Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear belowTodd *** is FULL OF EXCUSES and why the issues are always someone else's fault. HE delayed, dropped the ball etc.
IF, Indeed, he notified my father at 11:on 6/11/regarding the exact amount needed to close, then why were we STILL awaiting a response AFTER noon (per my text messages, still in my phone, where I am BEGGING for SOME SORT OF INFORMATION) while we needed to obtain the cashier's check, and
then drive the hours to the closing that Mr*** didn't even have the decency to appear???? We could rehash how it is customary for the Mortgage broker, not the customer, to know what documents are required and when. You can blame the IRS, the lender, whomever else, the fact is that you claim NO
ACCOUNABILITY FOR YOUR LACK OF ATTENTION TO DETAIL AND SHOTTY CUSTOMER SERVICE AT BEST!!!!!!!!!!
Complete unprofessional and inappropriate behavior. I don't care if money comes of this, as long as the file is present to prevent others from this type of treatment.
Regards,
*** ***
[redacted]'s father was the actual borrower on this transaction and she was a non-occupant co-borrower on the loan. Her father was referred to me by his real agent on approximately 05/07/2015. The borrower had been...
working with [redacted] for about two months before contacting our office. After 2 months, the previous lender finally told her father they could not provide him with mortgage financing. Due to that setback in time there was a sense of urgency to obtain mortgage financing from our initial conversation. The purchase agreement even spelled out to close on 05/12/2015, so we were a few days from being at the end of the contract on day 1 of the loan process. I met with the borrower on 05/08/2015, to discuss mortgage financing, and he informed me that [redacted] was trying to obtain VA mortgage financing on a 30 yr. fixed rate mortgage @ 3.750% and that the sellers were providing $5000 in seller's concessions. I told him that the interest rate for a manufactured home was higher due to the limited lenders that will provide mortgage financing on a manufactured homes, but that since the sellers were providing $5000 in seller's concessions we could buy the interest rate down from 4.750% to 4.000% to decrease his monthly mortgage payment. Right from the initial meeting, I was able to discover that pursuing VA mortgage financing was not a viable option, with any lender, because of VA guidelines and his personal credit file. We didn't take months to provide that answer & I let him know what we could do was to utilize FHA mortgage financing with a non-occupant co-borrower. He told me that his daughter would be willing to be a co-borrower, but that he would like to see if he could qualify on his own first. So we proceeded with a mortgage loan application, in which I submitted to my lender, for the borrower and it was back from our lender/underwriting in a week and a half. I realized that FHA mortgage financing with the borrower only was not going to be feasible. I obtained a loan approval but there was no way to meet the requirements of the conditional loan approval we received. Therefore, I told the borrower that he would have to have his daughter co-sign to obtain FHA mortgage financing. I spoke to Mrs. [redacted] and I met with her on 05/22/2015 to sign & date a mortgage application on an FHA 30 year fixed rate mortgage @ 4.000%, in which, I submitted to my lender on 05/23/2015 awaiting some additional information from Mrs. [redacted]. I received a conditional approval from my lender on the loan on 05/29/2015 and closed the loan on 06/11/2015. The closing was scheduled for 06/11/2015 @ 3:00 p.m. I called the borrower at approximately 11:00 a.m. on 6/11/2015, to provide him with the amount of money needed for the closing so that he could obtain a cashier's check at his bank. He called me back shortly thereafter and told me he didn't have sufficient funds in his checking account. I then told him that I could & would pay for his credit reports to decrease the amount of money to the table so that he could obtain a cashier's check for the closing.
