LOs and the Lack of Communication

[Anonymous]

I have literally reached out to over 15 different LOs and I’m getting discouraged. I can’t even get to the pre-qual/pre-approval stage, because none of them seem sincere or don’t even call back. Half don’t even want to answer basic questions without running credit first and the other lack communication skills. I called one LO 4 times over the last month and still have not received a call nor email back. At this rate, I’m starting to feel like I’m SOL. I live in Los Angeles and houses are being sold quicker than I can even get a call back.

[NC_Mtg_Loaner]

While having a good credit score won't immediately qualify you for a loan, having a bad credit score could disqualify you for a loan.   

Lenders and loan officers are likely to be busy with customers who'll trust them to allow a credit inquiry---until then, you're just browsing or window shopping in the eyes of a busy LO.

Answers to many basic questions can be found everywhere including here.

[Anonymous]

The basic questions that I’m asking are lender/LO specific and I need those answered in order to decide if I will be best suited to utilize their company for such a big purchase.

Whether buying a car or house, research is important and I think it’s crazy to not expect a lender to answer questions about their process prior working with them.

I respect your opinion though.

[j2figuer]

I'm not sure what type of questions you have but we just got our loan from DCU.  I called them with plenty of questions before even applying and their employees were more than willing to help. They were very straight forward with their answers regarding their process and requirements. I would highly recommend checking them out. 

[NC_Mtg_Loaner]

It sounds like you need to simply keep searching for the right LO and lender that will meet your needs.   Don't get discouraged if it takes time to find the right one that will do so.   Rome wasn't built in a day, but obtaining a mortgage isn't Rocket Science either.   

[CreditInspired]

You’ve gotten some good responses here. If you feel there are just too many roadblocks, try interviewing at least 3 real estate agents and then sign with one. He/she will direct you to a lender or two who will be more than happy to walk you through the process. Also, NFCU has tons of info on the mortgage process on their website and you don’t have to be a member to check it out. GL2U

[trusty]

If your income has been consistent and is easily verifiable on your tax returns for the last 2 years, than your loan will be relatively straightforward; and, coupled with 700+ credit scores, and a good debt to income ratio, any major bank will loan you money at fairly great rates.

In this case, there's really not much to inquire of lenders.

If your loan has some challenges... than, take the advice to retain a Realtor and use their preferred mortgage broker. But, keep in mind that it isn't free to push loans through; so they will absolutely be taking advantage, in the form of points.

[Anonymous]

I am more than happy to answer any questions you might regarding getting pre-approved for a mortgage. If all information is received I can send a pre-approval same day. Message me your contact information and I will reach out within the day. Communication is key in building a relationship but also to make sure your getting the best deal and know what your getting into.

[Anonymous]

All is well now! I pulled the trigger with 3 different loan officers to see where I stand. One is just a hot mess and I caught her lying twice so far. I’m done with her. Another cannot calculate and it really annoys me. Lol. I’m convinced that he just made up some random numbers when he came up with my student loan payments and repayment periods. He utilized 1%, so I’m not sure how the heck he ended up with repayment months of 300+. I’m done with him as well. The last is pretty awesome! We talked for almost 45 minutes about his background and the loan programs that he’s familiar with. He’s very pro-active and has given me a ton of choices to choose from based on the areas that I’m thinking about buying in. I got my pre-approval package this morning and the estimates are pretty much what I had in mind.

I REALLY wanted to avoid FHA and the other lenders were pushing that regardless of the fact that my middle mortgage score is 713 and I wanted to go Fannie or Freddie to get away from that 1% rule. I wish they would have been honest up front and stated that they just rather deal with FHA loans.

[Anonymous]

 If you are doing FHA and have student loans, it is a must that the lender use 1% of our outstanding loan balance as your monthly payment. It is only conventional loans that can use the payment that is reported on the credit report. I am going FHA and my loans have a $0 payment on my reports, but because my outstanding balance is $60K, my lender is using $600 as my monthly payment amount. 

Conventional loans also have stricter DTI requirements, so it could be that FHA would be a better fit for you in that area as well. Our lender has a program for first-time buyers for conventional loans that has income requirements. We exceed the max income requirement and because our mid scores are less than 700, FHA was the better route for us given that the mortgage insurance would cost less than conventional's PMI rates.