Have you been ghosted by a lender?

Have you had a lender stop communicating with you and you not understand why? This is a terrible feeling for clients, and should never occur, but it often does. ?I’d like to offer you some alternate realties as to why lenders slow or stop communications.

Most lenders want to close your loan.?Our entire process is about qualifying those who can move forward NOW. ??If for some reason this is not happening for you, consider this…

?After you do this…

Many loan officers fear telling people they don’t qualify.?It makes people feel bad.?Instead, they say, “we can move forward after you do this…”

This means that TODAY you don’t qualify. When you do the things we are suggesting, we can move forward in the future. ?If you are unsure if this applies to you, ask the lender for a written approval letter.?If they are unable/unwilling to provide this, today you don't qualify with them.

If you receive a to do list, you must act, and communicate to the lender once you’ve completed the suggested task list.??The ball is now in your court.?

Limitations

All lenders have their limitations.??There are certain allowances ?we each can make, and others that we are unable to make.??Minimum Credit scores, loan amounts, property types, underwriting overlays, reserves/savings, debt ratios are all hard boundaries that change the conversation/approval.??Once the lender has communicated their max capacity or limitations,?they have little else to say. ?You would either choose to take their offer on their terms, find another lender, or do nothing.

Actionable Request

There are times during a transaction that the borrower misses the actionable item.?This is when you are requested to complete a task. (or take action)?Most of the process is about paying out of pocket fees, ?collecting documentation, completing education (if required), or providing clarity on documentation. Most lenders follow up and remind you, but after a while, they will just wait for you.???If communications slow down or halt, they may be waiting on you to act.

Counter offered, or denied

As more documentation and background checks present alternate facts, a lender may have to ?revise their original offer, or may have to deny the loan.

Documentation received later in the loan process can alter the approval. Receipt of appraisals, tax transcripts, and previous foreclosures/bankruptcy information, are the often cause for reconsiderations.??Once the lender ?communicates what is being reconsidered, and what options they can provide, (if any) they can either offer you different terms, or will deny the loan. ?

Best Wishes

Once a lender has communicated what they can offer, and what they can’t offer, there is nothing left to say in the present.?Many ?borrowers like to debate and demand.?They want to make the lender be what they desire, or make the lender give them something they no longer offer.? At this time, the only thing left for the lender to convey is Best Wishes. In the interest of civility, you should find a different lender that can provide what you desire. (if you know one exist)

?If you find yourself in a silent pattern with your lender, reach out to them. Ask them if there something you needed to provide or complete .?Make sure that you are not what is ceasing the communications. ?As a consumer, you always have options.?Work with a lender that is great at communicating with you in a way that you understand.?If you are unable to understand them, start a new lending relationship. Lead with the information you know.?Be honest and transparent with what you desire.?Be open and receptive to the feedback and the options presented to you.?Remember to make a choice and action.

I desire to develop a relationship with you where you feel valued.?If you need clarity, options, and results, I would love to provide that lending experience for you.?Connect with me, and let’s have a conversation on how we can help you reach your goals. ?If you know someone who has been “ghosted”, call me. I’d love to provide clarity to help them move forward!

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