Lender Response Time
I am curious to know what kind of response time some of you are getting from your lender for loan approvals. I realize underwriters get large stacks on their desk, but with so much being automated now I just feel the response time should be quicker than a week sometimes. I try to be "Johnny on the spot" with my clients and I try to surround myself with people who operate the same way. Mortgage Brokers do this all day every day and I just feel that once they have the numbers in front of them they should be able to tell me something within a couple hours, next day at the latest. When I see a property I want, I want to be able to pull the trigger without waiting for a lender to drag his feet or "wait to hear back". Is it just a matter of establishing a relationship showing them that I will keep the deals coming their way or the fact that my 60k deal is not as important as a 250k deal they may be working or both? Just curious for some feedback on the lenders some of you are working with.
Thanks
Larry
Larry
Turn around time is 24 to 48 hours. To me all deals are important, and they should be to everyone you work with.
Lori
[addsig]
Thanks Lori, I wish I could find one like you to work with. It gets very frustrating when 4,5,6 days go by and not so much as a courtesy call to say hey I'm on it.
Thanks again
Larry
Larry,
Since I don't do loans anymore I don't know what the current turn times are but.
When I was doing loans some of the lenders with the absolute lowest rates had the worst turn times. They would have a rate 1/8% lower but they could take a week just to call back.
The broker that I worked for had a few lenders that we were not allowed to send purchase files to. Reason? It would take 90 to 120 days to close a loan with them. It was fine on a refi but sucked on a purchase.
Just something to keep in mind.
But you are right most brokers don't like 60K deals. You may want to start working direct with the lenders.