We reflect back to the contract date of February 28th (a Sunny Arizona Thursday) and the following day when the clients submitted their application to the Lender, from whom the response,
"Thank you for visiting __________________ to start your loan application. Your information has been received and your confirmation number is: XXXXXXXXXX.
A member from your own ______________ team will be contacting you within one business day to schedule your appointment with your Loan Counselor to review and complete your loan application in order to discover the best financing options available for your individual needs.",
was so kindly provided, only as a good reference point when reminding the reader that we pick up the story a full 7 days later. Well, Thursday came, and market (stocks & bonds folks...with an emphasis on bonds!) market volatility reminiscent of a roller coaster at <insert your favorite theme park here> continued...and yet again, without contact from the "Loan Counselor". I had placed a call into the site sales agent to inform her that we still had not heard from the Loan Clown...er, I'm sorry that slipped, I mean, Counselor.
By noon, I began to become even more frustrated, as I had not heard back from anyone and my client was asking me what I thought of the lack of response. <insert thought bubble here reading "Incompetence?"> I really felt that I could hear the impending screams, as I just knew what was about to happen once we did finally get a response from the Loan Counselor. Still holding hope and with a iron-clad grasp on that "incentive" towards closing costs, my client, believing that his worse case scenario was simply the GFE that was provided to him the week prior, would still be able to be honored, he said that he was willing to wait until later that afternoon to hear back. *sigh*
2:51 PM, you guessed it, the "Loan Counselor" calls...er, I mean, emails! You ready for this...
"Attached is the GFE from __________________, I can not come very close to the rate you're getting from _____________. On the GFE that's attached I bought down as far as the incentive would let me and keeping your out of pocket cost to a minimum, about $____. I also cut the origination fee from _% to_% to try and help.
I would suggest you lock in with ____________ today if they can in fact give you that rate. Let me know if you have any questions or concerns and who you decide to move forward with.
<insert expletive here>"
Huh? Wha? Yes, that's right my new blogging fans, the "Loan Counselor" provides a GFE with an associated interest rate of 5.75% (after a 4 point "buy down"). Anyone surprised at this point??? Awwww...really? Ok, not to disappoint...this gets better! <cheesy organ music begins to play in background>
Tune in tomorrow when the client says..."What the fluffity, fluff, flluf,..." and the "Loan Professional" says...