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Tuesday, December 21, 2004

Wholesale Lender Complaints

Loan officers can now post wholesale lender complaints in the loan officer forums. By expressing unfavorable situations with wholesale lenders, loan officers help each other avoid past hassles and save their borrowers time and money.

Wholesale lenders who fail to deliver can now be found in the loan officer forums. Loan officers frequently fail to deliver loans to consumers due to wholesale lender account representatives miscommunication.

Many times wholesale reps will say anything to a loan officer to get them to submit the loan to their lender. After the loan has been submitted and underwritten, lenders have been known to ask for more information on funding day, information that was not available from the start of the loan process.

These types of situations with wholesale lenders leave the borrower out cold after weeks of loan underwriting, processing, and money spent on appraisals and loan application fees.

Wholesale lenders need to be held accountable for their account reps who promise undeliverable loan situations only to get a denial in the end. Everyone loses when wholesale lenders fail in delivering what they promised at the beginning of the loan submission process.

Loan officers can now post situations they have encountered with specific wholesale loan representatives on the loan officer forum at RideMortgage. By warning other loan officers of situations, RideMortgages and their loan officers will be better informed when choosing a wholesale lender for their borrower.

Having a central place for loan officers to express their recent situations, RideMortgage hopes to help more loan officers and their borrowers close more loans without experiencing the same hassles.

Wholesale lenders are free to respond to loan officer complaints so others can make informed decisions on future mortgage transactions with those companies.

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