The interest rate was locked in @ 4.000% on 05/22/2015, per the attached rate lock confirmation and closed with an interest rate of 4.000% per the attached HUD Settlement Statement. The interest rate never changed. We even cut costs to make closing feasible. The closing date was agreed by all parties knowing that we were attempting to close the first day possible. We normally have a full 24 hours to review the HUD settlement statements with clients but everyone's focus was the sooner the better and that's the goal we tried to accommodate. We still closed this loan right at 30 days from my initial meeting with the borrower which during the peak of home buying season most banks are at 45 days or more on closings. We were actually poised to close this loan 2 weeks sooner but the lender I took the loan to recently changed their policy for ordering IRS tax transcripts themselves to requiring the broker's order the IRS tax transcripts. That change literally happened within 30 days of submitting the file. They sent out no notices, as it wasn't an underwriting guideline change. We have 13 lenders we work with and they are the only one that has the broker order the IRS (Income Verification) tax transcripts. That wouldn't have been a problem except for they didn't let us know this until we were ready to close. At that point, the IRS was taking at least a week or more to get the IRS tax transcripts back. We don't utilize this lender often for financing but they were selected because they provide FHA financing on manufactured homes and allow for a non-occupant co-borrower.
If we wouldn't have had to order the tax transcripts ourselves we would have closed in under 3 weeks. We were delayed by having to wait on the IRS tax transcripts but that delay did not result in an unusually long closing process. The loan closed in under 5 weeks from initial meeting and that's with a 1 week wait on the IRS tax transcripts. I understand Mrs. [redacted] didn't feel like we met her expectations and I apologize for that, but in today's industry the lenders and parties associated with the mortgage process have taken the services element out of the equation. Lenders won't pull files out of order to accommodate closing schedules, movers, work
schedules, vacations, etc. We are the one that gets stuck taking the heat for lenders not accommodating client's desired timelines. We too want to close loans asap as well and are more frustrated because we know that we are going to disappoint a customer, but getting lenders to expedite or pull a file out of order is not feasible.
Lastly I want to reiterate that the borrower's interest rate never changed from the time of application to the day of close.
Regards,
Todd [redacted] — NMLS# [redacted]
Midwest Bankers — NMLS# 148890
9000 Keystone Crossing, Ste. 630 Indianapolis, IN 46240
PH: 800-341-2084 Ext. **
Cell: 317-407-[redacted]
Fax: 317-622-4202
Email: [email protected] Website: www.midwestbankers.com
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear belowTodd *** is FULL OF EXCUSES and why the issues are always someone else's fault. HE delayed, dropped the ball etc.
IF, Indeed, he notified my father at 11:on 6/11/regarding the exact amount needed to close, then why were we STILL awaiting a response AFTER noon (per my text messages, still in my phone, where I am BEGGING for SOME SORT OF INFORMATION) while we needed to obtain the cashier's check, and
then drive the hours to the closing that Mr*** didn't even have the decency to appear???? We could rehash how it is customary for the Mortgage broker, not the customer, to know what documents are required and when. You can blame the IRS, the lender, whomever else, the fact is that you claim NO
ACCOUNABILITY FOR YOUR LACK OF ATTENTION TO DETAIL AND SHOTTY CUSTOMER SERVICE AT BEST!!!!!!!!!!
Complete unprofessional and inappropriate behavior. I don't care if money comes of this, as long as the file is present to prevent others from this type of treatment.
Regards,
*** ***
[redacted]'s father was the actual borrower on this transaction and she was a non-occupant co-borrower on the loan. Her father was referred to me by his real agent on approximately 05/07/2015. The borrower had been...
