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Excuse me while I rant... Where are the diligent loan officers???

By Alisa Delice

Real Estate Agent with Coldwell Banker Residential Brokerage 643418

May 25, 2011 05:53 AM

OK, so maybe it's just me... but I don't think so.

45-days into an FHA loan application and still no commitment. Do I think that is terribly unusual, no. What has me ripping my hair out is that along with no commitment comes (drum roll....)

No communication. Okay, okay... I do get maybe a single response to about every 5 to 10-email inquiries I send. Nothing of substance to date other than the favored "Should hear something back from underwriting by (insert fictitious date here)"
No professionalism - they are e-mails, not text messages. Please, please, please; I am not 14, can we use whole words?
No grammar - I mean really, is it that difficult to use sentence case and punctuation. I wont even get started on complete sentences, I mean really, my expectations weren't THAT high...

In all fairness, I have gotten:

Lies
False Promises
Somebody elses loan package mailed to me
A stack of business cards (as-if I would subject anybody else to this...)

Again, to be fair, this is a first for me. Maybe I have been lucky, but this is by far the worst lending experience ever. A recent survey amongst colleagues, however, infers that maybe I am not alone? So what is going on? What happened to the days of loan officers eager to go to settlement? To 9:00pm phone calls from the work-a-holic underwriter (who knew by the way that I would still be at work too)?? Where are you??

OK, so contract closing date is before June 11th... please fellow Rainmakers... can I get a raindance??

Oh yes, and your input on qualified loan officers in Maryland & Washington, DC?

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Sally K. & David L. Hanson

EXP Realty 414-525-0563 - Brookfield, WI

WI Real Estate Agents - Luxury - Divorce

grrr..you are excused...it seems there is more to rant about now than when all you had to do to get a mortgage was fog a mirror !

May 25, 2011 06:04 AM

Brian England

Ambrose Realty Management LLC - Gilbert, AZ

MBA, GRI, REALTOR® Real Estate in East Valley AZ

This is good information, thanks for posting, I enjoyed reading it.

May 25, 2011 06:16 AM

Brian Reynolds

Birmingham, MI

Many have been replaced by large bank, unlicensed corporate drones. I wished I worked your area as I still subscribe to the idea that you return all calls, e-mails, etc... by the end of the day!.....Oh and I will do a raindance for you! Privately of course, my dance skills and sanity have been questioned before.

May 25, 2011 06:26 AM

Bridget "Mortgage Mama" McGee

SWBC Mortgage 410-960-2061 - Baltimore, MD

Maryland Mortgage Mama NMLS#196068

Hi Alisa, The good ones are still here, you just have to dig a little deeper, and the borrower has to understand the importance of your referral! You would think that requiring licenses, continuing education, etc. would mean a better quality loan officer.

Unfortunately, the bad ones who are still in the business are still bad and many who couldn't qualify for a license started working for the banks where no license is required. Banks are hiring inexperienced loan officers who don't understand the market or underwriting requirements. Underwriters are over-whelmed and over-worked. Banks have increased over-lays (additional requirements) that can muck up the works if not prepared. I wish that folks would understand that if the lines of communication are open, things go much smoother.

I am so sorry to hear that you are having such a bad experience, multiplied greatly by the lack of communication. I too will throw my dance in the rain in for you that you can get through this closing with what is left of your hair!

Maryland Mortgage Mama

May 26, 2011 11:29 AM

Richard Glesser

North Country Appraisal Services - Gaylord, MI

Another result of HVCC. Years ago, as an appraiser, I worked closely with several good loan originators who I could refer and count on great service or even use myself. But for the past several years, we've been forbiddent ot speak with them. Another unrelated difficulty, filling out an application asking for business references.

May 27, 2011 03:21 PM

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Alisa Delice

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