Financing in Berkeley>Question Details

HappyHome, Home Buyer in 94704

Is 1 week too long to wait for a mortgage broker to get back to me?

Asked by HappyHome, 94704 Mon Jul 20, 2009

I have patiently waited while a very busy and popular mortgage broker to fill me in. They supposedly were going to have my preapproval after 4 days. Now it's almost been a week and we haven't had an actual conversation and I haven't received anything. Am I being impatient or is this normal?

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Todd Andrew’s answer
Hi Happy,

You are not being impatient. If you've supplied all the necessary information and paperwork, it should only take a day or two. Also, the lending model is important. Liz mentions RPM, which is good, and there are a couple of others as well who have local underwriters, a pool of great local appraisers, and local funding authority. Good luck to you!!

Todd Andrew
Red Oak Realty
0 votes Thank Flag Link Sun Feb 7, 2010
You are not being impatient. If they could not get your preapproval, they could have called you to let you know by now. Popularity does not make a better mortgage broker. Try Chet Gohd of RPM Mortgage in Berkeley. I use him for clients, and for my own mortgages. He is excellent. 510-524-1526. all the best
1 vote Thank Flag Link Mon Jul 20, 2009
Happy Home,

These days, delays in the loan process are common and can be, within reason, acceptable . Delays in communicating the status of your file are not. Your lender should have the service sense to keep you posted, even if he is perhaps not able to fulfill the initial request.

Bottom line, if there is any doubt, there is no doubt. If you don't feel comfortable now, it will be worse later and when more is at stake.

I would be happy to demonstrate how we do business here.

Thank you,

Rob Spinosa
1 vote Thank Flag Link Mon Jul 20, 2009
I think it's to long...move on. I make it a point to get back to my clients within 24 hours of contact and I expect the same of the people I work with. Below is a name of a lender that I refer to and is known for his superb customer service:

Steve Miller with RPM: 510-385-1224
1 vote Thank Flag Link Mon Jul 20, 2009

Live up to your moniker, be happy, and move on.

I almost choked when you say you've been waiting for a week. That's no excuse, popular or not. Hope you're working with a local lender with whom you can establish a good one-on-one relationship. In many transactions, if we have any hiccups in the process, it's usually on the lender side. So it helps to work with someone who is very responsive (obviously, this one isn't), is resourceful and has the same sense of urgency as you do. What if you were getting to write an offer and you needed to have that preapproval letter right away? Even a busy lender would have an assistant to help field the calls, get some stuff out of the way, etc.

You're not being impatient. One week is 6 days longer than it needs to be. I'd say move on.
1 vote Thank Flag Link Mon Jul 20, 2009
I would suggest moving on. I would perceive the delay as they are either too busy or they do not care if they lose a customer. You should talk to at least 2-3 different lenders anyway.....might as well get started! Good luck! There are other lenders out there.
Web Reference:
1 vote Thank Flag Link Mon Jul 20, 2009
The Hagley G…, Real Estate Pro in Pleasanton, CA
That's too long. I got my pre-approval within 48 hours of submitting my application and paperwork. Move on.
0 votes Thank Flag Link Tue Jul 21, 2009
That's not a mortgage broker, that's a retired mortgage broker.
0 votes Thank Flag Link Tue Jul 21, 2009
I'm sorry to hear about the delay. Your patience should be rewarded and not punished. It doesn't sound like the mortgage broker is taking your business seriously. I would move on. If it was a referral from a Realtor I would question them as well. I would be more than glad to possibly help you and answer any questions about the pre-approval process and to present some options for you.
0 votes Thank Flag Link Mon Jul 20, 2009
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