Comments on: You Have A Purposeful Plan — Now You Need A Lender You Can Trust — A Performer

By: Phil Hoover

Phil Hoover — Sat, 24 Feb 2007 19:16:39 +0000

Jeff ~
As with all vendors, it comes down to the personal service provided.
I’m sure there are good CW loan officers and not-so-good.
She is the Branch Manager and makes the decisions; she always comes through for me with no surprises.
You oughta give Monica a try.
Her number is (208)938-6605.

By: bawldguy

bawldguy — Sat, 24 Feb 2007 17:53:56 +0000

Phil – I now insist that buyers use a local, direct lender so I can personally strangle the lender if they mess up my transaction.

Great minds think alike.

By: bawldguy

bawldguy — Sat, 24 Feb 2007 17:46:26 +0000

Cher – My Saturday post, not yet published, will talk about who might be thta lender.

By: Phil Hoover

Phil Hoover — Sat, 24 Feb 2007 14:39:40 +0000

I use Countrywide in Eagle, Idaho whenever I can.
Monica Davis is the manager and I have worked with her for six years and she has never let me down.
Sure, I might be able to find a lender with a supposedly better rate, but I want to know the money will be there when I get to the closing table with my client.
My buyers are more likely to be upset over not getting their beloved new home than by not saving 1/8% on their rate.
Some of my worst experiences over the years have been with mortgage brokers who failed to deliver what they promised.
Or, worse yet, misled my buyer.
Worst one was a few years ago when a buyer insisted on using “a friend” who was a mortgage broker.
She had 750 FICO score, yet got put away with a loan that was more than 1% above the going rate, paid two points, and had a two-year prepay.
All of which was revealed at the closing table while the mortgage broker left town and didn’t turn the file over to anyone.
I now insist that buyers use a local, direct lender so I can personally strangle the lender if they mess up my transaction.

By: Cher

Cher — Sat, 24 Feb 2007 06:27:50 +0000

You will be hearing from me the minute I get my “offer” which should be soon.
Yes, you said it so well..”what’s worked the last 30 deals suddenly won’t fly”
So what we need is a Broker who really stays atuned with the politics and has connections with the big wigs and knows IN ADVANCE when changes are coming. This way the broker can switch over to another company before the ax drops. And with a clever Tai Chi move, we miss the blow.
Here’s what I propose. We check out a new promising lender on a loan we DON’T need. If they don’t deliver…. they lose our business and the green.

By: bawldguy

bawldguy — Sat, 24 Feb 2007 01:18:57 +0000

Actually Cher, I think you hit the nail on the head there. Regardless of how well any lender has performed, or for how long, one change in in the lender food chain can cause problems.

I’ve changed my lender outlook over the last several years. Where I was very happy working at the retail level with a highly skilled and honest loan officer, I’m now dealing exclusively with brokers who have proven themselves to me under fire.

Even then, you don’t know when an underwriter is replaced, a policy gets modified, or what’s worked the last 30 deals suddenly won’t fly.

Never forget the Golden Rule: Those with the Gold – Rule.

By: Cher

Cher — Sat, 24 Feb 2007 01:08:45 +0000

Jeff, I’m so glad you did this post. It is so important to talk about the role of the lender. They are back up we investors as we are hanging on a string over a canyon. They need to have integrity so they don’t go cuttin’ the string.
I can really relate to this article.
I agree with Doug about the wholesaler jacking around the lender.
All people up and down the ladder need to be in allignment. How you make sure the lending ballet goes smoothy, is a question I know we are all asking ourselves.
How do you find a lender who has power over the wholesaler? You don’t. So it means that a good lender like a good tenant can go bad in a heartbeat. That’s my opinion.

By: bawldguy

bawldguy — Fri, 23 Feb 2007 08:06:32 +0000

I stopped using CW early last year. Can’t wait to see your post.

By: Doug Quance

Doug Quance — Fri, 23 Feb 2007 01:47:28 +0000

What is equally sad is when one of your preferred lenders gets jacked around by their wholesaler.

I’ll be blogging soon about how Countrywide tried to hose us. It wasn’t my broker’s fault – so I’ll cut her some slack – but I’m very upset with Countrywide right now.

I understand your point about “it’s my way or the highway” approach. I might need to think some more about that. Bad things seem to happen when the “unknown” lender enters the picture.