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Mortgage Broker News | 22 Jun 2015, 09:00 AM Agree 0
Lenders are backlogged, creating a delay in offering commitment letters and brokers are frustrated as a result.
  • Mike R | 22 Jun 2015, 11:38 AM Agree 0
    too often I see brokers not sending in the proper information. Basic stuff like income verification and purchase agreements. This causes further delays when the info is received its different and the numbers have to be recalculated. It's frustrating from the underwriter side to see this happening!! Doesn't happen on all deals but a good deal of them...
  • John | 22 Jun 2015, 05:17 PM Agree 0
    I agree, so many incompetent and still licensed. I lend money privately as well as brokering since 2001 and over those years I met only handful of people who know what the disclosure to private lender is and legal significance of it. Applications are unsubstantiated guestimates based on one's recollections with multiple errors realized after fulfilling conditions of the commitment. What a shame?! Not necessarily the agents but the brokers and FSCO with their training requirements. What a joke, and one does not hesitate to complain that the lenders are busy trying to figure out and fix errors?! I wonder what is the closing, not commitment ratio.
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