Does Your Broker Fight for You!

In today's volatile market changes are coming in bunches. It comes as no shocker that programs are being cut and underwriting guidelines are tightening! With this comes a very important point I would like to focus on. Does your broker or loan officer fight for you and your loan. I am not talking about trying to quote you a low rate to get the deal. This is after you have done your comparison shopping and picked your lender. If you don't know the answer to this, you should do your homework to find out if the lender you are working with has the experience and work ethic to get the job done.
Number 1, the broker should discuss with you ahead of time what potential issues your loan will have. By doing this, you know exactly what to expect and this is critical. Why is it critical? With today's super tight underwriting guidelines your broker can run into several road blocks throughout the loan process. If your broker doesn't know how to deal with these situations, your loan could be turned down for a silly reason! Believe me it happens. I would like to think an underwriter knows their stuff, but this isn't always the case. I have run into several underwriters that give you an answer or decision and they are just winging it rather than doing their homework or asking a supervisor. You are not doing your job as a broker if you aren't keeping them honest! Just this week we encountered 2 cases where we fought for our borrower and got an issue resolved after the underwriter had declined the loan. They see so many files and they are not in tune with the file like we are. You simply cannot just give up and go with whatever the underwriter says. If it makes sense that the file gets turned down, then fine. Not to make light of the foreclosure problem, but it is obvious that many loans over the past few years should have been turned down! However, if it doesn't make sense you better believe we will fight it! Underwriters are not taught to think outside the box and frankly this isn't their job. As a broker you have to point out the obvious and many times this is all it takes. At PMG we have been handed many files that failed at other lenders. On numerous cases we have been able to close the loans after working hard to fight through a few bumps in the road. An experienced broker should be able to do this for you!

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"