There has been a lot in the news lately about the mortgage industry and the fact that it is teetering on collapse. I have to tell you that I am very concerned about the state of that part of my business. If you will recall, 3 years ago I sent out a similar letter called “Lender Alert”. In that note, I warned of my concerns about how many unqualified people were getting into the mortgage business promising the world hoping to force whatever they could get down the throats of borrowers at the settlement table.
The results of the “get rich quick” mentality is what we are dealing with today. This compels me to send out yet another warning. There are some outstanding lenders who are still making sound loans. However, there are also a lot of desperate ones who are still promising whatever the client wants with the hopes of hooking them in with a hope and a dream. Now, however, it is not a matter of bait and switch. It is a matter of perhaps ruining the buyer or borrower’s chances of getting a loan at all. The number of actual lending institutions that make certain loans has shrunk. It is critical that the loan be packaged perfectly with skill and finesse. A well-intentioned loan officer can totally fowl everything up by submitting a carelessly prepared package on a loan that should other wise be approved.
Whether you’re just refinancing or thinking about buying or more importantly selling, having the right team there every step of the way is critical. That is why I only work with top of the line people from my title and escrow people, to my lenders and my staff.
Remember, experience is not expensive, it is priceless. So, please, call me if you have any real estate moves in your future. I promise you will speak with me directly and I will refer you to a seasoned professional. Together we will take absolutely the best care of you.
# posted by
Viki Benbow @ 3:35 PM
