I have a sale that was supposed to close on Tuesday. This is the first loan in years that has been late due to the lender that I can remember. Before the last few years I routinely told my clients to expect their loan to be a day or two late, it just happened. I guess we are back in an unfortunate cycle.
Here is some of the email correspondence I have had with Ms. Bank and added my editorial notes. I will replace the Loan Officer’s name with Ms Bank and my client’s name with Client.
We should have docs to you my tomorrow or Friday for signing Monday, funding Tuesday 25th. Thanks! Ms. Bank (March 19th)
I was informed by my processor that they are working on getting docs out before the end of business day. Thanks for your patience. Ms. Bank (March 21st) I have learned since then that Ms. Bank knew a document was missing. My client said that the underwriter asked Ms. Bank for it but didn’t ask a second time so Miss Bank thought everything was fine.
We can possibly sign on Monday, but I believe we will sign on Tuesday. (My bank) does a wire funding. I cannot guarantee signing for Monday as the schedule for processing here is really tight.(march 21st) On Monday Ms. Bank told My Client that “Title and the Realtors always get their panties in a bunch close to closing and they don’t know what they are talking about.” This was after I told My Client that I thought something was wrong by the answers Ms. Bank was giving.
I understand where we are on this file. I have a call into my processor to see what is the delay. I will keep you posted. (March 24th)
There is no problem with the loan! (My Bank) is just swamped, so we’re a little behind on our end! (March 24th) This is after I sent a single sentence email asking if there was a problem with the loan.
I appreciate your patience in signing for your new home loan. Processing is working to get the documents out to Title ASAP! I’m hoping that the docs will be there by Thursday, 27th for closing Friday, 28th. Unfortunately, I have no control over the processing team. My boss is also involved in the urgency of closing the loan. (March 26th) On Tuesday, I believe, Ms. Bank told My Client that she would be working 8 hours that day on My Client’s deal. Then she told My Client to understand that she had other clients to help. This just shows her pattern to say anything to not have the client mad but it is backfiring. The only reason her boss was involved was because she walked into another branch to get help and I emailed the Director.
So here we are on Thursday, no docs and still promises. Managers and Directors have been involved. Promises have been thrown around like tomatoes in Spain. It is supposedly hung up on one paper to be verified with one company. We are told that this was the issue since last Friday, the one she ignored because she wasn’t asked twice. I find it unlikely or unbelievable that there is one thing holding this back. But supposedly there is a manager and 6 others helping since Tuesday. I am not believing that either at this point.
You expect people to act in their best interest but it doesn’t seem to happen like that. The Director said he was appalled by what was going on and quickly responded to my early contact and he has talked to my client. The manager, the loan officer and someone else in the bank have all missed their own time lines to contact my client.
Oddly they still have the same loan officer contacting my client. This loan officer admonished my client for contacting the manager. Telling her that, “too many people sticking their nose in will just cause more chaos for this situation.” She has been harsh, mean and defensive all while trying to serve a client.
At first I thought she was a new loan officer but then when I heard her defensive statements I felt she sounded like an old school loan officer that would say whatever they could to get the client to leave them alone.
She has backtracked and after a lot of pushing finally admitted that there was a mistake or two on her side. When you can’t get satisfaction after speaking to a manager or a director who serves the NW, what can you do? Pull the loan and start somewhere else new? That is the rub and they know that is unlikely.
This bank had a chance to smooth things over and have someone else take over this transaction. They could reassign the deal to another person. This far near the end of the transaction it is mostly in the underwriter’s and processor’s hands. The loan officer becomes a gopher getting any needed paperwork.
But they didn’t reassign. This is the fourth time that the Listing Agent has had trouble with the bank and told me her issues at the beginning. She will not advise her clients to accept a deal with this bank attached. I will warn my clients with this story. Obviously my client will tell everyone in earshot of her horrible experience.
With some small, in my opinion, effort they could have rectified this and restored some confidence. Yes, things can go wrong and there can be mistakes. Even if you forgive the error, the way my client was treated my this person wrong, beyond wrong. She tried to intimidate my client so she wouldn’t bother her or call her manager. She lied about a problem and then ignored it.
All of this while we hear that there aren’t many homes selling and refinances are down. How are they too busy to be on top of this? My correspondence has been less and less as managers and a director got involved.
I randomly have decided to grow a beard while I wait for this to finish. It feels as useful as anything else that the rest of us have accomplished. I think I will always have the ability to grow a beard as equally as well as this bank can perform and support their clients.
I won’t give the name of the bank because too much is what I have heard through another source and not directly except the emails.
My final point, when I go on a listing appointment I almost always mention that regardless of everything else they need to pick someone they can talk to and trust. Deals get hairy sometimes and you can’t be hesitant to call someone who is representing you. This goes for the loan officer as well. My client had doubts a few weeks ago but the process had already begun.
UPDATE: After calling my client around 3, Ms. Bank said that she couldn’t get a hold of the person to get required information. My client called and within minutes had a supervisor willing to help. He called Ms. Bank to no avail then called my client. My client tried her 3 times and then called the manager saying there was a supervisor ready to give him the information.
“Great, we will get right on it.” Which seems to have meant that he would leave a message with Ms. Bank who wasn’t answering her calls. That was helpful.
I happened to email the manager and asked who things were going. I was unaware of the calls my client had made. He replied, “Please call your client direct and let him update you since it’s part of the issues we are having at the present time.” This was at 4:44pm, after my client told him that the supervisor was waiting and willing to help.
Around 5:15 Ms. Bank called saying that she had been with a client. Eventually there was a conference call with Ms. Bank, the manager and the supervisor.
And the only reason this call happened was because my client made the call that at one time Ms. Bank said she would dedicate her time too. And she is still the representative of the bank to my client, an ambassador if you will.
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