All Forum Posts by: Jared Potok

Why in the world would you sign such a contract?

You will need to review the contract to confirm they violated a provision, so you can send the proper termination notice without penalty.

You need to write out exactly what they are doing wrong and notate everything. Confirm in the contract you signed that is part of their duty.  Once done, approach them with your concerns and of things don't move in the right direction, they might be breaching the contract. At that point you might have to get an attorney 

 @Frank Greg  2022 541201 loan officers were let go as we are at will employees. Market conditions laid off more than one million people in mortgage and vendors. My guess loan officer was set loose due to costs.

If seller has the written commitment approval letter from the lender they have to honor it, unless there is fraud. @Kristi K. what are the ins and outs of the approval letter? Typical: borrower has to stay on job until closing, no adverse liens pop up, what borrower said in writing is true, the 4506c comes back from IRS a match, appraisal meets or exceeds program, rate lock days match the closing of the 23rd, funds wired from matching accounts...

Typically the lender closes loans in new officer name and prior employee is paid during a 29 day period. 

Company sent denial letter to borrower on what date? I would require the letter as the seller and push the agent to disclose why file was turned down. Same issue is going to pop up.  I would push the old lender to perform as they are responsible for the actions of their employee. If loan officer did something wrong they are responsible. 

Lookup NMLS listing of loan officer and call his cell- what is the truth of what happened? https://www.nmlsconsumeraccess...  has Loan Officer home address, cell phone - why you want to work with licensed people.