bank lender won't return calls/emails?

Question

What gives when a lender won't respond to telephone calls/emails after weeks of trying? Great LTV, 797 FICO. Was told "slam dunk" loan. Initially loan loaded in wrong (he used wrong address) but reloaded it and said it would be ok. Won't call/no response to emails. Started this two months ago. To add insult to injury credit hit twice 30 days apart. Can banks just treat customers any ole way?

Perplexed....but still communicating.

Ben Carmona · Answer

I agree with Scott...stop, drop, and roll on out of there.

1.  Professionals know how to communicate.  Whether it's good or bad.  Not every loan goes perfectly so it our jobs as consultants to effectively update parties involved.  Everyone can be affected by delays or denials.  For example, when I interviewed my processing staff, I had many questions related to communication and her follow up methods.  She is an extension of my services so it had to be up to par with my overall "mission statement" (see website).  Within my voicemail I specifically ask what period of the day is best for me to return their call, morning, noon, or evening.  I'll usually spend three periods througout the day doing this unless something seems to be an emergency and needs to be addressed immediately.   Emails are even quicker, normally within the 1/2 hour since God's blessed us with the technology of the Treo (mobile emails).  Those I just want to get cleared and out of my inbox.

2.  When I hear the words "slam dunk" I become very skeptical.  In todays market there are very few things that fit perfectly within the lender's guidelines.  Usually that requires full doc loans where the borrower is putting down a good size down payment, not always though. Most investment loans seem to be needing "niche" products which have so many specific guidelines.   There are a dozen questions in addition to the normal application data that need to be address upfront.   Most the times even with all this data I'll spend a day or so contacting the lender's underwriters to double check or ask advice.  Scott's estimate of about 72 hours is a fair time frame for professionals to do the due dillegence for you.

You have the right to choose another lending source.  Who knows if the person is even giving you fair term.   That would be terrible to be overcharged in addition to being treated unfairly.  I'd also recommend tyring to contact the department manager.

Scott Miller · Answer

I'd stop and drop (the person you are working with)---2 months, 2 credit pulls and no smell of a loan?

Either the loan can't be done or the person you are speaking to can't get it done---either way, you should try someone else...

For the record, I return phone calls promptly and can tell in the first 72 hours whether there is a "deal or no deal"...

Good luck!

Regards,

Scott Miller