Loans get declined; it’s a fact of life.
So it how fast buyer’s and their agents shift gears which determines if the buyer gets the home OR
walks away after paying a host of fees (inspection-termite- appraisal) of over $1000 for nothing.
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Here are the signs a deal is slipping away:
1) A lack of communication from the loan officer.
2) Delaying tactics, missed deadlines and conflicting statements uttered by everyone who is “CYA”ing.
3) All parties are near panic/anger/ cancelling!!!
4) The transaction is past the contingency dates and /or “COE”.
Here are the Steps to Rescue the Offer:
1) CANCEL THE LOAN with the current lender in writing by email & certified mail!!
Far better to “cancel” a pending loan application, rather than have the loan “officially (permanently) turned down” with negative remarks assigned to the file for future underwriters to view.
2) Persuade the current lender to release the Entire Loan Package currently in their possession to the new lender.
3) Getting the run around? Then “crack the whip” on the loan officer, their manager and the manager’s “boss”’ if necessary.
Remind them the “agent” community is small” and no loan officer needs a bad review to other agents.
The most important components of the “File” include:
a) A “hard copy” appraisal & gov’t case number release (FHA/VA).
We all work on commission and just like real estate agents; no one want to be a back up “anything”, until the new lender receives the case number, the new lender will not begin processing.
b) Buyer’s basic application (Form #1003)
c) Loan Form # 1008 (ten -o-eight)
d) Verification of Employment Form
e) Credit Report(s)
f) All personal buyer info provided to the previous lender
All of the above items need to be in “PDF” format in order to be “seamlessly” uploaded into the software program of the new lender.
You the Agent:
At this point of the transaction you have in your possession the:
a) Signed Purchase contract/counter offers
b) MLS Printout
c) Preliminary Title Report
d) Signed Escrow instructions
f) Estimated HUD 1
g) Copy of the Earnest $$ Check (EMD)
Until the MLO has these items, there’s no way to put together a loan file & time is being lost.
The Buyer
The borrower needs to provide up dated pay stubs and bank statements. (Usually when a loan is being declined the (previous) MLO avoids talking with buyer and ceases to update the file).
If done properly the file can evaluated in 24 hrs. & with due diligence the loan can fund in 7-10 days.
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Before Your Buyers Begin Looking for a Home!
Daniel Dobbs (.org)
VP- Broker
Mutual Home Mortgage
265 S. Randolph #120
Brea, Ca. 92821
Cell: 949 250-3981
Dandobbs6@gmail.com
BRE # 00986886 …..NMLS# 307631
Copywrite © August, 2018 Daniel Dobbs MHM Mortgage /// All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher, addressed “Attention: Daniel Dobbs, Author- VP-Broker Mutual Home Mortgage 265 S. Randolph #120 Brea, Ca. 92821 Cell: 949 250-3981 Dandobbs6@gmail.com NMLS #307631 BRE #00986886