Builder Demands
One of my loan officers had a purchase for a new home being built. I had approved the loan with minimal conditions. Most conditions were required from the builder, as the home was not complete. The builder/sales department went to the borrower and demanded that they go through their lender that they were set up with. They threatened her so much that she nearly had a nervous breakdown. She had been done financing with our company on a couple occasions, so we knew the file well. With the threats from the sales office saying they were cancelling her contract, she pulled out of the loan. They were calling her work, home and our office at a minimum of 5 to 6 times a day as well as emailing their demands. I believe that every borrower has the right to chose whom they want to finance their home, but the builder/sales department didn't. We had emailed over the conditions list to the builder at least every day to keep them up to date on our side, but that was not good enough for them. Sad to say, but there was a lot of work put into the loan, as well as the borrower did not receive her earnest money deposit back. This leaves a very bitter taste in your mouth on doing purchases when it is a new home being built. Any feedback would be greatly appreciated. We are still in close communication with the borrower.
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