Yesterday, one of my long term and trusted referral sources asked me the question "What the hell is going on in the mortgage market?". She told me she lost 2 closings (not with me, thank goodness) on Friday due to the mortgage company.
You know when I get this type of question, my first reaction is usually something along the lines of...some rogue lender must have messed it up, or the borrower had a "friend" in the mortgage business.
But now a days, you can't be so sure. Mortgage guidelines are changing so rapidly, it's hard to tell what happened and when it happened, let alone how it affects your borrowers.
What I can say, is that now more than ever, it pays to work with someone with experience and someone who works for a quality company. Typically a good loan officer works for a company he or she knows can get the job done for his clientele. The bad news here, is what is considered a "good loan officer"?.
Let's start with communication. Your Loan officer should communicate with you before your referal/customer enters into contract, then during the mortgage process and finally at or after closing to make sure it went as planned. Communication between parties is the truest way to know that everyone is aware of how the loan will be done, when it will be done and what if any bumps along the way will cause it to fall off track.
I asked my long term buddy if he knew what was happening with his two closing blow ups. Her answer was all too common. "I can't get a hold of anyone". Not surprising.
I'm happy to say that we salvaged one of those fundings for her. The other one? Well, lets just say, that the loan should never have been taken in the first place and leave it at that.
Thanks for reading. Have a great day!