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Need Advice

Our Loan offer pulled our credit reports on July 24th. We had a mid score of 631 and 641. She told us that she was submitting a 0% down loan to underwriting and if that one was not approved we would look into a conventional 7 yr arm. She also said she would send the information to underwriting right away and it should take about 4-5 days. And that she would mail us all of the information sent to underwriting plus a Good Faith Estimate in a packet so we could have it for our records.

Well it has been three weeks and we have seen nothing or heard anything from her. I figured well, underwriting is just behind but I realized we had not yet received a good faith estimate or the packet. So my partner called her and asked why it had not been sent, she said her hard drive crashed and she would send it by the end of the week. Well the end of the week came and went and we had not received anything! So we contacted her and finally after several emails and voice mails she finally sent over a good faith estimate.

Well when we received it, it was based on an FHA loan. I called her and told her we never discussed an FHA loan. She said “well I thought this might work better for you” I said well you didn’t consult us about this, and what about the 0% down loan or the 7yr ARM. She said well FHA doesn’t have 7yr ARMS, I said I didn’t request an FHA loan. She had no answer. She kept pushing this loan.

I said I want the good faith estimate based on the original loan we discussed; she said she would fax it right away. Guess what she faxed? Another FHA good faith estimate. Well we contacted her again I said does underwriting have our information and are they looking at the zero down loan she said yes, I said ok where is that packet you promised us. She said Oh I sent that and it should be there within two days. Well guess what? We have received nothing. So by Friday night I was livid! So I decided to send her an email, and I explained to her that we were very unhappy with the way this process has gone so far and we need straight answers from her, I also explained that she needs to consult us before any changes are made to our loan and we need to be kept in the loop as much as possible. Well she left us a very long message yesterday morning saying that she doesn’t know what we are talking about and that we hurt her feelings???? I thought this was kind of odd. There’s more but don’t want to ramble on.

So here are the problems/questions

She originally told me she sent our loan to underwriting on July 24th, well I found out on Friday that she really didn’t send it to the following week. But she will give us the actual date she sent it. She keeps avoiding that question..

Before we started working with her we were working with an affiliate loan officer, she asked if we could send her a copy of the other loan officers good faith estimate and closing cost. Is this ethical?

She told me that underwriting is going to take a while because we are a high risk due to our scores. While they are not perfect scores I think they are good enough to obtain a decent home loan. I have a 641 and my partner a 631.

Any Advice on what we should do? The only reason we are using this loan officer is because our builder recommended her.


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My advice would be to find another loan officer who is willing to work with YOU. You are a customer, Not sure about your general finances but your fico's seem within range. I dropped a loan officer who decided to go on vacation and not tell me...after about 5 days of calling the guy I dropped him like a hot potato...and picked up a LO from wells fargo who worked in my best interests (I'm sure he was looking out for himself too, it's business) but I dont think I got screwed and I got a house at a reasonable rate and payments. Dont be afraid to drop her, there are only too many out there willing to pick up the account.

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Yes, I would go with another loan officer. She is probably just very good with FHA loans, and may not know the other programs. There are plenty of loan programs that will give you 100% LTV.

If I were to make a suggestion, I would recommend that you get an 80/20 loan, the rates are about the same as a full 100% single loan and if you have extra money to put into your loan, you will be reducing your "real" interest rate in addition to saving money every month.


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