MortgageLoanOfficerRants
452 posts
MortgageLoanOfficerRants
@MLORants
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URLA 1003 Bergabung Aralık 2022
76 Mengikuti46 Pengikut
An HOA management company is charging $1,387 to provide HOA documents for a property for documents they already have.
Talk about an absolute racket.
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Accurately reflect taxes and insurance and appear "expensive" against lenders who deliberately lowball Sections E/F/G on the LE (taxes, insurance, escrow) knowing borrowers fixate on the bottom-line payment.
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Homebuyer: “My current lender is denying my loan. We’re supposed to close next week. My realtor said to call you and see if you could help.”
Me: “Hey Jane. You already applied with me two months ago, and I told you then we had to wait at least a year before you would qualify due to you just starting your own business.”
Homebuyer (defensively): “This other lender said you were wrong and that they could get us approved.”
Me: “…you mean the same lender that is now denying your loan?”
Homebuyer (angrily): “They got us farther in the process than *YOU* did!”
Me: “……..”
Homebuyer: “At least they tried. You gave up after one phone call. They at least gave it a shot!”
Me: “……..”
Homebuyer: “So can you help us or not?!”
Me: “Are you still self employed?”
Homebuyer: “Yes, but I don’t see why that matters.”
Me (annoyed): “Well, apparently it matters, or else we wouldn’t be having this conversation.”
Homebuyer: “Well thanks for nothing!” (Hangs up phone)
Me (thinking): “If only someone had warned you…”
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"I have 4 other lenders who want to work with me."
Always the sign of a patient, totally rational client who knows what he's doing.
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"I want the best deal!"
If you don't know the difference between par rate vs rate with points, how are you making a comparison?
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Par pricing. If you want to haggle, save us both the hassle and go to bankrate for your needs.
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@Tablesalt13 3.5% down payment, closing costs (prepaid taxes, prepaid insurance, initial escrow and loan costs) must be free.
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@TXBSTLO People show up with a contract and then are upset they don't qualify for the loan.
"But I'll lose my EMD!" Should have thought of that beforehand.
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@Jacob_Naviaux @theficouple "I make $60k/month!"
Profit line on schedule C says: -$32,000
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@theficouple Bc the $250k a year business owner writes off $230k and only shows a $20k income.
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Business owner making $250K a year applies for a mortgage.
Bank: “Too risky.”
W-2 worker making $60K a year applies for a mortgage.
Bank: “Step right up.”
...Why is this!?
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-explain to client that given their budget + DTI, they qualify for $100k less than what they were looking for & they need to either put down more $ or show more income
-borrower tells me their life story and why they *DeSeRvE* more
-Thanks for the bio, you need more $ or income
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A conversation isn’t an obligation.
An inquiry doesn’t mean you owe anyone your business — that’s earned. It cuts both ways.
Don’t expect a lender to drop everything and prioritize you while you’re still shopping around.
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"Once bitten, twice shy" isn't petty — it's rational business
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Still don't control your property taxes or homeowners insurance.
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@MortConsumCoach That's why finding the right lender is key and understanding what the lender does (and doesn't) control.
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No, the closing costs amount isn't going into your lenders pocket. The heavy share of your closing costs are your initial escrow setup (aka property taxes and Insurance). Lender only controls origination.
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If clients learned how to actually compare offers, half of lenders would be out of business.
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@realestatedude0 Happens few times a year. Borrower gets upset that I ask "too many questions", so they go to other "sure thing" lender, financing falls through and then they lose their EMD.
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Told buyer agent if they want to use my lender since I can tell their loan officer was a rookie. The lender has ignored a couple of my calls. Terrible customer service, but has been partying on social media.
Seller is packed and on his way out of state. Today, the lender tells me the buyer can’t obtain financing. They will lose their $ 15k deposit.
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An American buys a $138,000 home.
She sends the bank $9,286.
After interest, taxes, and insurance take their cut,
ONLY $952 actually touches the loan.
$8,300 is PURE interest.
This isn’t paying down a mortgage — it’s usury, and it should be ILLEGAL nationwide.
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