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Yep. Responses within no more than 1/2 hour and very few things to actually gather. I actually ended up looking up loan officer by NMLS after being so peeved with him and he was literally brand new and still listed as a "assistant". He was not in the mortgage/banking field at all prior to this job. Anyways we ended up doing all the legwork and saving the deal because he truly was clueless. Ours was not a easy file but at the same time nothing was a surprise and all info was known at preapproval time at the end of April! We are grateful to have closed though and have no plans to move ever. Like others have mentioned once the keys were in our hands we just did dances and drank champagne lol
I'm an LO, and here is my personal rule of thumb.
Before the appraisal is done: I usually call them back within 24 hours.
After the appraisal is done: I call them back ASAP, usually within 1 hour.
Generally, I don't take a buyer seriously until the appraisal is done.
Before I take on a client:
1. I choose my borrowers carefully.
2. I set the right expectations. This is a long process.
3. I give my borrowers the branch manager's phone number, so if I am unavailable for an extended period of time, they will know who to reach. And yes, it's his cell phone number.
As a borrower, you should do the same.
1. Choose your lender wisely. If they sound too slick or too salesy, then choose someone else. Choose someone who seems, someone who you think will educate you to better understand your loan product.
2. Ask what you can expect. Ask for the approximate timelines.
3. Ask for an alternate phone number in case you cannot reach your LO. Not necessarily the supervisor's cell phone number but at least the direct line to the supervisor.
If they don't meet all 3, then work with someone else.
@onstar wrote:I'm an LO, and here is my personal rule of thumb.
Before the appraisal is done: I usually call them back within 24 hours.
After the appraisal is done: I call them back ASAP, usually within 1 hour.
Generally, I don't take a buyer seriously until the appraisal is done.
Before I take on a client:
1. I choose my borrowers carefully.
2. I set the right expectations. This is a long process.
3. I give my borrowers the branch manager's phone number, so if I am unavailable for an extended period of time, they will know who to reach. And yes, it's his cell phone number.
As a borrower, you should do the same.
1. Choose your lender wisely. If they sound too slick or too salesy, then choose someone else. Choose someone who seems, someone who you think will educate you to better understand your loan product.
2. Ask what you can expect. Ask for the approximate timelines.
3. Ask for an alternate phone number in case you cannot reach your LO. Not necessarily the supervisor's cell phone number but at least the direct line to the supervisor.
If they don't meet all 3, then work with someone else.
I wish I would have read this before we started lol. Our LO set no expectations. We had to come up with solutions to our own issues. He only seems to selectively answer certain questions and particular emails still leaving us with questions. Never got an alternate contact in case he wasn't in. We went over a week without hearing from him once even after emailing multiple times. We are neevr intro'd to the other people working on the file (processor, closer, etc.), I just happen to see them CC'd on emails. This process has been everything but easy and it has been extemely stressfull just due to that lack of communication. We are a dog hair away from closing at this point but waiting on the u/w to release our file. But of course, I wouldn't know that if I didn't bother the crap out of them to find out. We are really close to closing. Hopefully they can get their stuff together to knock this out so we can be done with em.