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Mortgage Broker News | 02 Sep 2015, 08:15 AM Agree 0
A former underwriter – and current broker – believes he knows why an increasing number of deals are falling apart at the last minute
  • Carmen Perdomo | 02 Sep 2015, 11:42 AM Agree 0
    Very good piece of information, I am agree 100%
  • Jeff | 02 Sep 2015, 04:51 PM Agree 0
    Even if the file manages to close, this causes a great deal of panic for clients and could make them hesitant to work with the agent in the future due to the stressful experience. It's bad for the reputation of the agent, and the lender.
  • Ross Taylor | 04 Sep 2015, 08:36 AM Agree 0
    Jeff - your point is so right. We work so hard to attract clients - away from their comfort zone, and then when these situations arise we stress them out and they question why oh why did they not just go to the bank like their friends and parents told them to.
  • Lynn | 06 Sep 2015, 07:29 PM Agree 0
    I just had a instance with a lender (not sure if I can mention the name so I am leaving that out). I had sent them the documents that they asked for late in the game 5 business days until closing...I sent them their request the next day and on closing day at 3:20 in the afternoon they said the file was broker incomplete. I did not find this out until 4pm. After contacting the lender and telling them they have the document and them finding it amongst their pile of documents they then had to scramble to get the deal funded. And of course it had to go through FCT before the deal could actually close. Lawyer would be closing their doors at 5pm. It was after 5:20 when the lawyer received the funds. We were just lucky that the lawyer was willing to stay until 5:30 to look after the clients. The deal closed but this is just an example of what is happening out there and it does affect the relationship with the agent and the client. Oh by the way the lender said they are just so busy it got missed.
  • Sunny Vig | 07 Sep 2015, 01:57 AM Agree 0
    Great insight. This issue should be addressed by the lender rather than the broker having to deal with an angry client who could potentially lose there deposit. Let's hope lenders are ready for next springs rush.
  • Layth Matthews | 25 Oct 2015, 02:39 PM Agree 0
    Same thing just happened, I received an "Urgent" email on the morning of closing, "verbal income verification came in light" Need more docs... Every deal is a documentation nightmare these days.
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