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Mortgage Broker News | 27 Aug 2013, 12:00 AM Agree 0
Brokers say they are experiencing longer than average turnaround times with the banks, suggesting it could be a result of a flooded market due to collective client fears that rates will continue to increase.
  • Catherine Fogarty/ | 28 Aug 2013, 09:14 AM Agree 0
    I had a deal stalled by a lender due to vacations of underwriter and BDM. They caused my client to lose his lower rate and suck up a new one claiming the "rate expired and it was not their fault". Standing up for the client turned into a pissing match of which I, nor any broker, will win. Pretty frustrating. Needless to say this bank will not be getting any further business from me nor my firm. Not very client friendly. Vacations are a BIG issue this time of year... more so than volume of deals. I will stick with the lenders whose management teams have these issues sorted out. It is not rocket science.
  • Okanagan Broker | 28 Aug 2013, 01:17 PM Agree 0
    Good point Catherine, though I have only ever encountered this problem, and general slow & poor service from monolines, never from my bank (or CU lenders) as this article seems to suggest.
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