Did I made a mistake by picking a broker over a direct loan officer?

[In-A-Limbo]

First time home buyer here... I was introduced to PHH loan officer thru my previous realtor, who we fired because she only want to make an offer for the asking price of higher and will not write up a contract for anything lower.  We then got a new agent who is a friend of my husband (can't say that i'm very fond of him either). We decided to use the broker that he recommended. Same rate with similar fees. We didn't want to go back to PHH because she works in the same office as our previous realtor and are buddies.  Now I'm hearing people telling me that we should have stayed away from brokers. They have no control over the loan and lack the direct contact, etc... I'm scare now. Application submitted on the 28th. He said it will take 2 weeks before he'll have an answer for me. Just want to get this whole buying a home process  done and over with. My hair are turning gray and I'm only 28.

[cclee]

Personally, I think you just have a bad broker.  I used a broker, he was great, answered every email within minutes, answered the phone or called back within minutes, contacted me on Sunday with appraisal info and what was needed next, he was great, did an FHA loan and closed within 20 days.. not approved in 20 days, CLOSED in 20 days.  This broker seems like they are giving you the run around and not helpful AT ALL, move on!   I also got the best deal with the broker over the loan officer.

[In-A-Limbo]

He's very good with answering questions and return my calls and email. I just don't like the fact that it will take 2 weeks to find out if we get approve or not. The othee loan officer said 8 days max. I might go back to PHH if this broker can't deliver.

[cclee]

Have you looked into any other brokers or loan officers?  Maybe ask around for recommendations?  

[In-A-Limbo]

I really don't want my credit to be pulled too many times. If I go back to PHH, she promised to only do a soft pull since she already did a hard pull back in February. My credit scores are at the borderline and I don't want to risk it.

Fico scores from 2 lenders:
Exp: 690

Eqf: 661

trans: 663

[JM-AM]

Something many of you forget...

Some files take longer then others, and generally saying 2 weeks is a fair quote in my opinion.

First your file has to be confirmed of the information you supplied. The processor starts working on your file. They submit a VOE to your employer and your employer takes a two weeks to return the VOE. While the processor may contact your employer several times a day for the information to be returned, they have no control over your employers response time.

This is just one example of why things may take a little time.

Would you have been happier if they lied and said will have an answer tomorrow? Then you call up every day wondering, stressing how come you havent heard anything yet?

[In-A-Limbo]

Nothing today. Running out of patience.

[DallasLoanGuy]

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@In-A-Limbo wrote:

Nothing today. Running out of patience.

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has it been 2 weeks?

some brokers are just fine.

[In-A-Limbo]

Last night I got an email from my broker stating we got the approve with conditions:

1.      EXPL FROM BORROWER FOR LOWER 2012 & 2011 EARNINGS

Not sure what that mean because while my 2011 is lower than 2012 because of the promotion, the 2012 is not any lower than what I'm making right now. Asked my broker and he said just explain why your 2011 is lower than 2012. I really don't think that's what the leder is asking tho.

2.      COPY OF THE CANCELLED EARNEST MONEY CHECK FOR 1000.00

Not sure what that mean either because the earnest money check was cashed couple of weeks ago.

I was surprise to learn that they are not asking for a letter of explanation for my bankruptcy 2 1/2 years ago or the collection that came right after bankruptcy (lawyer left this out of BK and i didn't catch it) that I took care off rigth away. This was 2 years ago.

[foofighter74]

They want a copy of the earnest money check clearing the bank for your file.  Pretty standard condition.  I submitted copies of our deposit checks clearing our bank account with our loan application.