In another article I propose you always use a mortgage person referred by a REALTOR. I say that in this article where I discuss advocates, click here, Look for the message on having future business at risk.
I will give you two examples of potential issues, there are more.
The home office of mine and Kathleen's mortgage company was in a large real estate office (we had several branches throughout the greater Seattle area). There were 300 agents licensed in this office and most of them didn't use our company. The deal was, I could office there but not solicit their business. If they came to us voluntarily, that was fine. As my office was a convenient down the hall location from the conference rooms location I was sometimes called to help agents who had problems. It was usually a performance issue. It was often an online company issue.
The pressure is on in a purchase transaction. Closing dates must be met. Commitments for interest rates must be as promised.
I was often called in to solve a problem at the last minute. Of course if it were a closing date issue I had to do what I could to help the other lender perform. If the pressure was on changing lenders was not a feasible solution. A local lender was easy to work with, a national lender not so easy. Daily I hear advertisements from a company I was sometimes called into resolve issues with. They claim they are number one in service as studied by another national company. I tell you now that advertisements almost causes me to get ill. To get them to honor a rate they had promised, in writing, after the final documents didn't match, my only weapon was to threaten turning them over to the Attorney General. Now, the new laws have solved this particular problem but there are other issues, such as closing on time. Even so, why would you trust your loan to an advertiser or an online company with little or no future business at risk for non performance. It makes no sense to me.
The second example is similar. My first employer as a loan officer was with a national bank. Their training was great but I hated working for them. My biggest gripe was that we were all required to answer advertising calls on Mondays. They always had a big ad in Sundays paper and the calls were fast and furious on Monday. Here is the distasteful part. The ad had to be placed on Wednesday prior to the Sunday delivery. Give me a break, rates change daily and sometimes hourly. How can a rate quoted on Wednesday be valid five days later. I am pleased to say I was on salary. I am more pleased to say I was doing enough business that I was recruited away to a much more honorable situation.
Ask an agent to give you a referral to a lender they trust. It's OK to even ask for more than one reference. I will be selecting up to five you can find on this site. Stay tuned as I work for a mutually beneficial commitment. If you need one before these lenders are up, call me and I will help you immediately.
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