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WHAT'S WITH LENDERS!!!!

By
Mortgage and Lending with ASAP Mortgage
Wow with all the issues lenders are having they really aren't making it easy for us brokers.  Lenders are saying they can do certain types of loans, then while in u/w they are trying to find a way to kill the deal.  I have to say that the lenders that are still alive they aren't working very well with us.  :( I wonder if lenders believe we have to tell our clients something.  I have a client that is waiting to hear from me but I can't tell them anything because the lender won't return my calls. What should I do? Please advise!

Comments (8)

Dominick Gaccino
Dominick gaccino - Peekskill, NY

i know the feeling

 

what would i do....basically dont do the same to your client...be honest and tell them that due to what is going on in the industry now loans are really being looked at w fine tooth comb

 

most lenders are on 5-6 day turn time due to this-gods honest truth i have heard from many AE's i deal with

 

Still stay on the AE and processor for info....basically tell them that if the guy cant return your calls then he cant have any future loans

 

its all about service and they arent giving it to you

 

Dominick Gaccino

Branch manager

First Suffolk Mortgage Corp

Apr 11, 2007 10:30 AM
Andrew Campbell
ASAP Mortgage - Madison, WI
thanks for the wonderful tip
Apr 11, 2007 10:31 AM
Dan Allred
Allred Realty - Thousand Oaks, CA
DRE#01761967
Andrew- been there done that ...oops am there doing that, It is hard to get things closed when the rules seem to change daily.
Apr 11, 2007 10:43 AM
Rona Basa
Pro30 Funding - Brentwood, CA

Andrew,

 I'm an AE working for Pro30 Funding in CA. (correspondent lender) I understand how frustrating it can be when your paycheck relies on your service yet you can't overdeliver because the lenders are not in the same line as you. But, believe me when I say that there are still some great underwriters out there, although very limited.

 In defense of underwriters it's been difficult to approve and deny a loan when the guidelines keep changing. Not that lenders want to deny your loans, those same loans have to be sold in Wall Street, therefore, if they approve a loan where a borrower does not have tradelines, has a 620 fico, a FTHB and looking for 100% financing...well, you can bet that there is a limited # of investors willing to even look at that file to purchase. That means a possible loss for the lender.

We are all in the business to make money and everyone making the changes are trying to stay open for their brokers.

 Oh and by the way, WE at Pro30 Funding guarantee same day approval and docs for all fully packaged deals! So, no worries there are still some good lenders out there!

Apr 12, 2007 12:25 PM
Matt Pendleton
Realty ONE Group - Las Vegas, NV
Las Vegas Real Estate
It's hard to know what to do when your calls aren't returned.  Be as honest as you can...and good luck.
Apr 12, 2007 01:58 PM
Kathy Reilly
Assured Mortgage - Griswold, CT

Depending on how far into the transaction you are with your AE, Submit the loan to other Lenders.  Some are better about getting back to you. I have access to over 200 Lenders and will only work with a select few of them.

Apr 12, 2007 02:14 PM
Marc Brinitzer
Big Valley Mortgage - Sacramento, CA

Andrew, we're getting very late notices of lenders pulling loans off the shelf, lowering LTV's, raising Fico requirements.  Those that are left standing, -particularly if they're still doing some 100% SIVA or even full doc--like Chase and Wells Fargo--are swamped.  My reps are reporting 5-7 underwriting times, not quite as bad for docs and funding.

Time to stay close to those with whom you have a good relationship and communication. 

Apr 14, 2007 06:34 AM
Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL
Andrew I know the feeling thats why when in doubt go with try and true lenders.  I know the YSP might not be the best but you know you will close the loans.  Thats why the lenders are now running on a 4 day turn
Apr 14, 2007 02:01 PM