A Seasoned Loan Officer Can Make All the Difference
"I just got a call from the monster mega-bank and the loan officer told me that they have put my file in suspense permanently and won't be issuing me my mortgage!" These were the desperate words I heard on a lovely Friday afternoon only ten days before we were scheduled to close on my client's new home.
First a bit of background: When I had first started working with this wonderful, fun client, I provided her with a short list of loan officers that have always done a great job for my clients. She decided to obtain her loan with her monster mega-bank because that is where she had a large chunk of liquid assets (in the mid six-figures) because it "would be easier".
Directly after I received the distraught call from my client, I called the loan officer for the monster mega-bank and asked what had happened. Up until now, my weekly contacts with her had all indicated that there were no problems. My client had a stellar credit record and had enough liquid assets to pay cash for the home if she wanted but she decided to get a loan for 50% of the purchase price. However, she was recently divorced so she did not have a long enough record of payments from her ex-husband. Therefore, she had her father as a co-signer. Her father also had excellent credit scores and owned his home outright. It seemed like a no-brainer loan.
But the underwriters at the monster mega-bank said that the documents used to establish alimony were "not legal" even though there were two attorneys involved in the divorce.
Not to fear! I called one of the loan officers on my short list, explained the problem to him and he was able to issue the loan and we closed on time (within 10 days of my calling him). My client was thrilled and did not have any sympathy for the loan officer from the monster mega-bank when she called her to beg my client to reconsider moving to another lender. "I can get in a lot of trouble with my supervisors!" "I can get you the loan after all!"
If you are considering purchasing a home in Chesapeake, Norfolk, Virginia Beach, Portsmouth of Suffolk, Virginia, you can't go wrong by contacting Jim Belote with Union Mortgage Group. He has never let me or my clients down and if he can't beat the rates that you are being given by another lender, he will give you an honest answer.
A seasoned loan officer can make all the difference!
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