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To be honest, what you're describing sounds identical to our awful experience.
They were very good up front because they knew we were talking to other lenders. It wasn't until we'd committed to them that they became very bad about returning calls, or whatever the issue was. It's the easiest thing in the world for one of these lenders to hook someone up front. And there is some valuable information you get up front - just be sure you get a Good Faith Estimate (GFE) to back up what they're promising and not a 'worksheet.' Worksheets are fine but mean nothing in the long run.
The reviews are written after the whole process, and a good chunk of whether the lender is any good is whether they deliver the goods on closing. I don't mean to make you overly cynical, but what you've said sounds like it could be the beginning to a great business relationship or it could be you being set up for disappointment. For your sake, I hope it's the former, but an ounce of prevention = a pound of cure!
I'm sorry you had an awful experience, but I'm feeling really good about this. Maybe I'm just overly enthusiastic that I was approved for my requested amount Sometimes, when I get excited it can cloud my judgment. I'll definitely keep what you said in consideration as I move through the process - all the way to closing (hopefully)
To be honest, what you're describing sounds identical to our awful experience.
They were very good up front because they knew we were talking to other lenders. It wasn't until we'd committed to them that they became very bad about returning calls, or whatever the issue was. It's the easiest thing in the world for one of these lenders to hook someone up front. And there is some valuable information you get up front - just be sure you get a Good Faith Estimate (GFE) to back up what they're promising and not a 'worksheet.' Worksheets are fine but mean nothing in the long run.
The reviews are written after the whole process, and a good chunk of whether the lender is any good is whether they deliver the goods on closing. I don't mean to make you overly cynical, but what you've said sounds like it could be the beginning to a great business relationship or it could be you being set up for disappointment. For your sake, I hope it's the former, but an ounce of prevention = a pound of cure!
Aquitaine,
Your advice is very timely. This is something I remind folks of constantly.........get personal referrals. It doesn't matter where the loan officer is from, chances are, they are under some sort of pressure to get "some loans on the books." They haven't even thought about getting the loan to the table yet. The good news about today's market, anyone that is still in, should know what they are doing. But that doesn't guarantee a great experience - just improves the odds.
Those ratings, wow, I can tell story after story, but I just had an experience with one of the rating sights, ekomi. You make a purchase and then you get a survey asking to rate the experience. I rated an ink reselling vendor on there about as low as one could. In fact, I think I even put, down "if I could give a negative star, I would." I know exactly what date I put that on their survey site. Of course, it's no where to be seen - I'm certain it's just used for SEO and to get the company's ranking higher. When I explored a bit further into RipOff Reports or BBB, I got an eyeful and can see why they are using a 3rd party to boost their stature. But it is manipulation and it happens all the time.
As for Worksheets, if the work is done by someone ethical, it should be better than the GFE. For example, my worksheet is in constant motion. If I get the confirmed fee from the title company, I update the worksheet (I cannot update the GFE). Or, if there is a change somewhere else, such as in the loan amount, it's updated. Or rate. I may send out 4 worksheets within 1 transaction, constantly updating. And then I reconcile with the HUD, dollar for dollar.
I, too, am sorry you had a lousy time of it. Thankfully, it's over for you. But I do agree on trusting those ratings.......take them with a grain of salt and don't go singing someone's praises until you have closed, lol. How many times have we seen that? Raving review, then 3 weeks later, a review wanting to tear their head off. I suspect the OP is in the clear and will be fine, but it does pay to be careful.
Thanks for the input SmartMoney. I agree it pays to be careful (which is pretty much used with dealing with your money in general). I'm sure it will be fine. He is still just as responsive as when I was applying.
He has even followed up and said I should wait to house hunt after 1/26 because FHA is lowering their mortgage insurance rates after that date from over 1% to .80% (with a down payment over 5% which I am doing). I know he has my best interest at heart just from that warning alone.
Again, I appreciate the comments but all is well. If anything goes south, best believe I'll create another thread titled "Ugh, worst lender EVER!" ha or something like that. Until then...
Worksheets can be really useful because they break down some of the generic categories (hello, 'origination fees') into the actual categories the lender is using that sum up to that one line on the GFE. If I were working with someone I'd done business with before and trusted, I'd want the worksheet.
