Make believe loans never close –

 Please   STOP the stupidity people!

In the past month I have worked with a real estate agent with 20+ years experience in the business who supposedly teaches class in college on real estate fundamentals tell me that FHA loans are nothing but trouble. This seasoned realtor also has a cell phone that when it goes into voice mail says “ mailbox full “. 

Then I had another supposedly seasoned agent of many years dispute the fact that a non occupant co borrower cannot own another house and sign on an FHA loan. He told me I gave him and his client bad advice. Funny thing is his client is ready to dump him and keep me.

I had another agent call after not hearing from him or the clients in a month wanting to know the status of his client’s loan. This is a short sale and the contract has been with the bank for 6+ weeks and is still not signed. This seasoned agent wants me to update him on the status of the loan. ---            I have NO signed contract. You want me to do what and piss how many people off when the loan blows up because I didn’t do my job??? You want me to jeopardize my integrity because you know the loan will be ok…  you promise it will…….

     And then I have this agent who wants me to chase down his clients, who really       aren’t certain they want to buy this house. I have told the clients what I need to write a commitment letter. I have told the agents I am not getting any response. But the agent wants me to continue to request his client send me the necessary income docs because he has a lot of kids and a full time job as well and just doesn’t have the time to chase them down. After all, he gave me the deal.

I have had it with part time real estate agents! I have had it with closed minded agents who refuse to let me sell an FHA or USDA loan because they know it all! I have had it with people that still remain in this business and refuse to put in the time and effort to become experts! I have had it.

I fired 2 agents today. They shouldn’t have lasted as long as they did. Sure it was nice to get looks every day at deal, but listen up close one more time.

MAKE BELIEVE LOANS NEVER CLOSE!           

Agents, I will make this real simple. Get me last two years W 2’s ( tax returns if self employed ), 4 most recent paystubs, and three most recent bank statements or 401K statements or whatever you can get to back up the reserves and assets the client provides you. Don’t argue. Don’t underwrite. Don’t tell me why this is such a great loan. Just get me what I ask for. Because this is what the rules say. This is what the underwriter is going to ask for. I have the ability to validate the loan so when I send it to my underwriter it is typically good as gold. Do not ask me to send an incomplete file. Do not ask me to issue a loan commitment until I have all supporting docs and can back up my commitment

This is not a hard job. Just understand the guidelines and stop trying to re write them. It will never work. One more time, repeat after me -   MAKE BELIEVE LOANS NEVER CLOSE!

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                              FHA MORTGAGE EXPERT