Financing in Los Angeles>Question Details

Silvana Fino, Other/Just Looking in Beverly Hills, CA

Agents how are loan officers dropping the ball these days? Are you finding them less attentive? Are they closing your Purchase loans on-time?

Asked by Silvana Fino, Beverly Hills, CA Thu Jun 20, 2013

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I find Loan officers to be doing the best they can given their circumstances, but one of the major pitfalls of any loan officer is giving false impressions and impossible expectations. If you think your loan process will take 45-60 days, let us know, do not promise a 30 day close. I am glad I work with only the best in the business and do not accept any referral money. I just want my deals to close on time and get my clients what is the best for them.

__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
caroline.wcli@gmail.com
1 vote Thank Flag Link Fri Jun 21, 2013
I feel the problem is not with the loan officers, but with the "inside" approval process.
The loan officer may fit a client into appropriate loan amount, but the underwriter and processors could take too long. Also, clients often don't produce the documents in time allotted.

So, the responsibility stays with agents to monitor the process on both the clients' and the lender's side.
If we push everyone, we close on time. If we don't - we end up extending the closing or commitment date.

Hope this helps and best of luck,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Sat Sep 28, 2013
If you're not getting the results you need for your buyer clients, my turn times are 3-4 days for a conditional approval, and 3-4 to review conditions. I process my own loans from start to finish, so I always know what's happening with my files and I'm happy to answer questions along the way.

One really great advantage that I offer is underwritten pre-approvals. After I initially review a pre-approval application and get automated underwriting results, I am able to submit the loan to underwriting, even before the buyer is under contract for a home, and the buyer will receive a real, conditional loan approval, which can be presented to sellers with all offers. This is a SOLID APPROVAL, and allows buyers and agents to shop with certainty.

Once an offer is accepted and escrow is opened, the initial approval is already completed! We just need the appraisal, title report, and any other conditions listed for review (3-4 days) before ordering loan documents.

Buyers can start their application online directly through this link: https://equitybuilders.startmyapplication.com/smaweb/index.jsp

Receive a copy of your credit report immediately after completing the application.

Please see my blog post for more info: http://www.trulia.com/blog/equity_builders/2013/09/how_stron…
0 votes Thank Flag Link Sat Sep 28, 2013
Every loan officer is an individual so no blanket statement will work. I had a lender drop the ball last month. Not return phone calls, not return emails, and not give any updates on a preapproval.
0 votes Thank Flag Link Sun Aug 4, 2013
Too general a question. Is this a survey?
0 votes Thank Flag Link Mon Jun 24, 2013
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