working with [redacted] for about two months before contacting our office. After 2 months, the previous lender finally told her father they could not provide him with mortgage financing. Due to that setback in time there was a sense of urgency to obtain mortgage financing from our initial conversation. The purchase agreement even spelled out to close on 05/12/2015, so we were a few days from being at the end of the contract on day 1 of the loan process. I met with the borrower on 05/08/2015, to discuss mortgage financing, and he informed me that [redacted] was trying to obtain VA mortgage financing on a 30 yr. fixed rate mortgage @ 3.750% and that the sellers were providing $5000 in seller's concessions. I told him that the interest rate for a manufactured home was higher due to the limited lenders that will provide mortgage financing on a manufactured homes, but that since the sellers were providing $5000 in seller's concessions we could buy the interest rate down from 4.750% to 4.000% to decrease his monthly mortgage payment. Right from the initial meeting, I was able to discover that pursuing VA mortgage financing was not a viable option, with any lender, because of VA guidelines and his personal credit file. We didn't take months to provide that answer & I let him know what we could do was to utilize FHA mortgage financing with a non-occupant co-borrower. He told me that his daughter would be willing to be a co-borrower, but that he would like to see if he could qualify on his own first. So we proceeded with a mortgage loan application, in which I submitted to my lender, for the borrower and it was back from our lender/underwriting in a week and a half. I realized that FHA mortgage financing with the borrower only was not going to be feasible. I obtained a loan approval but there was no way to meet the requirements of the conditional loan approval we received. Therefore, I told the borrower that he would have to have his daughter co-sign to obtain FHA mortgage financing. I spoke to Mrs. [redacted] and I met with her on 05/22/2015 to sign & date a mortgage application on an FHA 30 year fixed rate mortgage @ 4.000%, in which, I submitted to my lender on 05/23/2015 awaiting some additional information from Mrs. [redacted]. I received a conditional approval from my lender on the loan on 05/29/2015 and closed the loan on 06/11/2015. The closing was scheduled for 06/11/2015 @ 3:00 p.m. I called the borrower at approximately 11:00 a.m. on 6/11/2015, to provide him with the amount of money needed for the closing so that he could obtain a cashier's check at his bank. He called me back shortly thereafter and told me he didn't have sufficient funds in his checking account. I then told him that I could & would pay for his credit reports to decrease the amount of money to the table so that he could obtain a cashier's check for the closing.
The interest rate was locked in @ 4.000% on 05/22/2015, per the attached rate lock confirmation and closed with an interest rate of 4.000% per the attached HUD Settlement Statement. The interest rate never changed. We even cut costs to make closing feasible. The closing date was agreed by all parties knowing that we were attempting to close the first day possible. We normally have a full 24 hours to review the HUD settlement statements with clients but everyone's focus was the sooner the better and that's the goal we tried to accommodate. We still closed this loan right at 30 days from my initial meeting with the borrower which during the peak of home buying season most banks are at 45 days or more on closings. We were actually poised to close this loan 2 weeks sooner but the lender I took the loan to recently changed their policy for ordering IRS tax transcripts themselves to requiring the broker's order the IRS tax transcripts. That change literally happened within 30 days of submitting the file. They sent out no notices, as it wasn't an underwriting guideline change. We have 13 lenders we work with and they are the only one that has the broker order the IRS (Income Verification) tax transcripts. That wouldn't have been a problem except for they didn't let us know this until we were ready to close. At that point, the IRS was taking at least a week or more to get the IRS tax transcripts back. We don't utilize this lender often for financing but they were selected because they provide FHA financing on manufactured homes and allow for a non-occupant co-borrower.
If we wouldn't have had to order the tax transcripts ourselves we would have closed in under 3 weeks. We were delayed by having to wait on the IRS tax transcripts but that delay did not result in an unusually long closing process. The loan closed in under 5 weeks from initial meeting and that's with a 1 week wait on the IRS tax transcripts. I understand Mrs. [redacted] didn't feel like we met her expectations and I apologize for that, but in today's industry the lenders and parties associated with the mortgage process have taken the services element out of the equation. Lenders won't pull files out of order to accommodate closing schedules, movers, work
schedules, vacations, etc. We are the one that gets stuck taking the heat for lenders not accommodating client's desired timelines. We too want to close loans asap as well and are more frustrated because we know that we are going to disappoint a customer, but getting lenders to expedite or pull a file out of order is not feasible.
Lastly I want to reiterate that the borrower's interest rate never changed from the time of application to the day of close.
Regards,
Todd [redacted] — NMLS# [redacted]
Midwest Bankers — NMLS# 148890
9000 Keystone Crossing, Ste. 630 Indianapolis, IN 46240
PH: 800-341-2084 Ext. **
Cell: 317-407-[redacted]
Fax: 317-622-4202
Email: [email protected] Website: www.midwestbankers.com