Updated almost 15 years ago on . Most recent reply
You gotta be kidding me!
I applied for a cash out refi on a rental I own in Memphis. Broker took my application and other paper work. I wait and wait. Follow up a couple times. Still waiting on lender is the answer I get. Finally, THREE MONTHS AFTER I first applied, the mortgage broker tells me that the lender NEVER GOT MY PAPERWORK! She also tells me that the lender will not probably require updated documentation.
Well, I at this point I think they can put the old documentation they lost WHERE THE SUN DON'T SHINE.
I'm done with mortgage brokers and lenders! Gonna stick with subject to's and land contracts.
TC
Most Popular Reply
#4 Off Topic Contributor
- Investor
- Round Rock, TX
The government has no business in the loan market AT ALL. That means no Fannie/Freddie loans and artificial constraints on lending. Let the banks do their freaking job!
I haven't been to a big bank recently that even understands credit and lending. All they know is accepting deposits and accounts. Some of the smaller banks still have some old timers that know what they are doing, but when they retire I am convinced that the entire lending industry will be owned by the gov-mint indirectly.