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Zillow Broker Unresponsive

I have been working with a top-rated Zillow broker for several months, trying to refinance 2 properties--my personal home and an investment property.  I was quoted great rates for both refinances.  A settlement date fell through due to missing paperwork and my locks expired.  My broker assured me that once the paperwork was in order, he would get the refinances back on track. It has been almost 4 weeks since the requested paperwork was provided.  Apparently the original lender is not returning my broker's calls or is no longer interested.  Another lender he said he approached is either not returning his calls or is not interested. Now my broker has stopped returning my calls and e-mails, so I don't know what's going on.  I know that he is dealing with personal problems at the moment which may explain his poor handling of the situation, but it has left me in the lurch.  At this point I have spent $800 on 2 appraisals which are getting stale while mortgage rates continue to increase.  What should I do?
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February 19 2010 - Silver Spring
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February 19 2010
Be sure and give him the appropriate rating.
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February 19 2010
This stuff drives me crazy.  If the broker can't get the deal done, he needs to own it and in the very least come clean with you.  Not return calls or emails?  Uugh.  Blitzen, do you have the main number for the broker?  Google it?  Try contacting the manager and see if you can get answers.
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February 19 2010
You could start over with the quotes again. Or, you could give us your scenario and get some solid advice. Also, include what the "paperwork problem" was. .... Happy funding, Rudi
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February 19 2010
Having phone calls ignored is a major red flag that something's wrong.
And what "missing docs" prevented the closing? A firm closing date isn't even scheduled until the lender has received everything and cleared the file for closing.

Google the name of the company and get a manager on the phone to explain what the situation is.
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February 19 2010
I'd suggest you talk to a reputable lender, a strong referral (let me know if you need one).  Depending on the appraiser/appraisal circumstances, perhaps the second lender could still use it, if it's not too old
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February 19 2010
As mentioned, make sure you leave appropriate feedback for the lender/broker on Zillow:

Here are the steps on how the borrower can submit a rating/review:
 
1. Go to www.zillow.com. 
2. Log in with your e-mail address and password. 
3. Go to "mortgage" and click on "quotes received".
4. Click on the quote submitted by the lender you wish to rate. You will find a "rate this lender" link on the left part of the page.

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February 19 2010
I'll toss in some pros/cons here:

The volume since Nov 2008 has been absolutely huge. People at this point are exhausted and may be working on adrenelin alone. Most of us have closed 250-500 loans in the last year and are just trying to do triage.

now; regardless a quick email saying "I have no further info yet" at least says the LO is alive and well.

The kicker is the LO blaming the "lender". The broker is supposed to know the quirks of each lender he brokers to. The broker's job is to negotiate that maze; if you wanted problems with the "lender" you could have just applie directly with the lender to begin with. 
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February 19 2010
I can't speak for Your Lender.  If you were my client, and I could not help you I would just tell you.  Being unresponsive is non-professional.

Get some other options from Brokers in your area.

Good Luck.
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February 19 2010
There is no such thing as "the lender lost interest in doing the loans". That's mortgage broker excuse for, "I didn't know what I was doing and structured transactions and placed them with a lender that would not do them".
Find a new lender that knows what they're doing that can explain to you upfront exactly what your loans parameters are and explain why they fit or do not fit Fannie / Freddie underwriting guidelines before making a commitment to that lender.
There are plenty of good lenders on Zillow doing loans in Maryland that will be happy to help you. Once you find one that your comfortable with also ask them if they'll eat the costs of two new appraisals.  If you are doing two simultaneous transactions with a lender you can negotiate getting something reduced to help with the costs.  If you were buying two cars from the same car dealer at the same time you would be able to negotiate a little something.  You can do the same with a lender when there are profits to be made on doing two loans simultaneously.
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February 20 2010

It appears that you will need 2 new appraisals and have to spend more money.  The current guidelines dictate that every lender go through an appraisal management company to order a new appraisal.  I know of no one taking an appraisal from a client that was recently done.  This can only be done if one of your refi's was a VA or FHA loan.  I would get going on this ASAP.  Find another licensed lender in MD with a high rating.  Let them know exactly what transpired as I suspect the other lender may not have been totally up front with you.  ((Does not make sense that the lenders he called were unresponsive unless they all miraculously went out of business.))

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February 20 2010
I know a fantastic lender in your area. If interested, contact me through my profile and I will pass on his information. Personally, I would advise finding one that has an "in house" underwriter.
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February 20 2010
Sorry for your bad experience with that Mortgage company, I must say that there are a lot of good Mortgage Consultants looking to help all on this site. I'm in your area (Upper Marlboro) if you have questions regarding your Loan process or potential appraisal concerns.

Hope this helps!

 
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February 22 2010
You may wish to lose the broker and go directly to a lender.  Brokers can only tell  you what they think, not what they know as they do not lend the money.  Lenders have in house underwriters and processors and in most cases give you an answer, same day.

