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@fot1 wrote:
@Anonymous wrote:I'm a little annoyed with DCU right now but this morning i spoke with another mortgage loan officer from whom i was originally assigned, hopefully (and finally) we can get the ball rolling. My first point of contact was three days ago and not a single form of human correspendence from a mortgage officer since. Called multiple times and spoke to a mortgage dept rep (not mortgage officer) and left messages with them, left voice messages for the person whom i was assigned to and received an automated email from, and nothing. I called again today and explained myself to the same mortgage dept rep i spoke to the day before and he got me on the line with a different mortgage officer. She interviewed me and promised me she would call back tomorrow since it was 4:30pm eastern time (10:30am Hawaii). This is my very first experience with applying for a mortgage, maybe i was being impatient? Either way, i apologized to the newly assigned mortgage officer for venting to her.
Little impatient.. I dealt with two different lenders when I bought my house.. very few things in the mortgage process will happen in 24 hours..
I'm not talking 24 hours, i'm talking 72 hours. Either way, that's why i apologized to my new mortgage officer since I am unfamiliar with the mortgage process and it seemed like i was not being tended to. I don't want to piss off the mortgage officer, but i'm not loyal in banking either since banks are a dime a dozen.
@Anonymous wrote:
@fot1 wrote:
@Anonymous wrote:I'm a little annoyed with DCU right now but this morning i spoke with another mortgage loan officer from whom i was originally assigned, hopefully (and finally) we can get the ball rolling. My first point of contact was three days ago and not a single form of human correspendence from a mortgage officer since. Called multiple times and spoke to a mortgage dept rep (not mortgage officer) and left messages with them, left voice messages for the person whom i was assigned to and received an automated email from, and nothing. I called again today and explained myself to the same mortgage dept rep i spoke to the day before and he got me on the line with a different mortgage officer. She interviewed me and promised me she would call back tomorrow since it was 4:30pm eastern time (10:30am Hawaii). This is my very first experience with applying for a mortgage, maybe i was being impatient? Either way, i apologized to the newly assigned mortgage officer for venting to her.
Little impatient.. I dealt with two different lenders when I bought my house.. very few things in the mortgage process will happen in 24 hours..
I'm not talking 24 hours, i'm talking 72 hours. Either way, that's why i apologized to my new mortgage officer since I am unfamiliar with the mortgage process and it seemed like i was not being tended to. I don't want to piss off the mortgage officer, but i'm not loyal in banking either since banks are a dime a dozen.
You might be happier going to a local brick and mortor bank then.. Good luck.
I don't think brick and mortor banks are any faster. In fact, from what I have seen, they are much slower than what the OP indicates the response time is for DCU in his last post.
If you are looking for fast and excellent, try Guaranteed Rate, they are a mortgage banker. Or try any referral from your family or friends that someone has used recently for a mortgage. The LO makes a huge difference. Many of these banks today don't have LO's on the front end...they seem to have application takers and that is a receipe for slowness and many errors IME.
You want an experienced LO that communicates.
If they take the weekend off, then the LO should tell you that so you aren't waiting for a response on a Saturday or Sunday.
Make sure the lender originates, underwrites and funds their own loans and is a mortgage banker or correspondent lender. Go with someone that only originates mortgages and not someone that also issues credit cards or bank accounts. That is the way to ensure you get someone that isn't just getting a fee for having you fill out an app (yes, those tellers get bonus' for having you pick up other products like a mortgage). Experience makes a huge difference in the mortgage field.
@StartingOver10 wrote:I don't think brick and mortor banks are any faster. In fact, from what I have seen, they are much slower than what the OP indicates the response time is for DCU in his last post.
If you are looking for fast and excellent, try Guaranteed Rate, they are a mortgage banker. Or try any referral from your family or friends that someone has used recently for a mortgage. The LO makes a huge difference. Many of these banks today don't have LO's on the front end...they seem to have application takers and that is a receipe for slowness and many errors IME.
You want an experienced LO that communicates.
If they take the weekend off, then the LO should tell you that so you aren't waiting for a response on a Saturday or Sunday.
Make sure the lender originates, underwrites and funds their own loans and is a mortgage banker or correspondent lender. Go with someone that only originates mortgages and not someone that also issues credit cards or bank accounts. That is the way to ensure you get someone that isn't just getting a fee for having you fill out an app (yes, those tellers get bonus' for having you pick up other products like a mortgage). Experience makes a huge difference in the mortgage field.
Man I had a horrible experience with those guys..
Just a follow up to my experience with DCU Mortgage and my home buying process.
I just signed a counter offer from the seller so essentially the contract is completed and we can start escrow. Asking price was $530,000, we agreed on $520,000. I'm very happy with getting anything lower than asking price because the real estate market in Honolulu, Hawaii is strongly biased to the seller and there's very little inventory for the amount of market activity.
I applied for $530,000 including 5% down with four different lenders, got approved with all four, though DCU is the only lender who did not approve me for the full amount. DCU approved me for $420,000 including 5% down and all three other lenders approved me for the full amount.
After i close on the property, i will probabaly start to drift away from DCU and bank elsewhere since i no longer have an auto loan with them.
Thank you for the update on DCU.
Thanks for sharing your experience with DCU,, I was considering DCU for a VA mortgage loan but it appears that they're better with auto loans than home loans