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mkrause
91 Posts |
 Posted - 03/27/2008 : 2:54:23 PM
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I hate this business! Client is about to come out of undewriting after 10 days and I get a call that he wants his FHA case released. Guy has a 556 and we are doing FHA cash out.(he was grandfathered in as we have new credit requirements) These people are amazing! I hope he gets screwed royally up the *** with his bait and switch new lender.
Is 6.00 no points even an option any one can deliver on FHA with these his score?
URRRRGGGGGHHHHHHHHHHHHH
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jpar994
779 Posts |
Posted - 03/27/2008 : 2:56:29 PM
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is it a manual underwrite?
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mkrause
91 Posts |
Posted - 03/27/2008 : 3:01:17 PM
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| Yes it was a refer/elgible. Have the appraisal and everything, dti is good, 80% ltv. I sent a last ditch email telling him that anyone can quote something it doesnt mean they will deliver it. I mentioned most FHA lenders arent doing cashout with score under 580. I mentioned he would need a new apraisal and values may have come down. What pisses me off is the guy was so curt about it. Like I said what goes around come around. I should have known by the pics on his appraisal that he was a flake. |
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caadacjohn
576 Posts |
Posted - 03/27/2008 : 3:02:54 PM
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| Dont release the case number for like 1, 2, 3, weeks.... |
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mkrause
91 Posts |
Posted - 03/27/2008 : 3:04:07 PM
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| Ya cant do that I work for a fed charter bank and if he complains we get in major trouble from corporate. |
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EMScommercial
4700 Posts |
Posted - 03/27/2008 : 3:04:30 PM
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| yea... i agree.... don't make it easy on him.... do all you can (legally) to ream him..... |
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mkrause
91 Posts |
Posted - 03/27/2008 : 3:06:34 PM
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| It is so hard to not go off on people when they do that crap. Granted it doesn't haappen often but when it does I feel like reaching threw the phone and snapping the jerks neck! I know I wound a little tight. |
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caadacjohn
576 Posts |
Posted - 03/27/2008 : 3:10:16 PM
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| take a 2 week vacation...got caller ID? dont answer his calls.... |
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dkendall1979
8743 Posts |
Posted - 03/27/2008 : 3:13:39 PM
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Call him after the loan closes with the other guy and just laugh!
That should make you feel better!
quote:
Originally posted by mkrause
Ya cant do that I work for a fed charter bank and if he complains we get in major trouble from corporate.
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CoolMtgGuy
1964 Posts |
Posted - 03/27/2008 : 3:13:40 PM
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I am not an FHA originator so I don't know if you have a certain time period to release the case #. If yes, I would wait unitl the very last hour of the very last day and MAIL the info. That will provide a few more days of delay.
On one hand you cannot blame borrowers for trying to minimize their cost ... but on the other hand you don't have to make it super easy for them either. This goes against my "grain" to speak like this but people deserve to be compensated for their good faith efforts.
This too shall pass ... hopefully your next borrower will be the best one you ever had. |
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mkrause
91 Posts |
Posted - 03/27/2008 : 3:16:45 PM
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| Well I would have had him closed by now at 80% of the other companies out there. Oh well Im over it! |
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NobleHouse
278 Posts |
Posted - 03/27/2008 : 3:21:29 PM
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| I know the feeling. I had a client ready to go about a month ago quoted her at 5.875 30 yr fixed no origination, docs were out notary called to schedule signing and she went ballistic asking why we're scheduling a signing since someone quoted her at 5.5 with no points. Realtor got a hold of her gfe yesterday right before the final walk thru with 6.25 1% origination from another LO. I was never familiar with the bait and switch I tell them straight up this rate I'm quoting isn't final unless you give me everything I need and I get it locked for you. I know it gets frustrating but hang in there. |
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jvanpetten
2180 Posts |
Posted - 03/27/2008 : 4:30:02 PM
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| *****, sorry to hear your troubles. Have had it happen to me on a refer. Sometimes they just don't get it. The LO called about the case number and I told her that the client had to call. He never did. I left him 4-5 messages and no return call, so I sent him a turn down, incomplete application. Has been about a month, I expect to hear from him soon. |
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