I recently had a client selectÂ her personal bank where she banks to do her home loan (we'll call them Big Bank), even after my many suggestion to go withÂ other lenders that I have used for years. Well, of course the experience has been disappointing for both her and myself to say the least.
Complete NON-communication and they left her hanging without a phone call or update for two weeks, file was in Underwriting for a solid 7 days and now is in the "audit" department.
Now in their defense Big Bank, this is a short sale contract and we were delayed a little bit (only a day or so) from the seller getting the final signed off "short sale approval" but then they held the file another 2 days before even getting back into Underwriting after it had come out once already with 9 (YES 9) APPRAISER CONDITIONS, which took 2 weeks for the appraiser to complete, because after all they have better things to be doing than satisfying a picky Underwriter...sorry venting a bit...
But in the meantime, my poor client is emotional drained and nervous and will have no place to live soon after giving her place notice already. My job is to ease her mind, walk her through the process and listen to her frustrations and try to help in anyway that I can. I had to call the manager to even get any answers, ridiculous.
So everyone let that be a lesson to PLEASE use a lender that is referred to you by someone who has used them before and knows their STUFF backwards and forwards and is going to update you, communicate with you, explain the loan process to you, and get you a great deal on a loan!