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I have started several threads on how terrible this mortgage process has been, I feel like I needed to update the process. I'll try and be as nice or as mean as possible. Let's get this part out of the way first, had a bk 5 yrs ago, I don't have perfect credit, not rich, make decent money but it's salary and commission which can be a red flag for some LOs, I have student loans, car payment, Yadda, Yadda, decent credit-702 middle.
I started this with 1 LO who gave me a pre approval quickly for more then I though I would qualify for, wasn't comfortable so called a LO the realtor recommended. This person was clueless, wasted about a week and told me no way to get it done unless I put down more money which I didn't have, wasn't impressed, started calling more LOs. I spoke to several and 1 seemed knowledgeable and presented a few ways to get it done, ok I felt better, great. I provided everything he needed immediately, some disputes had to be removed so that took a cpl days then they ran it through automated and got DU approval, then a week goes by and the LO calls me and says my DTI is 48% now. I didn't change a thing, only paid a few things off so it's clear to me he entered whatever he wanted to get the worthless approval which was wrong. I had to instruct him on how to calculate my salary so he could sent to UW, it finally goes there then I get another call a week later saying I needed to put down 21k more and they can def get it done,**bleep**? I talk it over with my wife and agree to put down more, clocks ticking. This AS*HOLE calls me back a week and a half later and tells me there is NO WAY he can get it done even with the additional funds down, this was Monday, 2 days ago. This DI*KWAD wasted over a month to tell me this, 2 weeks from closing. At this point I'm pissed but not giving up because I believe it can get done, so I start calling more LOs even the one who gave me the initial pre approval. Turns out the initial LO had an idea, sounded reasonable so I said lets see what happens.
This post is long enough so, longer story short, 2 1/2 days later Im already through underwriting with conditional approval. I have to give this LO a lot of credit, he flew through this, did it correctly and got it done. I know I can't post his info in here but I will be trolling sites to give him his props in the form of reviews. I just can't believe how unbelievably stupid some of the LOs are that I have dealt with who do this for a living, and have been doing it for a long time. Like everyone else, I'm not doing back flips until I have keys in hand, but at least I have something positive.
Wow, that does indeed sound like a ride of terror. But I have to give you props for hanging in there, and being willing to change course when necessary! Definately give props on websites to the LO who is currently helping you and sounds like he/she knows what they're doing!!! This is a good lesson to all, I think. If you are not comfortable with the answers/course of action given by one LO, don't be afraid to ask hard questions and jump ship if necessary. A good and knowledgeable LO is worth their weight in gold.
That is one heck of a ride.. Sad really, that you have to actually educate some of these LO along the way. Hang in there and keep us posted as you go along. Thanks for sharing..
I am so glad you are working with someone that sounds like they have their act together after this rough ride you had with the other LO.
I am just shocked how one LO hung me out to dry for so long and did nothing but waste time, he is actually a reputable LO in his area and has been in the industry for over 20 years. Had he initially given me a better solution or said he couldn't do it, I would have found someone else and closed on time. LOs should be regulated to have a conditional approval in a certain amount of time, with full understanding that it's not the LO responsibility if the buyer does something stupid to mess it up at or after that point.
Update, I was given my conditions on Thurs and met everything on Friday, simple stuff. They gave me a couple pages of a printed list to explain inquiries, etc. I had 13 inquiries in the last 6 months they wanted an explanation for, 11 of those were for this mortgage, 1 car lease, another cc increase so it was really simple. The new LO actually found cheaper insurance for me and has made this a very cut and dry simple experience. The seller and realtor were canceling our contract, they thought it was a done deal and we couldn't get financed, they are shocked that I tried again after the first time, and even more shocked we were approved so quickly after. I am just at a loss as to how I could get 2 LOs on completely different ends of the spectrum, 1-slow as Sh*t and worthless, 2-unbelievably quick and resourceful. It has made me think about getting into the industry
I know it's not official until I have keys, but I can chalk this up as a done deal now, right?
Why was there confusion when calculating your DTI??