Comment

Comment by Ben Benita on June 29, 2010 at 5:22am

Stephen -- aahh....the sweet smell of a successful escalation.....nice work

Get it closed, get paid, and let your Seller move on with his/her life and enjoy their summer!!!!

Last thing -- BE 100% CERTAIN TO KEEP THE CONTACT INFO. FOR WHOMEVER HELPED YOU IN THE ESCALATION OFFICE......

One of the few guarantees in life, like death and taxes:
YOU WILL FUTURE ISSUES WITH B OF A!!!!!!

Comment by Stephen Shafer on June 29, 2010 at 2:48am

Yesterday, I received a return call from the executive escalation dept. a very helpful person,I almost fell out of my chair,I did not think it would happen. She resolved a closing cost issue on one file and basically approved the deal, I hope. The 2nd file she told me what the BPO was only$ 20K above offer and how to proceed with uploading lower comps. Gave me her full name, number and said to call her if I had any problems with my files. I still do not but believe it but one day at a time.

Comment by Ben Benita on June 28, 2010 at 12:09pm

Vicki, sorry for my confusion, but below you mention your "last approval letter", you also mention a decline letter you got 2 days later?
What exactly do you need in order to get to closing?
What was the specific reason given for the "decline letter"?

Are you the actual "Buyer" or "Buyer's agent", what is the story you are getting from the listing agent?

Comment by Vicki on June 28, 2010 at 11:36am

Yes the note was with Countrywide. I don't personally have the acceptance letter. Now today is done. I am so frustrated.
I tried calling the office of the president but they wouldn't let me through as a buyer.
I am just nervous that just a "letter" to the CEO won't make it on time.

Comment by Ben Benita on June 28, 2010 at 11:34am

Vicki -- a contact ABOVE the CEO.....maybe "King", "Emperor", or Obama himself??

:-)

That was too easy to pass up and I try to keep smiling, not easy in the business.

There should be contact info. directly on the acceptance letter, try those, or, get the name of the Supervisor and team lead for your negotiator, send all 3 of them an e-mail with a "cc" to your Seller.....

If your Seller's note WAS with Countrywide, I can likely get you that contact info. within 24 hours, assuming my B of A contact is in this week.

Comment by Laura Marshall on June 28, 2010 at 10:32am

Thank you Ben. I will let you know what happens with FNMA.

Comment by Vicki on June 28, 2010 at 9:44am

Ben: I was told that my lawyer sent a letter requesting an extension to the CEO on Friday it was resent again today. Do you have a contact # for someone above that we can reach someone? We want to close by Wednesday.

Comment by Ben Benita on June 28, 2010 at 8:51am

Laura - 2 general numbers for FNMA issues:
800-732-6643,
and
800-732-6643

Comment by Ben Benita on June 28, 2010 at 8:47am

Vicki -- ALWAYS someone you can talk to when the lenders head is in their backside....one day to close....GEE THANKS B OF A!!!!

Why they do this (not that it helps, BUT, it does make you appear knowledgable when discussing with your client):

Short "close-by dates" are normally the result of:
1) An escrow payment (most often taxes) that is coming due)
or
2) Servicing fee payment due FROM the investor TO the Servicer

Either of the above will result in your having issues withyour approval....this is most often the result of a newer negotiator (or Equator glitch), that did not allow for AT LEAST 30 days of prorations.

Back toyour question -- you can ALWAYS reach someone after you ahve a decline letter, most likely you just need to escalate your file to higher ups, tell them what the issue is, and, get a newly dated approval letter.....not hard to do, but, you are looking at likely several hours of time on the phones......

Comment by Alan Remigio on June 28, 2010 at 3:33am

Elaine,

What is the time period you have to close? If you have the normal 30 days, simply tell the loan officer you will be looking at other options. You have that right. Let's see if that person budges.
No one likes to lose a deal when it is that close to being done. Be prepared to go to another lender quickly. If you are dealing with RE agents, ask them.
I have a good mortgage background and know giving the consumer the better rate is always best. I also know that when rates drop, I may be able to make more $$ for the same amount of work if I could have you close on the higher rate. Another option could be to "buy down" the rate. You have options...examine all carefully. I know your Loan Officer does not want to lose you...not in these economic times.

• ‹ Previous
• 1
• …
• 257
• 258
• 259
• 260
• 261
• …
• 353
• Next ›
• Page