Why So Many Conditions On My Mortgage Applications?

28th Mar 2016 Blog

The larger banks like to hire Junior Underwriters and Processors. It saves them big dollars in the short run, but does it build broker loyalty in the long term?
I had been doing a lot of business with a well-known wholesale lender, 60-70 % of my pipeline would consistently be placed with this lender. They would react to all my concerns and work very hard to close my deals in a nice timely manner, with conditions, but nothing out of the ordinary. I closed a lot of business and the Account Executive would always respond to my concerns.
As they grew, I noticed my account managers being transferred and I kept getting new processors. At first it was no big deal. Then I started noticing 50 + conditions a file? I am not new to the rodeo and I started researching conditions that I found were in the original submission and already in the file. This went on for a few loans and then I researched some new lenders who treated me the way I expected in the loan process. The loans were underwritten skillfully and no conditions that were totally out of whack!!
So the moral of this post is that although there are many banks out there promising the world and having that brand name, they are also watching the overhead and putting people in positions that they were not quite up to speed on and delaying the loan process which does not make the client happy! I will always go with the Lender with the best inside team, Account Executive, processor & common sense underwriting. Win, Win every time!
Thomas Dougherty, NMLS # 232024
Branch Manager
Panam Mortgage & Financial Services, Inc., NMLS# 3360