Are any lenders timely anymore?

Question

I've taken out three mortgages in the past two years, and all three have had terrible delays and poor customer service. One was with a national bank, one was with a local bank, and one was with a national mortgage company. I've also found that most loan officers are pretty lax about returning calls--I feel like I have to chase them. What are other people finding as they apply for loans?

George P. · Answer

yup..the new rules make it harder and harder to be under 45 days.

they all have excused and point fingers at different departments,entities.. it's not even funny. that's why you need a portfolio loan.. its like using a credit card to buy whatever you want. its amazing and addictive.

Karen Bickford · Answer

Same experience. 78 days to close with a local bank that I have 5 mortgages with. It was for a 225k cash out refi. Will be looking elsewhere for my next one. So much for local bank.

Gabrielle Deyarmond · Answer

@George

@George P.

I'm interested in learning more about the portfolio loan. Sounds like an investor's dream. PM me?

Joshua D. · Answer

Wow you are getting lazy!  :)    Either that or you have a well automated business.

George P. · Answer

not just that.... i just call them up, give them the address, sign a form, fax, 2 days later show up to the closing, get the keys. D O N E !

Joshua D. · Answer

@George P.

We just closed our first house with a commercial line of credit and it was amazing! We have closed 5-6 conventional and in house loans, and nothing was as smooth as just showing up to closing with a check. Can't wait to refinance and use it again!

Zack Karp · Answer

Unfortunately all LO's and lenders are not created equal.  I close in 30 days, but many of my colleagues are struggling to close loans in 60 days.  It comes down to capacity.  Most lenders try to squeeze every last dollar, which creates issues for the end consumer.  Very few lenders truly cater to the borrower experience and the bigger picture, and don't understand the reciprocation of creating a raving fan from the borrower, realtor, attorney, or any other related party.

Jay Hinrichs · Answer

with the new rules its hard to get one done in much less than 30 days.. and 30 to 60 is norm.

We work with a broker in PDX  ( Directors) they can table fund. and if its a slam dunk file

IE 800 FICO W 2  etc etc owner occ lots down.. they can get it done in about 10 business days.

our issue is getting appraisers out some are 30 days out.

Christian Bors · Answer

@Sarah Lorenz I agree with your findings.  The last 2 mortgages I have gotten have been extremely slow and painful.  Bankers do not move fast.  Both of my mortgages were almost 60 days!  However, I did just sell a property that went VA and we closed under 30days!  I was shocked.  My guess, it has a lot to do with the individual mortgage rep.  I felt my last two guys were "too busy" so they moved slowed, but they didn't have a problem blaming other people arguing its them not us...

Are any lenders timely anymore?

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