As many of us know by now, the mortgage industry has seen high volumes of new applications due to record low rates. I received a call from a client a few Fridays ago who was having trouble with his lender he was trying to work with. It turns out this lender had been working on his refinance for 6 weeks. My client was told over and over his loan was almost approved, and to remain patient.
As a result of this misinformation he almost had a late pay report on his credit. After losing his patience he found us on google and called up. He and I talked and I explained to him that all the excuses and reasoning he had been told was incorrect and an attempt to buy time.
So the client came in two weeks ago and we got his loan into our system. I explained to him how a streamline works and the processes and time lines by which we would be working. After starting on the file we found that other FHA lender had assigned his case number (this is a number that identifies your loan to HUD, kind of like a social security number for your FHA loan). My client then asked the other lender to release the case number to us, again and again. Only to leave me having to call this lender’s boss to finally get it done. Once we had that we submitted his loan to underwriting and within 3 days his loan was approved for closing. Now we are scheduled to close his loan on the 17th and will have taken us 13 calendar days once we got that case number into our names. He will get the rate he was expecting, but with a far superior straight forward service from us.
If you are refinancing and fill like you are getting the run around and not quite sure why it is taking so long to get answers, returned calls, or your loan closed let us know. We pride ourselves on making service to you as our first focus. And in these busy times I can say experience matters.