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
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!
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.
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.
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