Occasionally a loan officer will get a loan that they just don’t know what to do with. Not sure how to proceed. …or, even if it’s possible to proceed.
…but, they don’t want to tell you because you referred the borrower to them, and they don’t want to give you the impression that they don’t know what they are doing.
So, the loan sits on their desk. Growing moss. …Nothing is happening.
You call to ask “How are things going?”, and their response is that the loan is in process.
You ask why the appraiser hasn’t gone out, and their response is “let me check on it”. …Eventually three weeks have gone by. You are supposed to close in a week.
Finally you put the question to them: “What in the name of Sam Hill Is going on with this loan?”
At this point the loan officer is past the point of being able to tell you the truth.
…that they just don’t know what to do on the loan. So, what do they do?
…that they just don’t know what to do on the loan. So, what do they do?
They make up some flimsy excuse as to why the loan can’t proceed. For instance, their scores have dropped suddenly.
…”Sorry, can’t help you. The scores dropped.”
…”Sorry, can’t help you. The scores dropped.”
The result is that the loan officers lack of knowledge or worse just their lazy confusion has just cost you money, the borrower earnest money, and the seller and other agent are upset with you too. …Not good for referrals!
Solution:
Obviously you need a loan officer that is at the top of their game on loan guideline knowledge.
They should have a clear systematic checklist they use to evaluate prospective borrowers. …Same every time. No question on what they should to next, and next after that, etc.
And, most importantly if the borrowers can’t qualify for a loan right now they need to tell you and the borrower’s immediately. Give you the reason why, and tell you and the borrower what they need to do to put them-selves in a position to borrow soon.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
