Terrible Service from Mortgage Loan Officers?

[Steven W.]

Is everyone else finding that loan officers are completely unresponsive and unprofessional? I own 8 SFRs, and am looking to refinance several of them either to pull out some equity or to lower interest rates. These are complicated scenarios, and would take some work on their part, but I'm astounded by the lack of communication from these folks. 

For example,

A Colorado lender who promises to keep getting back to me to start the "three easy steps" to begin our relationship, but who still has failed to do so after 2 months and numerous emails.

The local lender who asked for my documentation, and after receiving it, said he would get back to me in three days. It's been about two weeks, and after various attempts at communicating, zilch.

Another lender who is supposed to get back to me by the end of the day after speaking to their underwriter. That was I think 5 days ago.

So, what gives? Is this normal out there? What's an investor to do?

Steven

[Joel Owens]

It's about COMMITMENT.

A customer has a right to go shop around until the end of the Earth. Having said rate quotes are really WORTHLESS. Until the lender has really underwritten the borrower and the deal the rate will not be cemented in place.

I am not  a lender but I am an investor on the commercial real estate side and a principal broker.

I commit my time and energy to people that are dedicated to me and want the relationship. I invest very little to ZERO time into people just hitting the phones talking to 50 brokers to see what is out there. I learn my clients goals and plans and then we do deal after deal instead of one off type things.

I am talking about individual investors that are high net worth. REIT's, pension funds, insurance companies etc. you understand they have no loyalty but they also have deep pockets and a track record for deals. So in those cases it will be one off but as a broker you know they close.

Someone who tells me they are going all over creation and whoever brings them a deal first blah, blah, blah goes in my trash file. So it could be you just have a difficult loan to do or the amount is small and nobody wants it. These days it's hard to get my commercial lenders excited about a 3 million loan. They have upped minimums to 5 million but still handle them for my clients because of our existing relationship. They know I screen buyers ahead of time and the odds of a deal closing will be high.

Steven you are just going to have to keep calling around until someone wants the business. Most people avoid confrontation and hope you just go away and seem nice like they want your business.

It's best to be polite and just say when you call " I do not have time to work on this and here is why ". They try to give them somewhere else to go to see if their needs can be met. I have no qualms telling someone that is looking for a vacant 50 unit apartment building at 10k a door that I no longer do those deals and my minimum for time invested is in the millions in purchase price. People tend to respect you when you are direct and too the point. Poor communication is one of the problems in this business.