What are you complaints about lenders?

Question

What are some of your biggest complaints about lenders? What would you like to see lenders improve upon to help either you OR your clients?

Celine Crestin · Answer

Lack of communication and transparency between lender and agent. It's difficult for agents to mitigate issues without knowing the full picture. We need and want to help keep everything running smoothly and help our clients remain calm; the more info the better.

I also dislike when lenders go direct to the client or listing agent with an issue that is easily resolved, as they often don't communicate it in such a fashion as to keep everyone with level heads. I prefer to be the person disseminating the information in most cases.

Andrew Freed · Answer

@Tanner Connelly - One attribute I see of good lenders that distinguish themselves from not so good lenders is asking for everything up front and understanding what the underwriters truly need. The really good lenders will proactively ask you for every possible item in the beginning to reduce back and forth with the underwriter resulting in a quicker close. The inexperienced or not so good lenders tend to not ask for all the information up front and there is a ton of back and forth between the lender and buyer, which results in a delayed closing.

Lastly, as we all know, the most common item holding up closings is appraisals. Good lenders will recognize when appraisers are taking a while and will request a "rush order" on that appraisal to ensure a quicker close. Even at a price of $100-150 for the buyer, it's so worth it. Not so good lenders will assume the appraiser will get the job done timely, which is never a good assumption.

Mike Dymski · Answer

Speed - residential mortgage lending does not move at a modern pace.  Mortgage co reps - lack of experience and knowledge.  Appraisals - lenders working with appraisal companies where certainty of accurate valuation is unknown (and then play the independence card when the bad appraisal comes in).  In the end, our lenders are great partners and usually have more skin in the game than we do.

Tanner Connelly · Answer

I will play devils advocate on this. There have been times where I have had to go directly to the listing agent to mitigate an issue. Not because I wanted to, but I had to. Often times from our standpoint, as soon as the transaction is signed at the start, the realtor disappears and leaves things to the TC to deal with everything. In 95% of the situations, the TC doesn't know what they are doing and when you reach out to the realtor they refer to the TC. It becomes a dog chasing its tail with no help in sight.  Its every lenders DREAM to work with an agent like you, who actually is willing to get stuff done. Communication and transparency is KEY.

Issac San Miguel · Answer

Hey Celine

I love this - it truly helps in the transparency needed between lenders and agents.

Tackling problems before they arise and making sure contingencies are in place for when things go awry is crucial to a timely closing.

Thank you for being a fantastic broker in the Austin are!

Erik Estrada · Answer

I agree. Many realtors get lazy and do not want to finish the work they started and then blame us for not closing on time. We do our best to make all parties happy and have a smooth process.

What are you complaints about lenders?

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