Giant Banks treat Buyers like Potential Terrorists

Real Estate Agent with Smart Green Realty

That line got a laugh at Inman Connect in NYC last month. It is funny because it is so painful. I have a buyer with a 770 credit score who has been sweating the mortgage process for 6 weeks now. The listing agent kept nagging me to get the client to use the medium-sized agency-affiliated lender that her chain agency uses. But my client liked her giant, national bank. I defended her right to use them. Wow, was that a mistake. The Giant bank defends the checking and re-checking by saying they are "audited" after different steps. They have lost things and gotten mixed up. Very well-meaning and pleasant, but still no full mortgage approval--just several commitment letters. Remember 30-day mortgage approvals? Are they history?

Comments (3)

Sandy Williams
eXp Realty, - Sarasota, FL

So True!!!

Feb 14, 2013 06:03 AM
Stuart Dobson - Thornton, CO

no kidding, the big banks just don't seem to care at all anymore.  big banks seem to equal big fees and delays.

Feb 14, 2013 06:07 AM
zeta cross
Smart Green Realty - Philadelphia, PA
Getting Greener Makes Your home worth more!

Don't you have the 5 digit telephone extension numbers when you try to call them?

Feb 14, 2013 06:15 AM