Let me know if this helps.
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March 02 2010
Michael B.,

Stay with Real Estate where you may have some knowledge. You appear to know very little about the mortgage business to be giving advice. From this post, bad advice. .... Happy funding, Rudi
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March 02 2010
You have no idea what you are talking about Michael.  Stick to what you know....like pounding in yard signs and chauffering people around on the weekends.
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March 02 2010
That BS from a Real Estate Agent, who works for a Broker, who does not, in fact, own the product he sells. [deleted content due to vulgarity]

This guy doesn't even know what he thinks.
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March 02 2010
I bet MB wishes the edit button was still an option.

Wonder if Blitzen ever heard from the MIA broker ?
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March 02 2010
Michael - this probably doesn't need repeating but you're dead wrong. Brokered loans come from wholesale lending channels; borrowers can't go directly to those lenders. It's not helpful to just make stuff up in answer to questions here; please do stick to what you know. 

Rudi, Nic, Hamp - you guys could have skipped the personal insults and actually explained what was wrong about MB's post. That might have actually helped the OP.

Hamp - lay off the vulgarities please; this is a family show.
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March 02 2010
David,
Two hours ago MB was listed as an Agent. Now, suddenly he's a Lender. Profile says 12 years experience (AT WHAT?)http://www.zillow.com/profile/michaeljbrazier/ 

His answer on the time share thread is also BAD ADVICE. Oh well, guess we should just flag his inappropriate responses, agree? .... Happy funding, Rudi

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March 02 2010
Hamp, can you email your vulgar statement? I missed the show.

I think most of us read a couple of days ago that a guy has been waiting for 6 months for his underwriting answer from B of A and I am pretty sure they are a lender. 

Michael, the lowest wholesale lender for brokers in the country doesn't even use underwriters and I am 100% sure you can not compete with the terms.  
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March 02 2010
Hamp, please don't post vugarity anymore. It really shows a lack of professionalism.

 
It's not funny and is really offensive to those of us who send clients to the Mortgage threads for help with lending
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March 02 2010
" This guy doesn't even know what he thinks." 

I found that to be funny as ............ 
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March 02 2010
Hamp

David's response is interesting. "This is a family show" There are a group of middle school student who are researching info as a class project for Real Estate information. Zillow was presented as an ok place to go for information.

your inappropriate posts can end up on a video class project,
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March 02 2010
Okay already...Hamp got his hand slapped for the "not so clean" typing.  It happens.  Move on.   Hamp, you know we love you here! :)
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March 02 2010
If you read my post instead of trying to read into it.  A person has been working with a broker for months and wants an answer.  So why not bypass what has not been working for them and directly to a lender with in house underwriters that can give the answer they are seeking.  They can walk into any bank or credit union and seek that answer.  They have specific guidelines and can tell the client a simple yes or no.  That's bad advice?  How is what I posted different then the other posts above suggesting going to a lender..

Silver Spring is littered with banks that would love to earn the business.  And no, not a real estate agent. 

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March 04 2010
Rates are really good now.
If the broker is still unresponsive you may want to cut your losses and work with a representative of a direct lending institution that has a commitment to customer service, direct underwriting capability, and speed to market with regards to consumer/customer applications.
With rates as good as they are now, a lender can easily issue a credit for an appraisal.
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March 05 2010
Certainly, this case has gone no where you've wasted valueable time and money there are many of us who are professionals and take pride in there work. It is time to move on and any lender has the ablility to credit your costs. I wish you luck.
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March 10 2010
There are 50 million lenders here...trust me SOMEONE will step forward and want to do your mortgage if this guy doesnt!  Lol

I mean look at the 28 posts on here already...imagine what these Mortgage Loan Officers would do for you if they were helping you with your loan...They would probably close it and in a fast paced manner with the rate you want.

You ultimately have to understand that Zillow is supposed to be for the mortgage professional who is willing to spend some marketing dollars in turn to gain YOUR business, sometimes that Mortgage professional is in it for the right reason (My belief is more exposure) but then sometimes its truly just another lead source and treated that way. Sorry you had a bad experience, hopefully this doesn't sour you from our Zillow community!

Good Luck!
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March 10 2010
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As the Original Poster hasn't responded; and as his only other post was a week ago asking how to remove a question; it appears to me that the question was hypothetical and didn't apply to anything or anyone in particular.  Even if it did; it doesn't mean the loan was "do-able", or that the potential borrower's criterion hadn't changed.  Just because someone was "in-process" doesn't mean others should make promises about delivery based on assumptions.

Regarding Michael's post that a bank can tell you the same day; that certainly wasn't the case with the local branch in my area of a large chain.  And the loan officer in that branch gave me completely misleading information that didn't match the paperwork sent later at all.  Needless to say, I walked as I didn't need a loan in the first place, but was just looking for contingencies at the time.  The 0% interest credit cards met the short term need (for medical insurance premiums) much better.
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March 10 2010
 
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  • Posted by blitzen15
  • In Refinance
  • February 19 2010
Mortgage Rates
 
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