If there is not, waiving the late fee could void the part of the agreement instituting late fees.

Banks are big institutions and follow very strict processing protocol that is impossible to circumnavigate or short circuit, besides which attention to detail is not always a strong point.MORTGAGE BROKERSBenefits:Mortgage brokers take care of all the paperwork.

The thing is, my broker has a 40-yr IO loan at 4% with 2 points in addition to his 2 broker points (I know popular opinion is it's best to pay down principal at some point, but I am going to net $1600/month off of the rental of this condo with IO loan--whether from seller or from institutional lender).

Technically speaking, from my understanding, the loan minimums are like 14k, but the institutions can get flagged if their loan fees exceed a percentage of the loan amount. 

I've worked with beginners to sophisticated, non accredited, accredited and institutional investors.  

The textbook answer is to model deals based cash flows, and most institutional investors and analysts take that approach. 

It's Wednesday and I haven't heard from him despite multiple follow ups).Is this normal with larger institutions? 

There's over 150 accredited institutions listed through CalBRE (California Bureau of Real Estate - http://www.calbre.ca.gov/), would love to get suggestions or know where to look for reviews!  

Knowing I plan to purchase multiple houses in a short period would I be better off going to the financial institution for each house or finding some type of portfolio lender and discussing my business plan up front?

I taught the Graduate, REALTORS Institute (GRI) for ten years and have been an invited speaker at many events.