Donâ€™t you just hate lenders?
You know what Iâ€™m talkinâ€™ 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), andâ€¦
BRRRING BRRRING !! Your phone rings three days prior to settlement.
â€ťUh, this is Walter Banker from Big Bank in America. We have a problem.â€ť
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 clientâ€™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