How long should I give the mortgage broker to respond to me?

Asked by Joanna, Tulsa, OK Mon Mar 14, 2011

I filed an application for a mortgage on 02/23/2011 at a local brokers office. I didn't have a property in mind, but was there for preapproval so I could start shopping. He let me know he would do a full mortgage credit report verification before giving the approval and would get back to me. Since then, I emailed on the 2nd, he responded and said he had been out sick and would get back to me by the 7th. I haven't heard from him at all since, and have sent 2 more follow up emails. This is now going on 3 weeks. Should I just look elsewhere? I can't understand why in the world he wouldn't respond at all, and I am under the impression this should have been a quick process. I am quite irritated as he pulled my credit, and has all my personal information, and now I feel like I need to start over somewhere else, and take another credit hit. Opinions? btw, this is Mason McDuffie Mortgage in Tulsa, OK.

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15
Josh Barnett, Agent, Carney, OK
Wed May 1, 2013
1 day, 2 is pushing it and 3 they must be busy, these are business days also, not weekend or holidays.
1 vote
Nancy Larkin, Agent, Bellevue, WA
Mon Mar 14, 2011
As an agent, when I refer a client to one of my lenders, I expect them to get back to them within 20 minutes. In my market place, we are all expected to respond to msgs/texts/emails within minutes, otherwise the client goes on to the next. For those who don't expect such a quick response, it's a delightful surprise to them and we look very professional giving them excellent service.

I would also agree with Lynn911's answer to you, as my experience has shown that any lender who doesn't get back to you within a reasonable time, will probably not be able to close your loan as scheduled.
1 vote
My broker in Florida never answers my emails unless she needs something. She won't even answer the sellers realtor, a real disgrace.
Flag Tue Jun 21, 2016
Dallas Texas, Agent, Dallas, TN
Mon Mar 14, 2011
I recommend to request all your files IF he would release your credit report move on to another loan officer Professionals need be responsive .. no matter how sick I maybe ... I still respond within 4 hours - or + .

Pro's their business is critical for response to their clients... Rookies don't understand business practices why many don't last long in any professional practice

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote
Paula Chicaz…, , Chula Vista, CA
Tue Jan 15, 2013
A good mortgage broker will get back to you right away. Once you have sent them all the needed paper work they have asked for and they pull your credit this should only take up to 3 days to know how you should quailify and what you would quaility for a loan. Always go with a lender that you can see face to face and always get a good faith est. right away.
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Tue Jan 15, 2013
Hi Joanna, Consult a local Realtor. Explain to your Realtor that you you are searching for a lender that responds rapidly.
0 votes
John Cantero, Agent, Broken Arrow, OK
Tue Jan 15, 2013
Most of the lenders I work with require a minimum credit score of 620 and if they don't get back with my clients promptly they will recieve a call from me and then if they do not immediatly contact my client they will be removed from my list of recommended lenders. If you need help finding a home let me know. My services would cost you nothing because I am paid by the commission the seller pays but I will be working for your benefit.
Web Reference:  http://www.johncantero.com
0 votes
Pedro Pan, Home Buyer, Houston, TX
Mon Dec 3, 2012
What a bad experience please post his full name and full address so another buyer in the future include me can avoid him thank you
0 votes
Kim Klein, Agent, Tulsa, OK
Fri Apr 1, 2011
Hi Joanna,

I am sorry to hear you have experienced this situation. Tulsa has so many great local lenders and mortgage brokers. There are several that I know of that can prequalify you within 30 minutes. Online applications are a great way to start if it is a reputable website. I recommend that you contact a realtor and ask them for references. A good realtor will be able to help you get prequalified and then you can start your home search. What you experienced is not normal!

Good luck and Happy House Hunting!
Kim Klein McGraw Realtors
Web Reference:  http://www.kklein.com
0 votes
Drew Brenner, , Dallas, TX
Fri Apr 1, 2011
Something else in response to what Karen said about asking for all of your documentation back. Lenders are, by law, required to keep all documentation from any loan they even start processing for a set amount of time (in Oklahoma I believe it is 4 years). So, they can probably give you your stuff back but they will likely make their own copies to keep for their records. Just an FYI
Web Reference:  http://www.drewbrenner.com
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Fri Apr 1, 2011
Joanna,

As others have said here...there is no reason why this should take so long and the fact that you can't get a response is a very bad sign. Right now....he's trying to get your business, imagine how awful it might be once you are in an open escrow?

I would contact the broker/manager and ask for all your documentation back and the release of your credit report. You might also find that the broker offers you a nice incentive to stay if he/she handles the transaction for you. That might end up being positive as well.

Good luck and good for you to realize that this is not normal.

Karen
0 votes
David Cooper, Agent, Los Angeles, CA
Fri Apr 1, 2011
I would not trust this lender in anything he promises. I wouldn't believe his preapproval is worth the paper it is printed on. Move on. Don't give your financial to anyone you don't have a business relationship with


Las Vegas Foreclosure Houses for Investors with Cash Flow. 10% down. C
davidcooper@lasvegaswinner.org +1-7024997037 not a real estate agent
0 votes
Susan Brooks, Agent, Sapulpa, OK
Fri Apr 1, 2011
There are so many reputable mortgage lenders in the Tulsa are that there is no reason you should have to deal with something like that. It should usually take a couple hours to maybe one day for a lender to give you a pre-approval. There is no reason it should take longer than that and deffinetly no reason they should not be returning your calls.

Do make sure whoever you call is a reliable and trusted lender. There are so many companies out there that are still doing preditory lending and are not reliable.
Web Reference:  http://susan.cbtulsa.com
0 votes
David Cooper, Agent, Los Angeles, CA
Sat Mar 26, 2011
How did you find this mortgage broker in the first place.? Picking someone out of the yellow pages or from an ad on radio or TV is just too risky. I would find a reliable real estate agent first and have them reccommend the
mortgage broker they use.


Las Vegas Foreclosure Houses for Investors with Cash Flow. 10% down. C
davidcooper@lasvegaswinner.org +1-7024997037 not a real estate agent
0 votes
Nancy Larkin, Agent, Bellevue, WA
Sat Mar 26, 2011
Hi Drew,
Your points are well taken, however, it appears that each area is vastly different. The statement I made about the 20 min response, in my area really works and clients don't have to wait 24 hours for a pre-approval letter. Many times that comes within a short period of time after the initial phone app and certainly the same day, even if it is after hrs. Most of the lenders in my area will answer a call from a client well after the 5-6 pm close as well as on weekends. I do let my lender/s know when I've referred them out and approx when to expect my clients to call them. So perhaps the better answer would have been for the client to check with others to see what the area expectations are. Regardless, Joanna has certainly been ignored and I totally agree that she should find another lender to help her out.
0 votes
Drew Brenner, , Dallas, TX
Fri Mar 25, 2011
Hello Joanna! You should 100% find someone else. In this day and age with all the technology we have, people should be responding to you rather quickly. Nancy's 20 minute response time is definitely unrealistic (a simple loan ap with a new client can take anywhere from 15-45 minutes, so if a loan officer was on one of those calls, that alone would make a 20 minute return call impossible) but a phone call should be returned definitely within 24 hours and often same day if you didnt call too close to closing time.

As for how long you should have to wait once you've submitted an application and initial income documentation and a credit report before you get a call back with a pre-approval, I would say again 24 hours. I tell my clients Ill have their pre-approval to them within 24 of them getting me all their income documents, and often I can get it same day but Ive always found its better to under promise and over deliver. My contact information is in my profile if you have any other questions, feel free to give me a call.
Web Reference:  http://www.drewbrenner.com
0 votes
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