The nice thing about the GFE is just that it's a commitment, and a worksheet isn't. There are unscrupulous lenders out there that will give you a great worksheet and then the GFE looks like something else entirely. There are so many variables that go into closing that it's easy for someone who understands the system to game it. Having a GFE that matches your worksheet totals isn't a guarantee that your lender is a good one, but it should at least be a guarantee of the financial cost of doing business with them.
In our case, that part was the one thing that worked out well. They were disorganized and wouldn't return calls. They got closing documents wrong. But their rates were great and that's what we were finally left with after closing - we never need them to close again, so even our awful experience was salvaged somewhat because they did 'deliver the goods' in the form of a GFE...they just dropped the ball after that in other ways!
I just wanted to say thank you to everyone for your help during my lending process! I just wanted to follow up and say that I closed on the house last night and officially a Henrico, Richmond, VA Resident!
You should not be pushed into a loan and only go with the lender you feel comfortable with. Communication is always great and then it dies down while in process. However, if they are professional and serious about their career, communication and updates should be the norm. I've been taking loan app online before the housing crisis.
Get Ready here's some negatives
You have to understand the process involved due to the changes in lending laws. It is very sad but true and sometimes out of the loan officer's control. He convinces and resonates with your goal and advises you on the best program for your situation then your application is with a processor for 2-3 days for compliance, etc. I've heard some companies will have it in processing for 7 or 8 business days due to inept staff or a high workload due to rate spikes or declines!! Then it goes to underwriting where the fun begins. Any large deposits not customary, credit issues, sourced down payment, sourced, sourced, sourced, and need to be explained.
Your lender is not a great lender until you are done.
A lot of salesman are great talkers in the beginning then they suddenly become unavailable when delays occur. I agree that using a one loan officer over another will have more juice in getting you deal done with staff (office politics).
Online reviews
A report on CNBC has a law firm in serious trouble over fake reviews on Yelp. You know Google and others can be faked too. Asking to speak with a past client is better than a printed review testimonial. There are 1000s of great writers and I am not one of them. Remember the phrase, don't trust everything you read online.
As a consumer you can also check a Loan Originator's history with their NMLS number online. Check out the company as a whole too for complaints B of A, Wells, and Chase are notorious for having decent rates but the process can take forever and they are a volume shop. The more loans the bank's loan originator gets in the better they are paid. While a mortgage broker/banker likes volume too they typically get paid more per deal so they are more customer attentive.
You should not be pushed into a loan and only go with the lender you feel comfortable with. Communication is always great and then it dies down while in process. However, if they are professional and serious about their career, communication and updates should be the norm. I've been taking loan app online before the housing crisis.
Get Ready here's some negatives
You have to understand the process involved due to the changes in lending laws. It is very sad but true and sometimes out of the loan officer's control. He convinces and resonates with your goal and advises you on the best program for your situation then your application is with a processor for 2-3 days for compliance, etc. I've heard some companies will have it in processing for 7 or 8 business days due to inept staff or a high workload due to rate spikes or declines!! Then it goes to underwriting where the fun begins. Any large deposits not customary, credit issues, sourced down payment, sourced, sourced, sourced, and need to be explained.
Your lender is not a great lender until you are done. A lot of salesman are great talkers in the beginning then they suddenly become unavailable when delays occur. I agree that using a one loan officer over another will have more juice in getting you deal done with staff (office politics).
Online reviews
A report on CNBC has a law firm in serious trouble over fake reviews on Yelp. You know Google and others can be faked too. Asking to speak with a past client is better than a printed review testimonial. There are 1000s of great writers and I am not one of them. Remember the phrase, don't trust everything you read online.
As a consumer you can also check a Loan Originator's history with their NMLS number online. Check out the company as a whole too for complaints B of A, Wells, and Chase are notorious for having decent rates but the process can take forever and they are a volume shop. The more loans the bank's loan originator gets in the better they are paid. While a mortgage broker/banker likes volume too they typically get paid more per deal so they are more customer attentive.
Seeing that I went to closing last week, we are done. I can confirm now that I am done that my lender is GREAT. I highly recommend him and will be adding to the already abundant 5-star reviews he has. thanks for the advice!
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Sometimes, when I get excited it can cloud my judgment. I'll definitely keep what you said in consideration as I move through the process - all the way to closing (hopefully)
Big Update!
