The Industry Is In A State Of Shock
I realized today just how much the implosion of the subprime world has affected our business. Everyone is running and hiding. Few are willing to take any chances. Things that used to be easy decisions are difficult. No one at the lender level is willing to take any chances. The days of getup and go have got up and went. It reminds me of a poem: How do I know my youth is all spent? My get up and go has got up and went.
This state of affairs has important implications for you the borrower. Expect no favors and no exceptions. Additionally you should go overboard to prove how worthy you are to borrow. Give no crap to anyone asking for anything, just do it and do it right.
If you are requested to give bank statements give copies of all pages front and back.
Do it fast. Do it thoroughly, Do it all. Otherwise your loan will drag out and no one will have any sympathy for your state.
No one is moving fast so you move fast to help compensate.
Larry Cragun
Great advice…I am linking qouteing it and linking to it on my blog.
Thanks!
John
Not entirely true. Not true here for prime borrowers, or investors. Certainly true for high-LTV low/marginal credit — but then, it should have been. Folks in my office are still more than happy to be prompt, curteous, and providing as much service as possible. We’re just not going to make a loan simply because someone wants one. But I’ll also drive out to someone’s house to explain why we can’t do a loan for them — at least not right now. That way I can discuss when, and under what conditions we would, what the client needs to do, and what I can do to help, if anything.
The app taker with something of a conscience — or a fear of wearing orange (or local color of choice) –are sitting back, moving slow. The telemarketer without a clue may be dialing out a little slower, but probably just more selectively. A loan officer/mortgage broker who’s intention is to serve the customer with honest and integrity has nothing to fear and still plenty to do, in today’s market.
Thanks John
Kevin, prime borrowers still get their loans, but my observation is as I wrote. Lar