Updated over 3 years ago on . Most recent reply
Submitted Loan App. to Dominion Financial. So Far So Good.
--Day 1: called and tt l/o regarding refi of Quad. Liked what I heard, decided to move forward. (They have 30 yr terms, Rates in the 4's....hip hip hooray :) Received Loan Questionnaire.
--Day2: submitted loan questionnaire.
--Day 3: L/o called to discuss terms. LO did some clarification on fees:
Approx $600 cost of appraisal (but that is out of their hands)
+ 2% orig fee.
+ 500 doc prep
+ escrows (YES THEY ESCROW, WHICH I PERSONALLY HATE) (LO uncertain abt the number of months of escrow that will required at this time.)
+ cost of title work (I select the title co).
Authorized them to order the appraisal.
--Day 4: Received list of required documents.
That's where I'm at. I'll keep u posted, but so far so good. Great actually.
Most Popular Reply
Regrettably, All lenders are challenging to work with. I have loans with 5 different "banks" including the one listed above. Generally, they sell off their loans to services who are understaffed. The people who do work, do not really care and it often feels like you are an interruption in their day. Regardless of price, they will make you suffer to get a loan and even more to keep it current. I had a closing canceled at 6pm that was schedule for 8am the next morning. Last minute rate changes, "oh the underwriter…" I have resent documents multiple times. My personal favorite, my bank mails a paper check from online banking account and they lose it about 25% of the time and call me for a late payment. I explain to the rep that it was a paper check and was not applied to the account. They need to look at their lock box account, magically they find it every time. The list goes on. I have yet to find anyone that has done 2 loans with the same "bank" and still recommends them.
New market domination business model for lenders, Just do what you say. Get the basics right. You don't even have to treat me well, just get my loan closed and serviced.