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Old 07-16-2008, 05:47 PM
 
Location: northern california
380 posts, read 2,253,758 times
Reputation: 148

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We are using a broker to obtain a loan from Amtrust. His processor has made so many errors on our forms, I'm tired of pointing them out, and I know she's tired of my asking her to. Often, when I ask her to make a change, she'll change it with a new error. She also insisted that we not list our second loan as a future lien on one of the forms, but added it on after I asked her repeatedly.

I'm tired of dealing with this woman and more importantly, am worried about what other mistakes she'll make down the road. I just don't trust her work. Once all documents are submitted, conditions met and we're just waiting for clear to close, is there that much more for her to do?

I'm going to ask our broker if he can use another processor, but I suspect she's the only one at their office. Thanks for any advice.
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Old 07-16-2008, 07:32 PM
 
Location: OK
2,784 posts, read 6,997,857 times
Reputation: 1968
The processor is responsible for all the paperwork to be submitted correctly and to act as a go between for stips between the borrower, the broker and the lender.

I would, too, request another processor in this case. It is not your responsibility to nag the processor to do things right.
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Old 07-16-2008, 08:18 PM
 
Location: Cary, NC
1,036 posts, read 3,805,766 times
Reputation: 510
A good processor makes the loan approval and closing seem easy. A bad processor can ruin the whole thing. They are usually the "middle man" between the loan officer and the underwriter. The processor will coordinate title, appraisal, verifcation forms and more and send them into underwriting.

Some do more, some less (I NEVER have my clients talk to the processor, that is my job as their "go to" person) but they are always the ones at the center making sure everything gets to the people that needs them when they need them. If they are making mistakes and giving you problems, speak to the loan officer and be careful.
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Old 07-16-2008, 09:17 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,838,769 times
Reputation: 1008
first of all....it's the loan officer's responsibility to make sure EVERYTHING on the documents is correct. They are the ones that are licensed to solicit the loan, and must make sure everything is compliant to Federal Laws.

Processors are generally used to help out with documents, speak with the wholesale lenders, order title, coordinate closing, etc.

It's NOT their responsibility to make sure the numbers are correct on loan documents. The only loan document they look over should be HUD-1. Which is the last document signed in a mortgage transaction.
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Old 07-17-2008, 01:11 AM
 
Location: northern california
380 posts, read 2,253,758 times
Reputation: 148
Thank you all for explaining what should be going on. At least I feel less crazy wondering why I'm constantly having to critique this woman's work. I spoke w/ our broker briefly and he said he would review everything and get everything straightened out.

Our broker's nice enough, but I guess he's used to delegating this work to her and not micro-managing her. Unfortunately, I seem to be the only person in this whole transaction who double-checks anything, and it really stresses me out. There were even errors in the appraisal report (eg, describing our master bath as having a separate roman tub when we have no tub, and walk-in closets when we have none).

Sigh, I can't wait for all this to be over. I really need some good sleep. Thanks again everyone.
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Old 07-17-2008, 07:03 AM
 
28,461 posts, read 78,277,477 times
Reputation: 18590
And people wonder how things are so screwed up...

The quality of the workforce at too many brokers and lenders is horrendous. There and "families and friends" stuffed into these places that can do little more than sign their own name and get the paperwork in mostly alphabetic order. Very disheartening.

When you encounter a professional and efficient broker it makes things a breeze, unfortunately you rarely find out how screwed up some offices are until you are too far in to do any good.

If you are the kind of person that double checks everything this makes it all the more frustrating. I can only recommend that you continue to ride them, but as politely as possible. Once it is all wrapped up let the agents for both sides know how messed up things were and MAYBE the negative feedback will motivate the broker to put more effort into finding better people...
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Old 07-17-2008, 12:56 PM
 
Location: Cary, NC
1,036 posts, read 3,805,766 times
Reputation: 510
Quote:
Originally Posted by chet everett View Post
And people wonder how things are so screwed up...

The quality of the workforce at too many brokers and lenders is horrendous. There and "families and friends" stuffed into these places that can do little more than sign their own name and get the paperwork in mostly alphabetic order. Very disheartening.

