Home Buying in West End>Question Details

Leigh Reineke, Home Buyer in Atlanta, GA

Why do lenders not return phone calls?

Asked by Leigh Reineke, Atlanta, GA Fri Aug 12, 2011

I have called ten or more mortgage officers at places like Bank of America and MetLife and only one has returned my phone call. I called all of them on Monday, it is now Friday. The one who did return my phone call apparently could not be bothered with any questions and said he would call me back after talking to me for one minute. He never called back.
I am trying to find out how much of a mortgage I would qualify for. Is this typical behavior or am I doing something wrong?

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Lenders are having hard times getting loans approved and thus not making any money. A lot of them are disgruntled. Most agents figure out the good ones and bad ones real fast. If you have an agent ask them for recommendation. If not call one of us and let us help. It is what we are here to do. Sorry you had such a hard time with those baddies you called.

F.Y.I you are doing exactly what you ought to be doing in this market; getting your pre-qual and financing situated. Hats off to you!
Web Reference: http://hesshomefinder.com
2 votes Thank Flag Link Fri Aug 12, 2011
Something is wrong, but welcome to the world of service businesses.

I can name ten lenders who will not disappoint you, leave you hanging or otherwise disrespect you.

I completely disagree with Bill Polack and if you can connect a "lack of sales professionalism" with who is in the White House, then preach on, brutha ... I'll just say this:

In 1988, I got into sales - the first two books that I read with enthusiasm that year were:

Zig Ziglar's "See You At The Top."

Tom Hopkin's "The Fine Art of Closing The Sale."

I understood that I needed to return phone calls, and to be enthusiastic and to ask smart questions - DUHHHH - now, 23 years later, I've sold hundreds of millions of dollars worth of goods and services, and expect to continue my sales career for years and years and years, picking up the phone everyday.

There are some terrific sales professionals in the mortgage business today and many work with correspondent lenders and many work with banks. The fast and loose world of mortgage brokerage needed to get checked, and those fast and loose commission grabbers who were only in it for the money are gone, because they weren't true sales professionals. They were order takers.

It's never about the money, and it's never just about who is in the White House either. Our problems are way bigger than the executive branch can handle alone, although a little veto action, some dismantling of archaic structures (like the bicameral legislature) and some fiscal conservatism would be refreshing...

Jordan99 - thank you for bringing up your frustration - I'll bet your needs will get resolved this week

See you at the top, and Bill you should read the book "This time it's different: 8 centuries of financial folly." See the web reference for an amazon link....we are talking about centuries, not 4 year presidential terms.
1 vote Thank Flag Link Mon Aug 15, 2011
With the new financial reform bill that our illustrious President decided to approve, it all but wiped out the mortgage broker industry. What does that mean? It means that the few left (ratios are now 5 bankers to 1 broker jun/2011) have had to take up the slack on what bankers lack: Customer Service. You see, when you work at a bank, you have lead sources from clients banking there that can be called on. When you call, they may not have time for you. Before April 4th 2011, brokers were everywhere and competition was fierce. If you applied online, you'd get 100 phone calls. Now, maybe 3. Most brokers have folded up their business and have gone to work for banks. Our government decided that a socialized country is better for everyone (brokers made 4% per loan and now are max at 1.25% per loan amount). I don't like mixing politics with business, but this has a lot to do with it. Look around you. Look in the phone book next year and compare the number of mortgage companies in 2012 versus 2011. Already there's been a 35% drop with independent loan officers nationwide. The people who offered fast call backs, seasoned loan officers who knew how to structure loans are all but a thing of the past. What does that mean? Call centers for banks with people who don't know guidelines for mortgages, turning people away for qualifying. If you don't fit into their limited brain, you won't get a loan. Banks will soon be the only source for loans and this will cause a slow down on the real estate industry unlike anything you've every seen. So, be glad we have Trulia to get your needs taking care of. It's not you, it's who your fellow American voted for in 2008.
1 vote Thank Flag Link Sun Aug 14, 2011
Wow, I'm sorry to hear about such poor service. I'm a lender with SunTrust, in business for 27 years and always return my calls very promptly. I'm usually available evenings and weekends, my response time duriing normal business hours is usually within 15 minutes.

Call me any time.
NIck Nicholas
SunTrust Mortgage
678-614-4327
1 vote Thank Flag Link Fri Aug 12, 2011
Jordan99,

Simply put, it’s unprofessional to not return calls if a proper voicemail has been left.

I’d be happy to give you a quick call for advice. Feel free to call me or email me.

Jonathan Cundiff
Mortgage Consultant
NMLSR ID 448285
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
Tel (404) 610-1011
Fax (877) 302-9968
Jonathan.R.Cundiff@wellsfargo.com
1 vote Thank Flag Link Fri Aug 12, 2011
When I wore a younger man's clothes, kids called their elders, SIR and MA'AM, milk came in bottles on your doorstep, and people returned phone calls.

Now we get a Text message, an e-mail, or nothing.

