Posts Tagged ‘ lenders ’

Mortgage 911

Don’t you just hate lenders?

You know what I’m talkin’ about. You secure a pre-approval letter, find the buyer their dream home, arrange the home inspection, negotiate repair items, remove loan contingencies, arrange the closing (or settlement for the lawyer states), and…

BRRRING BRRRING !! Your phone rings three days prior to settlement.

”Uh, this is Walter Banker from Big Bank in America. We have a problem.”

Husbands are cursing, wives are crying, and children are depressed because there is no mortgage. Sellers, their agents, lawyers, and everyone involved in the transaction are threatening lawsuits. A sad and stressful situation, to say the least.

There are three reasons for this:

a) The client’s loan originator is a liar.

Seriously. Less experienced or desperate loan originators overpromise and under deliver. They push the edge of the envelope and deliberately make promises they are unclear about. Continue reading this post


Posted by: Brian Brady on April 7th, 2008 under Financing, Mortgage and Home Loans, Guest Bloggers


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