When you encounter a professional and efficient broker it makes things a breeze, unfortunately you rarely find out how screwed up some offices are until you are too far in to do any good.

So true... Banks are nice that most of the time you don't get the "friends and family" package. A bank won't usually put up with that sort of thing. On the other hand, brokers (good ones at least) often go the extra step and work outside the 9-5 corporate world. In some states (like NC) brokers have far greater education, background and regulation than bank loan officers.

It all comes down to the level of service and value that the company feels is acceptable. Some are in for the quick sale and dump you on poorly trained assistants while others will do everything to advise and protect their clients.
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Old 07-17-2008, 02:41 PM
 
Location: anywhere
1,730 posts, read 4,386,107 times
Reputation: 1867
Speaking as a processor, quite frankly we do just about everything. Your originator may get you in the door and set up your financing requirements but you aren't getting submitted, approved and closed without a good processor. Once my loan officer sends out the intial package to the customer to be signed and sent back I want him out of it. Once he introduces me to the client I take everything from there. That is not to say that you can't speak to my LO but once I have the file I do not want anyone else getting involved and making a mess.


Sorry you had a bad one. Unfortunately there are a lot of them out there. Luckily for my massive ego I get compliments and thanks from the underwriters we deal with at different lenders for sending in great files. Quite frankly if I get any conditions aside from closing conditions I am not happy with myself as I expect a clear to close right off the bat and usually get it. If I don't either I did something wrong or the underwriter missed something that I had submitted with the file.

And Renqiq02, it is most certainly my responsiblilty to review all documents from start to finish. From initial 1003, GFE, TIL, etc to the final HUD, I have to review everything and make sure things go off without a hitch. I even do the loan setup myself from the brokers handwritten 1003 and gfe and create the whole loan package in my origination software just to make sure everything goes out right from the start. Maybe other processors don't get as involved but I want to be in on everything from the very beginning.
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Old 07-17-2008, 02:43 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,838,769 times
Reputation: 1008
What matters is that at the end of the day, it's the broker's neck on the line ..not the processor.

He should take the 1003 (application), and make sure everything is correct. If the processor screws up, the broker will be blamed...not the processor.

Quote:
Originally Posted by Kathleen1971 View Post
Speaking as a processor, quite frankly we do just about everything. Your originator may get you in the door and set up your financing requirements but you aren't getting submitted, approved and closed without a good processor. Once my loan officer sends out the intial package to the customer to be signed and sent back I want him out of it. Once he introduces me to the client I take everything from there. That is not to say that you can't speak to my LO but once I have the file I do not want anyone else getting involved and making a mess.


Sorry you had a bad one. Unfortunately there are a lot of them out there. Luckily for my massive ego I get compliments and thanks from the underwriters we deal with at different lenders for sending in great files. Quite frankly if I get any conditions aside from closing conditions I am not happy with myself as I expect a clear to close right off the bat and usually get it. If I don't either I did something wrong or the underwriter missed something that I had submitted with the file.

And Renqiq02, it is most certainly my responsiblilty to review all documents from start to finish. From initial 1003, GFE, TIL, etc to the final HUD, I have to review everything and make sure things go off without a hitch. I even do the loan setup myself from the brokers handwritten 1003 and gfe and create the whole loan package in my origination software just to make sure everything goes out right from the start. Maybe other processors don't get as involved but I want to be in on everything from the very beginning.
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Old 07-26-2008, 10:36 PM
 
Location: northern california
380 posts, read 2,253,758 times
Reputation: 148
Thanks everyone for the feedback and info.

Quote:
Originally Posted by chet everett View Post
If you are the kind of person that double checks everything this makes it all the more frustrating. I can only recommend that you continue to ride them, but as politely as possible. Once it is all wrapped up let the agents for both sides know how messed up things were and MAYBE the negative feedback will motivate the broker to put more effort into finding better people...
This is the approach I've been trying to take. I've been trying to get things fixed/explained without stepping on the processor's toes. The broker is having everything corrected. He apologized for all the errors and frustration caused by the processor, and is having me deal directly with him for the most part, so I'm feeling better.

Hopefully the rest of the process will go smoothly. Thanks again!
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