I had a dealing with a lender last spring/ early summer that I'm now far enough removed from to comment on.
My clients were ones that purchased a nice property through me the previous year. They own multiple additional properties in my region and one in Florida as well. They make mega bucks in their own company, have good credit scores and a good amount of money down. They DID NOT keep up well enough on taxes and needed a stated loan...right at the time when stated's were going the way of the dodo.
Maybe they shouldn't have been purchasing- it might have been in their best interest to wait...we went through the scenarios and options and they decided they wanted to forge ahead with a lender and mortgage company I had never used or heard of because they loved this property and figured it to be a great investment at the price we could negotiate it.
Offer is written on Saturday morning and in hand waiting on a pre-approval from this gentleman to submit to listing agent. Saturday afternoon rolls around and he can't be contacted- the rest of the day gets away. Sunday: I'm calling multiple times and finally he gets on the phone and assures me that everything's alright and ready- he just can't give the pre-approval just yet; his "licence is on the line, ya know!" The listing agent picks it up Sunday afternoon at warned discretion.
Warning to my buyers....this guy's not entirely legit!
His license is on the line to issue a pre-approval or tell me he can't do it?!?!?
This guy 'promises' me that he's a GREAT lender he recently switched offices and is moving into a new house- that's why the delays in getting back to me in appropriate amounts of time... After giving me his e-mail address of 'moneymaker-something or email@example.com' he asks me, "When can I expect your referrals to show you what some REAL lending is about?" WELL, you have a client of mine now---after you EARN my referral, we'll talk!
Warning 2 to buyers...he's already pumping me for different business and not doing what's on his plate!
I'm all for marketing and looking for future business....but don't ask me for it when I don't have any confidence in you to do the job you're on currently!
We do a couple more weeks of him promising me and my clients that he'll get them done....then he starts blaming things on them: They didn't get me this, they didn't do that, etc.
Warning 3 to buyers....he's using you as a scapegoat
Needless to say, we needed to extend closing multiple times and ended up going with a different lender who got the job done and closed in about 2 weeks and my clients are happy in their new home!
The worst part was after all the lying to me and the client that things were going smoothly and getting done, I'm trying to reach him on a final extension day and he's- yet again- no where to be found. His cell phone will not accept anymore incoming messages as his box is full (probably with angry Realtors). I email him to see what's happening and get, from his cheesy email address:
Call so and so in processing, she can explain.
WHAT??? After all the promising and passing the buck, you're going to hide from me and not fess up??? DON'T THINK SO!
In doing my darnedest to keep the blood pressure under control and NOT flip my lid, I email him back inquiring about accountability and wondering where the "REAL" lending was. VERY professional language was used throughout, though sarcasm was certainly implemented. I never had a vulgar or unprofessional word for him.
He replies, 'You're unprofessional- and won't succeed in this business."
I took the high road and decided we needn't correspond further....I'm doing well, I wonder what line of work he's in now?!?!
There's nothing worse than a lender that gives anything but the 100% truth, good bad or ugly. I expect that from all my service partners....If you're not going working as diligently and honestly as I am- you are doing the client and me a disservice and rest assured, will be finding referrals elsewhere! My clients are priority #1....