In the market that we are in it is hard to keep up with the mortgage people moving in and out of the business. We had one closing where the person that our client started out with was gone before the inspections were done. The replacement came to closing just to show his face and left the room several times just to take phone calls. We feel that this reflects poorly on us when one of the companies that we suggest a person to contact performs in this way.
Now we are working on the deal where the originator is sitting on his hands not moving things along towards closing. Today we find out that he miss-calculated what our clients payment would be and the whole deal is in danger of going south. When the buyer we are working with is either first time home buyer, or someone that needs to roll their closing costs into the mortgage, you need to be working with a mortgage person that can explain everything to the client and be available to answer questions. This type of client needs more hand holding and a dependable person to work with.
Lately we have been interviewing lenders at various local banks and asking a the hard questions like their experience with MISHDA and rural loans, ability to start the ball rolling before all the contingencies have been removed and length of time that the person has been in the business and with their current employer.
Does anyone else have any suggestions as to what else we should be asking these mortgage brokers? Do other states require that mortgage brokers be licensed? You would think that the type of information that clients give to these people would require that the person has been certified by some authoritative organization.
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