Is there a such thing as a decent lender???

mcalabrese79 · ‎04-02-2015

I am so overly frustrated right now. I've been working with Texaslending.com, to get a mortgage. The owner of my company suggested them to me and its been nothing but a NIGHTMARE!!!!! They have missed 5 closing dates. My original closing date was on 3/19. I dont think they even began working on my deal until 3/23! I put the notice into my apartments and since we are now 2 weeks past closing, the sellers want to pull out. THIS WEEK they said that I have a dispute on my credit. WHY ARE WE JUST LEARNING THIS THIS WEEK?!?!?! As of today, SUPPOSEDLY Experian and Equifax are clear but they are waiting on TransUnion. I dont know why in the world this wasnt discovered long ago.

The seller put the house back on MLS as contingent. I have until tomorrow to have docs. AND my apartment has already been leased out and I dont have a back up plan and have to move by 4/30. I feel sink over all of this.

Anyone have any suggestions on what to do with these people? I've called a billion times. They are terrible with communication.

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584

Lemmus · ‎04-02-2015

...its Texas ...that's open carry country ...go pay them a visit!

...not really ...just fantasizing

...and yes, there are a lot of decent hard working mortgage lenders ...I have one

...its probably too late in the process to think about switching lenders ...burn up the phone ...go set on the LOs desk ...etc

...I do feel for you ...but its also a word to the wise to all those looking for a lender ...talk to your realtor ...if you have a good one she'll point you to a lender that she's worked with before and knows they treat her clients right ...and can close a loan ...not one that finds a dispute on your crs well after you were supposed to close.

mcalabrese79 · ‎04-02-2015

THATS HILARIOUS!!!! So true but his sorry butt isnt worth the jail time hahaha... But thanks for the laugh.

My agent is great! She suggested someone else but I had read not to use the lender your agent suggests so with me and all my brightness... I found another lender. BAD BAD BAD CHOICE!!!

Its clear that I'm going to lose this house and have to start ALL OVER AGAIN. So upsetting.

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584

Lemmus · ‎04-02-2015

@mcalabrese79 wrote:
THATS HILARIOUS!!!! So true but his sorry butt isnt worth the jail time hahaha... But thanks for the laugh.

My agent is great! She suggested someone else but I had read not to use the lender your agent suggests so with me and all my brightness... I found another lender. BAD BAD BAD CHOICE!!!

Its clear that I'm going to lose this house and have to start ALL OVER AGAIN. So upsetting.

...hope you didn't read that on this forum

mcalabrese79 · ‎04-02-2015

I dont recall where I read it. Ive done so much reading in the last couple of years... Its hard to decipher good info from bad.

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584

StartingOver10 · ‎04-02-2015

@mcalabrese79 wrote:
THATS HILARIOUS!!!! So true but his sorry butt isnt worth the jail time hahaha... But thanks for the laugh.

My agent is great! She suggested someone else but I had read not to use the lender your agent suggests so with me and all my brightness... I found another lender. BAD BAD BAD CHOICE!!!

Its clear that I'm going to lose this house and have to start ALL OVER AGAIN. So upsetting.

Huh?? I wonder what the reasoning is behind that suggestion???

The agents work with lenders that produce results - that are responsive to the buyers regardless of the news. We usually have several lenders we work with so that the closing is smooth and closes on time. No agent is paid by any lender if you are thinking that is why they are referred. We would lose our license and our livelihood as it is illegal to collect any fee for the referral (RESPA violation etc).

The lenders we use and refer are referred for their excellence in the business, their expertise and their professionalism - and the fact that they close on time (as promised). A good loan officer makes the process easy and smooth. A bad loan officer makes it a nightmare for everyone involved. The most difficult thing is overcoming a LO that doesn't communicate well - it is heartbreaking to see the buyer/borrower not know what is happening with their file and to have the LO just not respond or to respond with platitudes rather than solutions.

That is why most of us Realtors keep a list of great LO's and a list of terrible LO's. That way we know if a buyer is using a terrible LO and won't switch to a decent one, we either have to pass on the offer (yes, this happens) or build in extra time for closing.

Lemmus · ‎04-02-2015

@StartingOver10 wrote:
The agents work with lenders that produce results - that are responsive to the buyers regardless of the news. We usually have several lenders we work with so that the closing is smooth and closes on time. No agent is paid by any lender if you are thinking that is why they are referred. We would lose our license and our livelihood as it is illegal to collect any fee for the referral (RESPA violation etc).
The lenders we use and refer are referred for their excellence in the business, their expertise and their professionalism - and the fact that they close on time (as promised). A good loan officer makes the process easy and smooth. A bad loan officer makes it a nightmare for everyone involved. The most difficult thing is overcoming a LO that doesn't communicate well - it is heartbreaking to see the buyer/borrower not know what is happening with their file and to have the LO just not respond or to respond with platitudes rather than solutions.

That is why most of us Realtors keep a list of great LO's and a list of terrible LO's. That way we know if a buyer is using a terrible LO and won't switch to a decent one, we either have to pass on the offer (yes, this happens) or build in extra time for closing.

...wish that could be stickied somewhere! ...I get tired of saying that over and over here ...and I rarely hear it said so well

mcalabrese79 · ‎04-02-2015

Thank you for that info. Maybe I should have questioned things better. Basically the stuff that I read mentioned kick backs to the agents and so on. Over the last few days I've read up on other things and wish I would have just stuck with my agent's recommendation for a lender.

I've literally been sick over this. The worse part is not knowing where I'll have to live this time next month. If I have to start the process over again, I still wont have a home bought by the time I have to leave the apartment. Texas Lending literally does not care about any of this and not once have they even apologized. I plan to write the BBB and also request that they pay me back the fees I had to pay on the appraisal and inspection for a house that I am losing becasue of their extreme procrastination.

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584

StartingOver10 · ‎04-02-2015

@mcalabrese79 wrote:
Thank you for that info. Maybe I should have questioned things better. Basically the stuff that I read mentioned kick backs to the agents and so on. Over the last few days I've read up on other things and wish I would have just stuck with my agent's recommendation for a lender.

I've literally been sick over this. The worse part is not knowing where I'll have to live this time next month. If I have to start the process over again, I still wont have a home bought by the time I have to leave the apartment. Texas Lending literally does not care about any of this and not once have they even apologized. I plan to write the BBB and also request that they pay me back the fees I had to pay on the appraisal and inspection for a house that I am losing becasue of their extreme procrastination.

You can save the deal if you get with a good lender now. I have lenders that can rush a file and close in less than 30 days on a FHA file and definately if it is a conventional file. Get with your agent and see if her lender will get your loan started now so you can close by the end of this month. It's worth a few phone calls and emails to save this deal.

IncrsCredScore · ‎04-02-2015

@Lemmus wrote:
...its Texas ...that's open carry country ...go pay them a visit!
...not really ...just fantasizing
...and yes, there are a lot of decent hard working mortgage lenders ...I have one
...its probably too late in the process to think about switching lenders ...burn up the phone ...go set on the LOs desk ...etc
...I do feel for you ...but its also a word to the wise to all those looking for a lender ...talk to your realtor ...if you have a good one she'll point you to a lender that she's worked with before and knows they treat her clients right ...and can close a loan ...not one that finds a dispute on your crs well after you were supposed to close.

Just curious, Lemmus, why do you believe the realtor is of the female gender?