tag:blogger.com,1999:blog-5118332068604368502.post3190872649169629171..comments2024-02-23T01:04:46.572-08:00Comments on Sherlock Of Homes: Lender Loops and Hoops - Holding on To My Last Bit of SanitySherlock Of Homeshttp://www.blogger.com/profile/12099184693972630308noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5118332068604368502.post-20004150656527902992011-02-25T10:26:47.496-08:002011-02-25T10:26:47.496-08:00Paul, what a brilliant, well-written response. A c...Paul, what a brilliant, well-written response. A comment worthy of your thought-provoking explanation would take some time, and unfortunately, am leaving town in less than an hour and will be on the move for the next twelve day Your insights as a former banker really should be shared with others in this industry.<br /> <br />I have featured post on Active Rain and Agent Genius, wherein I also blogged this post under different titles. May I have your permission to puplish your comment on those two sites? I would love for other agents and brokers to hear your prospective, as well as your suggestions. Thank you so much for your time...and for caring about our industry so much. If you were still in the business, you would definitely be MY GO-TO GUY!Sherlock Of Homeshttps://www.blogger.com/profile/12099184693972630308noreply@blogger.comtag:blogger.com,1999:blog-5118332068604368502.post-63998119230909335372011-02-25T06:17:38.063-08:002011-02-25T06:17:38.063-08:00Gwen, loved your post and your sense of humor. As...Gwen, loved your post and your sense of humor. As a banker with 30+ years in the business, I'm embarrassed at the state of our residential lending industry.<br /><br />Speaking from the perspective of new originations, the regulations put forth from Washington are insane, and too few lenders are capable of providing applicants a complete list of needed documentation at the time of application ... Most applicants will reluctantly give you their left kidney, but hate being asked for a lung, bladder, and liver three days before closing! ;D<br /><br />My recommendation is find an experienced lender, who knows the importance of VOC (Voice of the Customer) with a back office that is the antithesis of bureaucracy, likely a community banker or seasoned boutique mortgage banker/broker.<br /><br />As for short sales and modifications ... what a mess. Small banks work, but the large banks and servicers are nothing but factories, and often without the financial incentive (they usually do not own the underlying loan). My recommendation would be to get to the executives that run these divisions and build a relationship ... and you seem like the kind of person that's capable of doing so. For those institutions that prove to be stubborn, I'd connect with a litigious advocate, who has the expertise and cares about his/her clients. <br /><br />I'd enjoy hearing what, if anything, you've found that works.Paul Donoghuehttps://www.blogger.com/profile/11524879968711708612noreply@blogger.com