This whole post is such BS. If you want to sue the Mortgage Broker go ahead. If the Broker is constantly lying to you and that bad why have you not found another Broker? Do you have 2 years of solid employment? Do you have 2 years of solid good credit history with atleast 3 trade lines of $5K or more? Do you have 2 years of verifiable address history? Do you have three to six months of reserves in the bank? What is your FICO? What is your Debt to Income Ratio? Banks require conditions and it is sometimes impossible to know what they are going to ask for upfront. I recently had a bank ask me for 3 reference letters for my business. Dumbest thing I’ve ever heard of, but I gave them what they wanted and they gave me what I wanted (a Loan).
I am soooo sick of these mortgage brokers and there lies!!! this broker in Ohio has wasted my time and money for 2 months now. He had 3 deals with me. A construction loan, a REFi, And a investment property. Of which i am trying to salvage with an extention. My realtor was counting on the closing for her trip to FLA. Which the closing never happened. The other realtor was soo upset that she was crying. The contruction loan i had pt down lots of money for Blueprints, starting the project etc. Also i will get hit with more fee’s if over the deadline date. The REFI, was going to be used to purchase another property for cash. Which after fixed up, it would have brought me, $35,000 to 45,000. Which i lost out on because of this lazy moron who kept lying to me. can i hold this company liable for this crap? This is the third time i have lost money and deals because of mortgage comapnies. i have had enough. thanks
I feel your pain as well. I am waiting on a loan right now myself. 600k is riding on a lying loan officer who says to me “I’ll call you back”, and does not. I am now dealing with another person from the bank who works with him.
I suggest contacting an attorney (I have one helping me) and have the attorney contact the underwriter or Mortgage company Owner/Supervisor directly and solve whatever issues that are causing the delay. They usually start moving faster when the attorney gets involved.
In any event, your frustration is shared by many, especially me. Timing is everything in this business and unfortunately all you can do is tell them that “I will never refer you to anyone and needless to say, Never do business with you again”.
I am learning that “control” of your deals is important. We live and we learn as we go.
Re: can i sue mortgage company? - Posted by Michael T.
Posted by Michael T. on July 23, 2006 at 16:36:06:
I feel your pain. The one thing I have learned when it comes to mortgage brokers is that they ALL talk a good game but very FEW actually can deliver. Luckily I have finally found a couple that can do what they say.
The thing that irks me most is the “one more thing” syndrome I always run into which essentially turns a low-doc process to a full-doc process. Just be honest at first and tell me I will be probed to no end. Instead of saying, “your credit is great you will only need this and that and we are done.” The this and that turns into this, that, this, that, this , that, this, that and of course just before closing, “one more” this or that.
I wish mortgage brokers would stop talking that game and just be honest. They know they have no control of the decision of the underwriter. Underwriters that may change their criteria overnight causing a loan that may have gone through on Tuesday, not go through on Wednesday. But these guys will string you on to no end sometimes. Once again, I feel your pain.
This is exactly the reason I use to apply at multiple lenders and the exact answer I used to give them when they complained about it. When they deliver on time and as they promised, I cut it down to two, and when they had the track record established, they got the exclusive shot.
Re: can i sue mortgage company? - Posted by Rob Ricker
Posted by Rob Ricker on July 27, 2006 at 13:21:41:
As a mortgage broker myself, it bothers me that there’s so many guys and gals out there ruining our reputuations. Thanks to these morons, organizations like HUD will not even accept a pre-qualified letter from a broker when selling one of their properties. I ran into that twice here recently, and it’s really not fair for we “good brokers” who are honest, knowledgable, and trustworthy lose business because of the bad rep that the industry has overall. Of course, on a positive note for me, those idiots out there are my competition so it’s not all bad
To be quite honest, you’re right about brokers not being in control of the entire situation but an experienced broker can tell you exactly what documents are needed up front and never get into the “one more thing” syndrome. The “one more thing” syndrome may happen 1 out of 10 times no matter what we brokers do, but they shouldn’t happen very often. There’s no excuse for a broker not to know his business, know underwriting requirements, and know what docs it will take to close upfront. All investors or homeowners need a broker or banker with a “Mortgage Banking” mentality. What I mean by that is that a mortgage banker actually approves and underwrites the loan themself …then sells it. When I broker a loan, I look at it like I must get EVERYTHING I need to sell this loan UPFRONT. Although I’m not a mortgage banker yet, that’s what I plan on doing eventually. I suggest everyone ask their broker if they have the ability and knowledge to underwrite a loan themselves …if not look for someone else!
