Big loan companies seem to slow the loan process....

I try hard to recommend great loan specialists.   I have my favorite in Dona Jeka, Pacific Residential services.  My least favorite is big banks.  It isn’t that I am opposed to the idea of big banks it is more that there are so many levels of bureaucracy that the loan will be held up somewhere.  Today’s giant loan place is Quicken…..

For Christmas my client gave his wife a loan approval letter.  I was called the next day!   We started looking.  My favorite still is the first home we saw but it went away before they were settled.   We seemed to have a nice loan officer who seemed to be doing his job well.  My clients had been through underwriting and I questioned him to make sure it was rigorous.  The last thing I want is to get close to closing and have my loan fall. 

It was fun to work with these people.   After much looking we settled on a short sale at the end of January (there had been an offer or two that was rejected).  The man loved it and the wife liked it.  They could see themselves living in this home. 

After lots of waiting we finally received our short sale approval on May 21.  YEAH!  The bank forgot the closing costs and had the price different then the contract.   The other side felt they could get them the closing costs and  to their credit they did.   When I went to call the loan officer on May 21 I found that he had left (my client had just spoken to him a few days before).  They transferred me to another person.  Who transferred me to a third loan specialist.  Each specialist needed copies of the letters and contract and an explanation of why they were not agreeing.  I was then assigned to a loan closing specialist a few days later.  Everytime you got comfortable with one person you got changed to another. 

On May 30 I wrote an addendum to match the contract to the letter.  

On June 5 the short sale lender corrected things and I wrote a new addendum.  I kept everyone fully informed about what was going on but the new person never had access to the paperwork or the knowledge about the problem with closing costs.

About a week later someone else was assigned out loan because our appraisal came back with conditions.  He also needed explanations.  The conditions.  The conditions were about the over 55 community (which the home is not in) and wondering about airport noise for the Caldwell airport ( a very small commuter airport mostly for hobbyists and crop dusters).  This was on June 5).  The specialist told me that they would have it buy Thursday last.  On Monday I called the appraiser and talked to him.  He had the addendum by 1 PM that day.   Today is Thursday and I do not know if the appraisal addendum has gotten to the correct people at Quicken.   

I am beginning to wonder if I will hit my close date.  Everyone needs 3 business days from clear to close.  I do not want an extension. 

I know if he had gone to Dona they would be living in their home today.    This hangup (which is trivial and will be solved) just would not have happened.  Dona is local, her underwriter is local.  No one here would have been concerned about the non problem of the airport.  She would have known that the only 55 plus community in Canyon county was a mobile home park .  So I sit and wait….  

With a big loan company I never know what the hangup will be…. I just there will be one.    This loan will close just like all the others with some drama that just didn’t need to happen.