“Need a Mortgage? I’ll Call You back in a Week”
I got a call from a Realtor partner yesterday. "Joe I need your help." He told me that he has a home on deposit that needs to close by the end of Aug, as this was part of 3 transactions, mine doesn’t close none of them close. So what is the problem?
Ralph told me that his client was working with one of the major banks. The client called the loan officer that did the preapproval and left a message that she had a home on deposit.
The client got the following message. “I cannot call you back for 4-7 days. When I call you, we’ll schedule an appointment in 4-7 days." She did give her the heads up on what she needed to bring. She went on to say, the file would go into underwriting in 4-7 days. Once through underwriting, they would give her a list of conditions that the underwriter needs and once they were sent in, they would be reviewed.... you guessed it in 4-7 days. I wonder if this was a recording?
I promised Ralph that I would call his client, which I did. I spent a few minutes on the phone with her, qualified her, just to make sure, all was good, which it was. I went over the list of what she needed, which she emailed me within a half hour. I can have most application done, before she comes in tomorrow. I’m going to make my referral partner very happy, plus everyone else in this transaction.
She thanked me, saying what a breath of fresh air. I asked her if there was anyone else that she knew that could use my help. She then asked me, if I handled refinances. I said of course. She told me to expect a call from her sister. Doesn’t hurt to ask.
The sad part, the other loan officer is going to collect a paycheck no matter what. If I don’t close the loan, I don’t get paid. That is where they get the question, “What’s in your wallet?”
The MegaBanks: Slowing Loan Originations on Purpose?
By: Paul Muolo
You might say the megabanks – for now – are sitting in the catbird seat. They have more loan applications than they know what to do with – and they have no desire whatsoever to add more staff to handle the volume, because, well, that’s what happens when you have a cartel. (I’m sure there’s some unemployed LOs or underwriters out there who could use a job.) Perhaps, that’s a negative view of the megabanks, but there are plenty of hungry nonbanks out there eager to increase volume and their market share – and they’re hiring. Over the next three years the industry will hopefully see a shift in the cartel – but will it see the actual breakup of the Wells Fargo-JPMorgan Chase-Bank of America near-monopoly? Time will tell – but much of this will depend on how much power the Consumer Financial Protection Bureau winds up giving to the megabanks as it destroys the ability of brokers and nonbanks to make a living.
image: David Castillo Dominici-freedigitalphotos.net
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