Really? Never going to believe this....

[FrugalRican]

I'm not surprised.

Quite frankly, I've had "colleagues" tell me wild stories of several financial institutions try to turn back people based on their files and send them elsewhere if they felt the issues accompanying the possible client were going to be... "difficult".

If the rates were on the other side of the spectrum, I highly doubt this would have ever happened.

Then again, I don't think I've ever had a conversation with an LO or a member of the UW team that ever involved them not being swamped at work.

[JM-AM]

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@HopefulGardner wrote:
StartingOver,

Now the incompetence all makes sense. I can't see how that would be a better business model, they just lost two customer, tylersmom and myself, solely because of the lack of training. The branch I went into had a few slogans on the walls about their success with customers issue to courtesy and knowledge! Lol

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While I can agree that lack of knowledge and training will turn customers away, I can also attest to the fact that not every location will have the same lack of knowledge and training.

Like everything and anything else in this world, you have good and bad. But you should not make a general statement over a few bad seeds (even though we all do this). Send in your complaints and concerns to the company in writing from your experiences and hopefully after enough of them they will rectify the issues. 

[HopefulGardner]

Well as far as myself, I did not have any issues with being a complicated file. My scores met the requirements, no collections, no COs, no repo, one 30 day late from 3 years ago. Only possible issue could be that my file is a bit thin. But like I said my scores mor ethan met their requirements. The LO just simply could not answer any questions regarding FHA loans whatsoever not even the basics. It was like talking to a wall. In my case she didn't send me to another institution but gave me the card for a loan specialist in their corporate office. I was dumbfounded, said uhhh okay took the card and left. Needless to say I did not call.

[Jazzzy]

My son works for a national home builder. They recently changed their mortgage application process from one lender to another. Now, with the new lender, my son said that the "pre-approvals" they are getting are worthless. Their cancellation rate for new homes is now high based on people not qualifying. The new bank is obviously not doing the necessary homework on the applicants prior to giving that "pre-approval."

The statement made about making sure your lender has all your necessary documents prior to issuing that pre-approval is a wise move. Otherwise, you don't really know where you stand.

[StartingOver10]

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@Jazzzy wrote:

My son works for a national home builder. They recently changed their mortgage application process from one lender to another. Now, with the new lender, my son said that the "pre-approvals" they are getting are worthless. Their cancellation rate for new homes is now high based on people not qualifying. The new bank is obviously not doing the necessary homework on the applicants prior to giving that "pre-approval."

The statement made about making sure your lender has all your necessary documents prior to issuing that pre-approval is a wise move. Otherwise, you don't really know where you stand.

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Exactly this ^^^^.

The Wells Fargo office I spoke about earlier in the thread actually told the buyer that tax returns were not required for an FHA loan. That information is false. I choose to believe that the LO was uninformed or untrained, rather than believe that he was malicious. After all, he gets a salary so it doesn't really matter to him whether the deal is real or not. But it does matter to the buyer and all the other parties to the transaction.

JM-AM is right when she says don't paint with a broad brush. My actual point was the point that Jazzy got - without the buyer providing all of their documents to the lender up front, you don't have a real approval. It doesn't matter what "the computer says" if the documents don't support the information in the loan application.

[JM-AM]

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@StartingOver10 wrote:

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@Jazzzy wrote:

My son works for a national home builder. They recently changed their mortgage application process from one lender to another. Now, with the new lender, my son said that the "pre-approvals" they are getting are worthless. Their cancellation rate for new homes is now high based on people not qualifying. The new bank is obviously not doing the necessary homework on the applicants prior to giving that "pre-approval."

The statement made about making sure your lender has all your necessary documents prior to issuing that pre-approval is a wise move. Otherwise, you don't really know where you stand.

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Exactly this ^^^^.

The Wells Fargo office I spoke about earlier in the thread actually told the buyer that tax returns were not required for an FHA loan. That information is false. I choose to believe that the LO was uninformed or untrained, rather than believe that he was malicious. After all, he gets a salary so it doesn't really matter to him whether the deal is real or not. But it does matter to the buyer and all the other parties to the transaction.

JM-AM is right when she says don't paint with a broad brush. My actual point was the point that Jazzy got - without the buyer providing all of their documents to the lender up front, you don't have a real approval. It doesn't matter what "the computer says" if the documents don't support the information in the loan application.

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+1