Problems with LO

[Anonymous]

Can someone please help explain to me what the role of the LO is? After reading the forum I have some concerns about the underwriting process. Because my preapproval letter states final underwriting approval is needed along with appraisal info and some standard settlement condtitions which I have no clue what that even is. I emailed my LO on 5/13 a few hours after I received the letter to ask a few questions and she never replied to my email or voicemail. Yesterday I did get in contact with her by calling the branch and actually having someone give her a message. She isn't very friendly so I wasn't comfortable and my mind sort of went blank and I could only think of 2 questions. 

Am I supposed to contact her if I have questions or is this considered bothersome to them? It seems there is no one else I can even get general info from at this point without being directed to her so I feel stuck. I own 2 businesses and while I do have an assistant I still check my own emails and phone calls constantly in between clients even when I'm out to dinner. So it baffles me that someone who is at their job for set days/hours can't find the time to check their emails at least twice a day and try to reply in 48 hours max. Maybe I'm being over sensitive, but it's not like I'm looking at cars and there are maybe 3 I love and just narrow down in a few minutes. There are at least 20 homes I like so I have a lot of narrowing down to do and also worrying whether an offer will even be accepted so this is kind of a big deal. It would be nice if I had someone explain everything to me, but Idk if that's her job or not.

[Anonymous]

Find a new LO. They are supposed to be your liason. Shes not doing her job. 

[Anonymous]

Yes it is their job to explain everything regarding the loan process. I would consider finding a new lender. Sometimes, if it is a basic question, the LO's assistant(s) can help answer, but if you want to speak to the LO you should be allowed to within a reasonable period of time (less than a day, max).

[frugalQ]

if you are having problems now and are uncomfortable with the LO, i suggest finding another lender to work with.  Buying a house is too important, and you should not have the reservations that you have.  I'm assuming you are in the beginning stages of the mortgage process.

The closer you get to the finish line, the more questions/concerns you will have....and if your LO is unresponsive and unfriendly now, it will not get better.

Good Luck!

[Anonymous]

I'm went with NFCU because I already have a relationship with them and credit products. They've seen my financials and know I am self employed which can be a hassle. And they are one of the few financial institutions that offer no money down. If needed I could put money down, but I would prefer to just pay closing costs and the money that technically would be used for a down payment I can use that to purchase a rental property. Surprisingly even with no money down my mortgage payments with taxes and insurance would be $600-$800 cheaper than people I know who put 20% down so the terms are good it's just the person I have to deal with. 

There is only 1 NFCU in NJ period and I don't think I have many choices. The branch is very small I don't know if I would have the option of getting a new LO and also if one would even be available. Is it possible a branch would only have one LO?

[mynameainttracy]

You don't need to go to a branch with NFCU. Ask for a manager and get a new LO.

[Anonymous]

I sent you a PM. I had a horrible LO too at one time.  Its definitely not right to be trying to work with someone that responsive!  The worst part of the home buying process is the fact that you end up so reliant on other people to help you, even if they are great at what they do.  If you are a Type A person (I am) it makes it even more difficult. Throw someone that doesn't make you confident in their abilities in the mix, and that makes it worse.  There are actually a few really good ones here too - and crazy enough, it seems you are already getting a quicker response here than with your current LO.

I really hope you end up with a great LO somehow!

[Anonymous]

Thank you everyone for the the advice and replies. Clearly a lot faster than my LO...lol 

I will call them in the morning and speak with the manager and express my concerns.