- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (16)
- Andrew Adams, "203K Specialist"
- Contributions:9349
Assets can absolutely help get a loan approved..the 401K is normal. The other stuff makes no sense to me. I hope you told him no thanks when you left.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
What he was probably doing was trying to figure out what other bank product he could "cross sell" to you. Either way the way he treated you was unacceptable.
- shapiroamg
- Contributions:3058
- Clay Branch, "Georgia Loans"
- Contributions:7836
Hello5, if you went for a 2nd approval letter, did this turkey ( in keeping w/the holiday spirit ) give you the 1st approval letter? If so, he may have wanted to see how much your 401K dropped in value since he saw it last. Still, he sounds like a turkey and I agree with the other lenders that you need a professional, and he is not! The 401K can work in your favor as reserves and can help your loan get approved if you are slightly lacking in another area such as a lower credit score or higher than normal debt to income ratio. Did you receive a GFE with the 1st loan approval? Post a loan request on Zillow.
- James Ryan, "GreatRateFolks"
- Contributions:1038
Your experience makes absolutely no sense to me, and I suggest you find another. There are some great folks on Zillow that I am sure can help you and respect your time. I think I speak for many here when I offer you an apology on behalf of the still great folks to deal with in the mortgage industry that are appalled at the treatment you have received. Best wishes for you with your next lender!
Jim
- John Paunan, "John Paunan"
- Contributions:1145
Hello5,
If this was a Zillow lender you were dealing with, be sure you write a review reflective of your experience. That is probably the best quality control the site has to offer.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
H5,
Leave the banker... EZ nuff to find anyone in our industry willing to help. A loan application and selection is a 2-way street and it should be just as easy for you to get a GFE as it is for a Lender to get your 401K statements... Assets and their verification are a must now... If all conventional loans have not changed it yet, it is right around the corner. However, this sounds more like a personality issue. Have your stuff in order and get with a Lender that has their stuff in order and your results will be much more pleasant. The entire scenario you described does not make any sense. I did not say it didn't happen exactly the way you wrote it, but it does not make any sense. Sorry for your lending inconveniences and find a contributor from the discussion boards that helps folks in your area and I think your next thread started will have a much more positive outcome and tone. Keep rockin'.
- wayne lancaster, "funds2"
- Contributions:1177
Hello5,
It is unfortunate that your mortgage experience involved such an unprofessional representitive. He obviously does not deserve your business, and appears the bank would be better served to have this person not have contact with the general public.
If you would post a request on Zillow, I think you will receive responses that will give you an opportunity to evaluate from their bio which loan officer might be a good fit. Establishing a business relationship with someone that has your best interest first, can be more important than a qoute with lowest rate. Good luck.
- Socialist
- Contributions:446
I think he was just concerned that you might be wasting his time and not seriously shopping=time is money.
- Greg Selters, "MortgageManagers"
- Contributions:16
If he doesn't value your time and your business I wouldn't bother working him. There are plenty of mortgage professionals that will grateful to help you obtain a mortgage. I'm sorry to hear that there are still idiots and turkeys in the business. We can only hope this down turn will eliminate them before the market turns around.
- Andrew Adams, "203K Specialist"
- Contributions:9349
What no suggestion of a loan Mod?
- Greg Selters, "MortgageManagers"
- Contributions:16
Not sure a loan mod would work for a purchase transaction.
If a lender is willing to provide a loan mod to a fixed rate for a client that is an ARM, you would not recommend your client explore this option? Not sure about you, but if I can show some one how to obtain a 4.5% fixed rate through their current lender, it's my duty to let them of their options even if it means that I won't receive compensation.
- Kevin Hancock, "khancockloans"
- Contributions:24
It sounds like a personality conflict. You should move on and try to find somebody who is willing to work with you, and who you enjoy working with. Referrals from your friends, family, and co-workers are an excellent resource. Good luck!
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Greg---Which one of your investors does not charge an underwriting fee? Is it a special tier your company has reached?
- hello5
- Contributions:3
Thanks for your responses. I agree that what happened didn't make any sense. Glad to hear it's not an industry practice.
What is a loan mod?
BTW, I had already signed a contract on the property so I wasn't wasting anyone's time. Banker is the one who kept calling me to come in and sign for the loan, without a GFE. I had given accurate numbers regarding price, down payment, taxes, jurisdiction (for escrow), but one week later the GFE had the numbers wrong (price, down payment, wrong tax escrow, no PMI, and points which I didn't want).
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
I hope you are not still dealing with this person...
Lender Practices - What is Typical Information Requested?
I went in for a second approval letter, after the first expired. Lender said in an argumentative way to think about the future and realize that prices are depreciating. That's just common sense that anyone would have thought of, and I found it all a little condescending.
He asked me to come in and sign for a loan without giving a GFE!
When I asked for a GFE, he asked me to come in. Then when I came in, he said he had something else to do, and dismissed my time by saying I didn't have to be anywhere else. Well, I did have another appointment that day and I didn't care to be dismissed. Then he wanted me to explain my reasoning about why I would or would not choose a property. He didn't have time to discuss a GFE but did have time to get into my personal business? I don't think so. He was trying to avoid discussing the GFE. These were questions about my personal preferences about the property, NOT the mortgage or financing. He spent little time on the GFE.
This guy is a bank manager. What the heck was he doing? What was he trying to fish out by getting into my personal business? What was he afraid of by avoiding discussing a GFE? Is condescension and avoiding the business-at-hand typical? Maybe he's just a salesman and doesn't really understand mortgages? I've heard that women are often pushed around and dismissed in business and maybe this is just an example of that?
He also asked for 401K statements. But other lenders told me that 401K statements have no effect on my ability to get a morgage or the rate I am offered. What would he do with 401K info?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.