Why doesnt my lender call me back?

I wanted to post this topic because it is a valid question and there is an answer. Believe it or not, a brokers main job is to go through the roller coaster ride with the investors and when the ride is over present to you what he/she hopes seems like a simple solution. Before I got into the industry, my views on a loan officer was one of a guy that ducked calls, didn't work on my file, and liked to play games with people's emotions. I have been able to see the other side now and think it is important for borrowers to understand our world a little.

If you ever went to your mailbox and found it empty you probably felt a little down that no one thought enough of you to send you something, be it junk mail or a personal letter. On your way back to your house you may have said to yourself "well, no news is good neews I guess, at least it wasn't a bill!".

Your loan process is like this as well. I currently have two clients that mimick each other as far as loan programs, rates, and even credit scores! I treated both of these clients in two totally different ways and have proved to myself once again that sometimes too much information to the borrower actually hurts them. Client one is an educated man that knows his way around the finance world and knows a little about the mortgage industry.

After befriending this client I felt compelled to give up-to-the-minute reports on everything that was going on with his loan. Every program that we submitted him to I would call him and let him know what my plan of attack was and what my reasons for doing so was. This was a hands on borrower and he really seemed to like the "control" he had in knowing all the aspects of his loan.

Unfortunatley, no matter how much you explain that "this might not work" when the program failed he felt the lowest of lows.......the same kind of lows that us brokers feel after we have worked hard and thought we had a place for a loan only to find out that one piece did not fit into the lenders puzzle. Long story short, I am on the 5th and final program for this gentleman and his nerves are about as shot as my staff's on this loan. He has been given a glimpse to my "mortgage mortality" and has been able to see my failures. We are a day or so from closing on what is actually a pretty decent deal but at this point a 1% loan couldn't give this man back the sleepless nights of worrying.

Oh yeh, and the other borrower? He went through just about the same cycle but didn't have a clue what was going on! We gave him a "we are still working on it, trying to find the best deal possible out there for you" every two days and although he stated a couple of times that we sure take our sweet time, we called him yeasterday to tell him we are ready to close and he is the happiest ( and most well rested) borrower you could ever ask for! He has invited my whole staff out for to his home for a party and we will get referrals from him for life.

So, not to stick up for Loan Officers that are afraid of making that dreaded "denial" call, but sometimes when it seems like your loan officer isn't giving you all of the information............it's because HE might be the one going through the sleepless night worrying about your loan.

Just a thought and an importnant lesson I had to learn at a borrowers expense.

 

hahaha too funny...you know I was a broncos fan....stil am...but growing up I had family from there...all of the superbowls, all of the pain....the kids that would razz me and make fun of Elway....my hero....and then when the Broncos finally did it..I was all alone watching TV while my wife was off with the kids....I cried...as silly as that seems I cried...I didnt even watch the next years superbowl and I pretty much stopped watching sports full time......all the waiting and then it happened and my "sports life" was complete....sounds corny but I can only imagine what it will be like if the cubs win.