I am having an issue with Wells Fargo. I do not know if it is entirely their fault as the same problem seems to arise with whatever lender I happen to be dealing with.
Here is how most lending processes go: Your first interaction is with a loan officer. They are the customer service individual who blows lots of sunshine your direction to make sure you do not choose the competition. I liken to compare them to Best Buy. You know how the customer service reps try so hard to sell you the extended warranty. They use the oldest marketing technique in the world to frighten you about the "What If". If you have ever returned anything to Best Buy you know that the two departments are night and day. Well the same thing with mortgage companies.
Once you find a home (and get an offer accepted after multiple bids) your file is now transferred to a loan processor. The loan processor is in charge of verifying all the things you claimed on the credit application and gathering all additional information to prepare the file for the next person. Forget it if you told the loan officer anything on your file. Most likely they never told the loan processor.
Once every "i" is dotted and every "t" is crossed the file moves to final underwriting. This is the big kahuna of the loan process. This person can either kill the deal, make your life (and your clients) living Hell, or ride smooth like butter (rarely happens). I guarantee that your file and all underwriting guidelines have changed dramatically by the time you originally talked with the loan officer.
My complaint. Total and utter lack of attention and communication within this loan process. These lenders have no accountability to the purchase contract as a legally binding document. They move when they want, they call when they want, they do as they please when they want because it isn't costing them anything.
I recently had a file where the seller wrote in the addendum's to the accepted purchase offer that they would charge a $100 per diem for every day the file did not close over the contract close of escrow date. This is not new in itself as the sellers (banks) have been writing that in for the last couple of years but they never follow through. Kind of like those parents who are constantly threatening their children to do something if they do not behave but never follow through with the punishment.
Well I had a file where the seller is enforcing this per diem charge. Not only that but they are charging ME $300 to request a close of escrow extension. From day one, knowing how the lending process works, I have been in contact with my buyers lender making sure that every person in the journey knew about the charges. Never an acknowledgment like "Yes, we value Ms. "X"'s as a client and will do everything in our power to close this early just in case the unforeseen happens at the last minute (which always occur). Nope, none of that, no communication. They just him/haw along as business as usual totally ignoring my cautions and warnings.
So here is close of escrow and the seller is charging my buyers the $100 a day. I emailed the lender and ask them how much longer they needed so I could inform their "valued" customer how much they were going to have to pay at $100 a day due to Wells Fargo's lack of attention to the file.
Of course, the finger pointing started (non productive) and a varied list of excuses now graced my ears all of which could have been taken care of with proper communication. I even had the loan officer email me and say "As A Broker, You should understand the market we are in". Whatever,... I told him complacency was a short cut to the unemployment line. Furthermore, Lenders and Realtors are a dime a dozen. It is all about customer service and professionalism none of which they have shown their "valued" customer of 30+ years. Yet today I received ANOTHER condition to the final approval of the 3 that have already been requested. It would be to efficient to give them to me all at the same time so "our" client can work on them all. Nope, one at a time because what is another day to them. It is not their $100 a day they have to pay.
So tonight I am in Cabo San Lucas Mexico on vacation and having to deal with an incompetent/arrogant lender who could care less about their "valued" customer.
Buyer Beware.
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