My Credit Union sent me a letter today, asking how I liked their service: I marked all the "10" boxes because if they didn't give me that level of service, I would take my business some where else.

People who don't DEMAND that level of service; get what they ask for:
I try to give that kind of service to my Clients, and they are surprised.

I can give you two referrals that will treat you like you should, just e- me.

Good for you for sticking to your guns and not settling for less.

Good luck and may God bless
1 vote Thank Flag Link Fri Aug 12, 2011
This is an age-old problem. I have not been able to get any banks or mortgage brokers to return calls reliably for 20 years. There is a general lack of professionalism in most of the profession, though by no means all. I would sincerely say 90% of the people in the business are sloppy workers who don't follow through. I know this sounds harsh, but we've been dealing with them for two decades, are always polite, patient, and professional, and my business has a spotless record, an A rating from Dun and Bradstreet, an my personal credit score is 805. Whenever I list a job in the company, we are always deluged by people who have been in this industry. I have an investment firm, and I would say 40% of the resumes we get are from people in this field, and, sadly, they never have sufficient qualifications for our work. Every single person I have spoken to on this subject has said the same. I hate to think this, but I believe it has to do with the fact that there is no international competition ... yet.
0 votes Thank Flag Link Fri Feb 7, 2014
I also ask my clients to deal with someone that can be reached even at odd hours.
That is responsive business. That's what you need.
I can recommend some.

Aaron
678-499-6065
0 votes Thank Flag Link Mon Aug 15, 2011
must be something you said Jordan99 because every reputable lender that I know and work with would not pass up a chance to work with a new buyer, answer questions, etc. Maybe you left a message or said something that makes them believe you are not serious? Would not qualify? Who knows. . .maybe you need to talk to someone that an agent recommends to you. Hey, could also be that the ones you are calling are no longer in the business!
0 votes Thank Flag Link Sun Aug 14, 2011
Sorry to hear Jordan99.

You need to deal with someone who appreciates you and your business.

I would recommend you call:

Keith Lewis
Cornerstone Mortgage Group
Office 678.578.7616
Cell 404.232.9031
NMLS 247761


Peace

Rob
VANNI & ASSOCIATES, INC
Residential Real Estate Consulting
GA Licensed Appraiser #5255 & Salesperson #249593. REALTOR.
An agent for KELLER WILLIAMS REALTY of BUCKHEAD
2345 Peachtree Road Suite A, Atlanta, GA 30305
office 404-604-3800
mobile 404-248-0400
efax 404-969-1534
email: robvanni@comcast.net
http://www.linkedin.com/in/robvanni
http://www.robvanni.homelog.com
http://www.Movoto.com Certified Agent

A Third Generation Real Estate Appraiser,
"Telling the truth about real estate for the past 21 years."
0 votes Thank Flag Link Sat Aug 13, 2011
Call me and I will return your call.
678-807-0050 Office
770-617-9641
Crossroads Mortgage
Southern Bank Homes
0 votes Thank Flag Link Sat Aug 13, 2011
Unfortunately this is all too typical behavior, but not just for lenders. Some members of all professions are like this. They are too busy to be bothered. It's okay, just keep trying until you get someone that does respond. If they can't be bothered when you call up initially that trend will likely continue.

I recommend giving some mortgage brokers a try and ask some friends, relatives, or real estate agents for referrals and check their tract record and reviews online. Good luck!
0 votes Thank Flag Link Fri Aug 12, 2011
Getting Pre-Qualified is the first step to a purchase. For that, you will need to submit a Pre-Qualifcaiton request. You will need to provide your most recent pay stub, most recent month of bank statements, and your '09 & '10 W-2's and Federal tax returns.

With interest rates dropping this week, it has been quite hectic for our industry.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
0 votes Thank Flag Link Fri Aug 12, 2011
You did nothing wrong at all. I have very responsive lenders locally here in Atlanta, and have worked with some not so responsive ones in the past (note I said PAST, they are off of my list of people I will work with)

I have one in particular that handles most every program out there. I can get you her cell phone number so you can talk directly and I promise she will give you an honest answer in a timely fashion. Just write me and let me know if you still need someone.

trulia@buy-atlanta.com or call me at 404-808-3003
Web Reference: http://buy-Atlanta.com
0 votes Thank Flag Link Fri Aug 12, 2011
I would NOT call a big nationally known bank, but a small local mortgage broker. They end up selling the loans to the big guys anyway, and can usually give you the same, or better rates, and are competitive on closing costs. The best part? The EXCELLENT customer service! As your Realtor for some names of people he/she has done business with.
0 votes Thank Flag Link Fri Aug 12, 2011
That is unfortunately that you have experience that type of service. Feel free to call me and I can provide you several lenders that you call you back. Regina Ambrose, Chapman Hall Realtors, 678-613-5636
0 votes Thank Flag Link Fri Aug 12, 2011
You need to call a more local lender. See if there is a Residential Home Funding near you or ask a real estate professional for a referral. Mortgage Bankers are the ones who are more responsive and personable these days.
0 votes Thank Flag Link Fri Aug 12, 2011
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