Comments on: Loan officers and lenders should be held accountable for contract deadlines

By: Bad Credit Mortgage

Bad Credit Mortgage — Tue, 12 Apr 2011 10:47:00 +0000

I do agree with your article, sometime the loan lenders they themselves don’t accountable to the loan borrowers, and when they come to know about the deadline they start to hassle and threaten the loan borrowers.

By: Bruce MacKintosh

Bruce MacKintosh — Mon, 01 Feb 2010 00:52:12 +0000

Its about time somebody had the stones to take these guys to task. This is not new – it's been going on for years – even before tight money.

By: Geoff Thomas

Geoff Thomas — Thu, 28 Jan 2010 13:27:12 +0000

I must say I do agree with your points in looking for a good LO. Price and rate is a big part of it but service is HUGE! I've had one transaction that I personally drove about 320 miles round trip to deliver docs and make sure it closed on time because the lender would not give an extension and the rate would have gone up significantly. In this case it was a matter of the borrower taking several days to get any information I asked for back to me. This is certainly not something that you will not get from most bank branch or over the phone loan officers. When it comes down to it do you really want the bargain basement pricing with bargain basement service and the loan to maybe not get done? Or would you rather pay slightly more for a quality LO that will stick with it until there is no stone unturned that will get the job done for you?

I will say however that 90% of the time or more the delays are not the LOs fault or necessarily even the lender's fault. Clients take their time getting documentation in, appraisals come back that have to be rebutted due to lack luster jobs created from the new HVCC laws, title reports come back with something wrong, etc. Sometimes it is the lender as the underwriters just keep asking for more things when the documentation given by the borrower raises more questions etc. Especially in these times the lenders want to make sure this is a solid loan that isn’t going to default. And remember most LOs are paid on commission and they want the loans to close as quickly as possible so they can get paid too.

There are the few bad apples that have given our industry a black eye and have brought down the ridiculously tight regulations we see now that charged exorbant fees and drug things out. Fortunately due to them bringing these stiffer guidelines making it harder to originate loans it has run many of those bad apples out of the business making it a better more reputable place to be.

By: Rhonda Porter

Rhonda Porter — Thu, 28 Jan 2010 10:14:32 +0000

Does the Letter of Loan Commitment from the Mortgage Originator help avoid extensions?

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Wed, 27 Jan 2010 19:33:21 +0000

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Twitter Trackbacks for Loan of — Wed, 27 Jan 2010 19:33:00 +0000

RE: Loan officers and lenders should be held accountable for contract deadlines

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