada was pretty painless, to be perfectly honest. Then again, we bought a home well under the amount we were approved for, had a decent down payment for it and my wife and I both have good credit. The only anxiety involved in the transaction was waiting to see if the sellers accepted our offer.
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