I see alot of complaints for lenders and banks that seem to all be revolved around the communication of the loan officer to us the customer. I have been in the financial services industry for over 20yrs. With all the new guidelines in place, borrowers are safer now more than ever.
The issue is that since we have all these guidelines in place the borrower needs to be informed of every step that is going to happen. Here are some basics that will happed with EVERY MORTGAGE LOAN:
1) The fee for the appraisal will never be refunded! That is an upfront fee to order the appraisal and get it completed. If you are doing a conforming loan and then have to change it to an FHA or VA or USDA loan than you will have to pay AGAIN to get that appraisal completed. Now if you get an FHA appraisal FIRST, than you can use that appraisal with another lender etc.
2) loans take 25-40 days and with USDA loans up to 60 days to close! If you don't have all of your paperwork together and sent as soon as the application is signed then you risk delay! You will also need more paystubs and possible updated bankstatements before you close. You will also get your credit pulled again before you close (24hrs) so you if buy anything on credit or don't make any payments on debt that is then late- you risk not getting you loan!
3) as for a scam- it is very much impossible for ANY large lender to scam you! The guidelines in place now are too strict to cause you harm...most likely any issues you are having is with the appraisal-underwriting-income issues-or credit. When you apply for a loan and sign the application- DO NOT DO ANYTHING to hurt your credit, do not apply for any other credit, do nothing to have your credit pulled, do not put ANY sums of cash deposits into your checking or savings accounts that can't be paper trailed...any of the above listed items can cause a delay and possible cancelation of your loan.
If you have questions you can contact me anytime...email@example.com
PS- LOAN DEPOT is the 2nd largest lender in the country and will soon pass Quicken loans! Both have jr and sr loan officers with quicken hiring more jr loan officers that just don't know alot about the business. Ask for a 10yr+ Loan officer if you want things done right...