After a rough couple of weeks, I feel I needed to get this off my chest to someone. I have heard many brokers be tagged with the "used car salesman" title. With the mortgage mess, sure there were some throughout the country, but many are trying very hard to earn a living by doing things the right way. Well over the past two weeks I feel as though I am being thrown into the same catagory.
My first loan was a very good credit score, full doc, good work history loan. The down side being 100% financing. He doesn't qualify for many lender programs due to his income. However, I got a very clean and easy approve/eligible and placed with a large reputable lender. They called once for extra verification on employment and income which we promptly provided. Then after many calls and emails and a TEN DAY wait. They said they were turning down the file because they don't like the Villages area (very large and prominent retirement community in FL. They are basically their own city) because of the marketability if they had to sell! So now after informing my customer it should be no problem and I don't foresee any obstacles, I had to floor him with this! He was very understanding but that doesn't help the way I feel for this at all. I have had loans that I may have had questions but this was one I felt so good about.
Then, when I tried to put it behind me and move on to the next customer I get the knockout punch. I have another customer also good credit, NO derogatory items but it is a cashout refinance over 80% LTV. So, not the easiest loan, but for best pricing I go to the local credit union. He sends me a rate and terms after reviewing credit and application @ 8.625%. Pretty good considering a Bankruptcy in 1/04. I relay this info to the customer and they are happy. The loan officer at the credit union then sends me a good faith with a rate of 8.75% and dropped their cash back from $6k to $4k. He claims he didnt realize he didnt add on for the cash out and escrows. So, I call my customers back into the office and explain that this isnt me and go over the new terms which are still better than their current situation. They sign the GFE and leave. I send the full package over to the credit union and he ignores me for two days. Then Saturday morning he leaves me a message that he is emailing the package to me for review and he'll of course be unavailable until Tuesday. I get the package and now the rate is 9% and their getting back $3k. Now, I have to look my clients in the face and try to explain that I am not baiting and switching.
I am so steamed right now you can't imagine. Now what do you think these clients will think of me? How many referrals do you think I'll receive after this? Is a pre qual letter worth anything at all? Tomorrows another day and theres a good chance it will be better!