Tag Archives: loan officer

I hate dealing with big banks!


I hate dealing with big banks.  It started a couple of months ago. I had new clients that came with their own loan officer.  They wanted to deal with their “own” bank.  The bank is Wells Fargo. The loan officer seemed competent and had been recommended by their previous real estate agent.  They asked what my opinion was….My opinion is that my loan officer can get a loan done in about 2 weeks and that big banks have lots of hiccups where one department does not deal well with the other departments…. Somehow this always makes the loan take 2 or 3 weeks longer with a lot of hand wringing at the end.   I told them this and gave them the name of my favorite loan officer….

They chose the big bank…..  OK I can deal with this….I never have had a loan close easily with a big bank and I still haven’t….  That includes US Bank, Wells Fargo and Bank of America….I have heard bad things about Chase but since I haven’t closed a deal with them I can’t include them on the list.  I was surprised when Sandy told me it would take 5 weeks to close the VA loan….  So I put December 29, 2011 in my contract (Sandy picked the date).  We bid the day before Thanksgiving….The inspection came back on November 30…. On December 2 I was told the appraisal was ordered….By December 15 the appraisal still wasn’t done.  The appraisal finally came back on December 19….  The latch on the slider needed to be fixed…  We knew about the latch from the inspection but we figured we would fix it after closing…  The loan officer told me that the deal was going to final underwriting… By 12/22 the file was still being worked on.  On 12/23/2012 at 10 AM  (the last working day until Christmas) the underwriter asked for the previous employers verification….These people had been through final underwriting with the same bank in late October on a different deal and had made it through….I have always coached my buyers to give the underwriter whatever they wanted no matter how silly it seemed…  I convince my buyers to try to make the phone call to corporate headquarters and by some miracle the HR person sends the docs 2 business days before they usually do.  Meanwhile I had my handyman fix the latch and a couple of other things….  I called the bank to tell them that all was ready… It took them until Tuesday to get the appraiser back out…  Final underwriting also completed Tuesday or Wed.  All the time the loan officer kept saying we would close by the contract date of 12/30 I was always reminding her that the date was 12/29 and we needed an extra day for FEDEX…..She told me that couldn’t happen but we could get it done by 12/30….  So now we get to 12/28 and that is where the fun really began….I hate dealing with big banks…. 

The hud comes out at 6 PM on 12/28… It looks sort of OK….Fast forward to 9:49 AM the next morning….Email says docs will be out in a few minutes….I talk to title….The lender left money on the table from the 3% closing costs….That is annoying….I submit the receipt for the inspection…  I talk to the processor, the loan officer, the escrow officer..  The processor and the loan officer keep telling me I will have docs out any minute … I get lunch…I make more phone calls and Emails… I meet a repairman at a rental…I am now spending full time trying to make the docs come out….I am fielding calls from the listing agent… He is furious….He blames the whole problem on me…. He also got the same email stating docs will be out in a few minutes…. The escrow officer calls and asks me to intervene…I hate dealing with big banks… I get a phone number for a person higher up the food chain….She talks to me and tells me docs will be out soon…..  Finally 5 PM comes and all goes quiet…. Defeat… I put out the addendum for closing on January 3…  Of course I need to talk to the listing agent and the buyer…. Not much to do….I try to relax with NETFLIX….The other agent starts emailing me…..They get harder and harder to deal with….He starts with blaming Wells Fargo and the loan officer…No problem with that I am pretty annoyed with them… Then he states that his 90 year old clients have a loss for the home (which was bought for a sick daughter that died) and that they would have to wait until the 2012 tax cycle to claim their tax loss….  I feel awful but I can’t make it happen short of going to California to get the signed papers… 

Finally I remind him about the serenity prayer….I have worked for days to make it happen on time….I can’t make it happen on time…  I am going to try to relax so I can tackle it in the morning…..He doesn’t respond after that….

Today its 10:49 AM  I have been yelled at and hung up on by the person further up on the food chain… I didn’t yell I just asked about the docs…(the one preparing the docs)… I have spoken to title, the loan officer (twice), the processor (three times)….I still don’t have docs….I have talked to my clients…. I have not talked to the listing agent yet.  I have nothing to say…I am out of contract…  I assume we will close… Right now I want to scream I HATE DEALING WITH BIG BANKS!…  We have penalties for not preforming perhaps banks should too….

What can I do about this situation?  Not much except:

1) Blog about it…

2) Discourage my clients from using big banks…

3) Push my loan officer on my buyers because I know she will get the job done….

4) I am planning to take my rental accounts out of Wells Fargo (after the mortgages are paid in January) and go to a smaller bank…. I will write  a letter to the management so they know why I am changing banks…

5) Do you think I could put it in my political blog?  Big banks are getting a lot of bad press lately…

Now I sit and wait for loan docs to come in…..I want to take my loan and go elsewhere but that will take another 2 weeks….  For the final time I hate dealing with big banks…

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Grr….Why do some agents try to bully other agents?


Just like in real life there are real estate bullies…. Most of the agents I work with are hard working professionals who are trying to look out for their client and get the job done…. I respect that…..There are a few that are threatening when things aren’t going perfect….. For example….

I am the buyers agent for a couple in Meridian Idaho…We went pending on 11/28 and had the inspection on 11/30…. Not bad timing….The loan officer supposibly ordered the appraisal on 12/7… It is a big bank (Wells Fargo) and we all know they usually take a little longer….On Monday I called up and asked about the appraisal….I then called the listing agent on some other matter and he started accusing me of not doing my job….I informed him that  I just spoke to the loan officer and it was ordered….On Tuesday he calls me and starts trying me to bully me….Like its my fault that the appraisal hasn’t been done….  I call the loan officer again and get a little gibberish about an unreadable document so she had it  resubmitted.  She thinks it will be done this week….Thursday I email the other agent and ask if any appraisor has contacted him or been in the listing?  He gets back to me and starts threatening my client with $100/day penality fee if we are late on closing…. I point out that we aren’t that close to the deadline and that seems excessive and I am not sure people would pay it… He tells me that it happens all the times in REO’s…I tell him to date none of my clients have paid that fee (which is $50 day)….  I have both emailed and spoke to the loan officer about the appraisal (now about 2 times a day) she doesn’t have answers either.. I told her the listing agent is breathing fire and I wanted to give him some good news….She still hasn’t come back with anything definiative….. I wish the buyers had let me pick their loan officers…..  I know good ones who would have had the deal closed  by now….  I have until 12/29 to get the deal closed….

Why does he have to take out his frustration on me?  Threatening me is not going get the appraisal in faster…  I am and have been on the loan officers case…. I am asking the appropriate questions and am demanding the appropriate answers….I don’t feel the need to threaten the loan officer.  If I feel this is going past Monday I will take more action.  Does it do any good for him to be rude and threaten my clients….I am shielding them so far but on Monday I will need to talk to them if the appraisal isn’t done. 

Agents should treat other agents with respect…..There is no reason to be rude when the work is done….I still have 11 days to close the deal.  The golden rule applies….Do onto others and you would have them do onto you.

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

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