In the beginning:
Everything is always great, you love the Loan Officer for quoting the lowest rate, closing costs and/or down payment. The Loan Officer answers all your calls or calls you back within minutes and responds to all your emails the same.
A week before closing:
All is great until a week before the sales contract closing date, the reality of your situation and ability to qualify starts to become an increasing issue. You'll know when this begins as the lender will usually stop answering or returning your calls for a day or two.
Then, when they finally return an email or accidently answer your call, they claim they've been out of town, they were sick, a family member suddenly pasted away, have been too busy, etc., etc.
Because of the crushing effects of the Dodd Frank Act, in regards to compensation laws that are crippling the industry, lenders are being forced to compensate Loan Originators in alternative ways.
This has caused lenders to tie their loan officer’s pay and bonuses to the deals they can get signed up and in the door (i.e. Application Quotas) regardless if the loan has a chance to in actually closing.
What to do:
Jump off that sinking ship and search for another lender now or at very least, get a backup plan going with another lending source!
Pro Option Mortgage
REVIEWS > www.pro-option.com/ProOptionReviews
Prior Service U.S. Marine Corps