I've personally worked with a handful of "investor-friendly" lenders, primarily on DSCR loans in recent years, and each time I've run into significant delays, lack of transparency about the process, have been fed the requirements in a piecemeal fashion (every few days there's a new random request rather than having it all organized from the start), and have even run into lenders who were substantially misinformed about the real estate industry or the laws that govern it on both a local and federal level.
I think there should be a better site to encourage accountability by tracking how long it actually takes each lender to close their loans on average, and what unexpected hurdles investors encounter when trying to work with them.
I can't seem to find such a site. It would be great to have a timer to actually track reviewer's loan progress from start to close.
For me personally, I'd like to choose the lender who works the most transparently, efficiently, and overall professionally.
What are your thoughts?
