Food for thought.
In the last month, we had 9 particular loans that were originally pre-qualified with the lender. During the loan process, program changes had taken affect and these 9 loans were no longer approved with these particular lenders. In 3 of the cases I am aware of, the loans had already been locked.
This has been happening from time to time over the last year or so, but this last month, we hit an all time high. This is not to say we didn't get those loans done, I believe in all cases we did. Just something to think about when your working with your Loan Officer.
I realize that not all "problems" can be blamed on the bank. We as loan officers need to take responsibility for our actions, and one way to do that is to learn everyday about the changing programs.
What we knew last week may not apply this week. Keeping on top of the changing programs is our job.
Many of the Realtors out in the business are very knowledgeable about the loan programs, so what I am mentioning is just a simple issue to keep in mind.
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