i’ve got a preapproval for a mortgage loan,and the processor is giving me a hard time.what can i do?

Deal Score0

the processor seems as though he doesnt want me to get the loan,and aint helping me in know way.and the sellor is getting impatient,and he has another offer.what can i do to speed up the process.

  1. Reply
    April 30, 2011 at 1:10 am

    Tell your processor that you are frustrated with how long it is taking him and you might be losing out of a purchase because of it. Communicate with him that continued delays without being professional and with a good excuse will not be tolerated and you will go somewhere else for your loan and report to his company why. If you are pre approved you obviously have decent credit, other bank would love your business and you shouldn’t have to put up with poor service.

  2. Reply
    April 30, 2011 at 1:15 am

    I am surprised you are working so closely with the processor as opposed to the loan officer. I wonder if the loan officer knows that his processor is killing his income.

    Try to contact the actual loan officer.

    If the nonsense continues and you still have time, find another lender. Never heard anything like this before.

  3. Reply
    Professional Peon
    April 30, 2011 at 1:59 am

    A preapproval doesn’t mean squat. The processor simply collects the data and gives it to the underwriter. If it is taking a long time it may be because of something they are trying to verify. Most loans have to be gone over with a fine tooth comb nowadays so if nagging your processor to death won’t make them move any faster.

    The processors job is not to help you get the loan, they are part of the company that verifies you are eligible for the loan. They are compliance officers who have to do their job correctly. Unlike loan officers and mortgage brokers (not all but many) that just throw any sh*t up against a wall to see what sticks.

    Did the processor tell you what they are waiting on? Title? Appraisal? Does the income and bank statement amounts on your loan match what you sent them in documentation? cause if not they have to verify that with the bank.

    What you should do is camly (and nicely always helps) ask your processor if everything you sent in is ok or if they need better copies of something. I can’t imagine that they wouldn’t tell you what they are waiting for. Oh and if the processor says your file is with the underwriter then cross your fingers. The underwriter gets final say on whether or not you get the loan, not the preapproval.

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