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July 02, 2006



To be fair, you guys do this kind of stuff to your loan officers all the time...I feel a mini rant here, enjoy:

"I set the closing date in the contract, why isn't it ready?" Well, you gave us 15 days to close this loan but our client didn't bother to get the document of X we told him we had to have. The underwriter stipped me prior to funds for a 4th comparable. Also, the title company your client just had to have cannot seem to get the mortgagee clause correct in spite of the fact that I have emailed and faxed it 3 times... and now there is a lein from an above ground pool to clear?

"You said they were approved?" Yeah but the doofus went out and bought a brand new car and now the DTI is 88%, deal is off. OR: We tried to verify his employment and he quit/got fired/got arrested.

"What do you mean structural damage?" Sorry, it sounds stupid to me too but torn vinyl is structural to a lender. I don't make the rules, I'm just stuck trying to make the borrower and property fit in a way that makes everyone happy.

You've been there. You know it happens. Are there good realtors out there? Heck yes. I happen to know that in my state 90% of the realtors do not renew their license each year. That should be a disturbing figure.

Are there bad Loan Officers? Heck yes. The worst ones steal the business and then jack the hud at closing way beyond the real numbers I quote up front. My personal favorite: "This was always an ARM, I never said fixed..."

It is by and large a frustrating and infuriating business blended with the absolute thrill of the closing after the pursuit. It's addictive. We get paid a lot to take this crap.

It's also amazing to me how many people are totally ignorant of their rights and the process. Keep your chin up. Your referrals will always outlast the idiots that you compete against.

That and you can always blame everything on the Loan Officer. We are used to taking it.

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