George DeVine ReviewsGeorge DeVineLicensed Lender (26 years experience)
Purchase Loan, Refinancing, Mortgage Planning
07/12/2014 - rogouislander
Closed purchase loan. Portsmouth, RI
Response from George on 07/16/2014
I reviewed the file and the client locked in the rate at the time of application and at no time did it change. The client did incur a slight price adjustment due to credit score, which was disclosed before application. We don't profit from this; it is a price adjustment that Fannie Mae charges in which they benefit from (Google fnma llpa). He was also very disorganized with submitting the requested financials in a timely manner, and didn't have a printer/scanner which made it more difficult. The mortgage industry requires updated financials right up to the closing. Often the client misinterprets this as asking for the same documentation. We did need to circle back to the client after closing. In this restrictive environment, it is is fairly common for Fannie Mae to come back to us when we transfer the loan requesting minor documentation. I'm perplexed by this negative rating. Application taken 2/26 closed 4/1, an efficient process by industry standard.