Unfortunately, lenders are on the cutting edge of causing grief in the real estate industry. It starts with promises they can’t keep to phony approval letters to having your buyer run the underwriter’s guantlet where requests for information are doled out over a long period of time to help insure that everyone fully suffers from the agony. If you are lucky they finally get approval on the day of closing maximizing the problems of moving arrangements. If you’re not lucky, they wait until the closing date to turn the loan down thus maximizing the time lost with the home off the market.
In the old days, we had time frames for getting loan approvals at which time the house would go back on the market. My agents tell me that if we did that lenders still would not get in a hurry. We seem to have lost control over our transactions.
Most of the time, the loan officer cannot be faulted either. They are just as frustrated as we are but there seems to be no one ‘crying out from the wilderness’ to do anything about it. All of the new regulations just seem to make it worse.
Does anyone have any ideas how we can work better with these lenders?
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