Why yes, you are my only customer, let me just drop everything for you

[bankworking]

I know it is not the customer's problem that I'm busy.

Really, I know that.

But I'm busy.

And even if I weren't busy, home loans are NOT a quick turn around.

We have seven business days of wait required just for the disclosures. Follow that with a mandatory 3 business day rescission period (that's a right to cancel), and you got 2 weeks before you get your money even if I already has the appraisal, title search, etc completed the day you applied.

Throw in all the services, appraisal waits, and the fact that I am fricken BUSY and our average turn around time from application to close is 35 days.

So, when someone who applied on June 26th is getting their closing appointment set on Monday July 17th, that's called a damn fine job if I do say so myself.

You do NOT get to call later on the day I set the appointment (Friday... the Friday before the Monday appointment. Damn it lady, I was RUSHING for you) and whine at my co-worker because "WHY can't I sign TODAAAAAY?"

Why? Because I came in today, on my day off, in order to get your closing paperwork (along with FIVE others before you) prepared for Monday. In addition to a whole lot of work on some of the other approximately HUNDRED applications that I am processing right now. Because this is a loan on your house, and it's NOT simple.

And it's the middle of summer,and you are NOT my only customer. Especially since New Guy couldn't handle the workload and quit on us... which you might understand, since YOU are one of the customers I took over (not that we are saying "he quit during lunch break the other day" but rather "he had to take an unexpected leave of absence").

And you are just lucky that it was a HELOC, because a fixed home equity loan requires that I provide you a copy of your closing disclosure at minimum three business days before your closing appointment, so Monday would be right out.

Grrrrrr....



....


Okay. I feel better.

[EricKei]

August 26th is getting their closing appointment set on Monday July 17th,

Uhm...Did you, perhaps, mean July 26th and August 17th, respectively? ^_^;>

[bankworking]

Uhm...Did you, perhaps, mean July 26th and August 17th, respectively? ^_^;>

June... she stated her application June 26th and closing in July, this coming Monday.

...fixing

[MoonCat]

Geez talk about impatient! I was told my loan would take 3 months to go through. It actually took about 2, closer to 2 & 1/2 I think, and I thought that was pretty good!

[earl colby pottinger]

I am not a loan company, I am a private individual and I know what I would do if someone tried to rush me on a loan I was going to give them.

CANCEL THE WHOLE THING!

If a person is trying to get the loan before you have a chance to do the checks to make sure it is for valid reasons and that I will get my money back then you need to wonder what the hurry is really about.

Even in the OP case, if the person applying for a loan clearly does not understand the process getting the loan, you have to wonder they also understand how and when payments are to be made.

[dalesys]

... also understand how and when payments are to be made.

... or WHY.

[Slave to the Phone]

We have only bought 2 homes ever, with the last one happening 14 years ago. About the only thing I know about procuring a home loan is that it is a long process that involves a whole bunch of back and forth paperwork to satisfy federal, state and banking regulations.

We considered ourselves lucky to have been able to close on our last home exactly 30 days after we put our offer in.

[bankworking]

The loans I process are not purchases, as home equity loans are only on houses that you already own (refinances and second mortgages and cash out loans and lines of credit), so they are quicker than your typical 1st mortgage, but other than the not needing to deal with a sell and the deed transfer, they have a lot of the same rules. Thus the average 35 days, though when we're not so swamped, we can get the average turn around down to 25 days. Quick applications I can complete, sometimes, in 10 days.

[protege]

Geez talk about impatient! I was told my loan would take 3 months to go through.

That's what I was told when I bought my place. Not because of the bank--the loan itself only took about a month or so. What held things up...was all the palms that had to be greased downtown. You know, the various local agencies that had their hands out to be paid to file things such as the title search, the transfer, property tax office, utility agencies, etc. They all wanted paid, yet took their good old time providing service. Bastards.

But, when I did a refinance, that didn't take long at all. Fill out some forms, provide some pay stubs, and I was good to go. Even the debt consolidation I did 2 years ago wasn't too bad. That took about 2 weeks to get resolved.

When I went into buying the house--nearly 11 years ago--I knew what I was getting in for. I knew it was going to take a bit. Not so much of the bank, but because Pittsburgh (and PA in general) is widely known as the inventor of red tape But seriously, I think the impatience has a lot to do with those "quick loan" services you see on TV. You know, the shady ones that don't require any sort of credit check, and promise speedy service. Unfortunately, quite a few people seem to think that banks work the same way

[wordgirl]

Out on a limb here, but I'm guessing all these ads showing people going tippy,tippy, tap on their phones and BAM you're approved and here comes the money floating down in a little parachute are ...


.. not helpful?

And yeah, earl colby pottinger's point is excellent: I would be really suspect of someone who is screaming "hurry up hurry up," especially on a HELOC, because they've been through this at least once and should know the drill.

[bankworking]

hehe... some of my home equity loans customers are coming to me to pay OFF those quick-click unsecured loans of 10-30k. the home equity loan saves the customers at least 4%, and I've seen as much as a 17% rate drop.

Consolidating credit card debt can save even more interest, assuming just having the credit card debt doesn't destroy the customer's credit score. I've seen a decent amount of 29% credit cards, which is weird because I thought my state forced a 25% cap. *shrug*

[nutraxfornerves]

Out on a limb here, but I'm guessing all these ads showing people going tippy,tippy, tap on their phones and BAM you're approved and here comes the money floating down in a little parachute are ...


.. not helpful?

Well, for the heck of it, I looked into one such "instant mortgage" thing, one that's considered reputable. It doesn't get you an instant mortgage; it gets you a fairly rapid "pre-approval." That means that the computer algorithms think that you can afford payments on a house of $XXX and that you should be offered an interest rate of Y%. That's usually good enough to allow you to make an offer on a house, but once the offer has been accepted, you have to go through all the formal mortgage underwriting rigmarole, including home appraisal, title search, and such.

You enter info about employment, income, assets, debts and such. The program is able to connect with most US financial institutions and many employers to verify it all. It also pulls your credit reports from all three reporting companies. Then it decides if you should be approved and at what rate. For many people, this might take less than an hour--they company says that half of Americans can probably get this. If your info can't be accessed online, then you will have a problem and it will take longer.

Consumer Reports (and others) say that most customers tend to be those who currently have high credit scores, so the approval rate is higher than the general home-buying population. They also say that the rate you are offered may be better elsewhere.

[Racket_Man]

That's what I was told when I bought my place. Not because of the bank--the loan itself only took about a month or so. What held things up...was all the palms that had to be greased downtown. You know, the various local agencies that had their hands out to be paid to file things such as the title search, the transfer, property tax office, utility agencies, etc. They all wanted paid, yet took their good old time providing service. Bastards.:

Same thing when I started the process to buy my house about a year ago. I already knew a lot about the the process since I worked for a fairly large mortgage company back during the home mortgage boom of the mid 1990's. I knew from the beginning that yes I got the preapproval BUT until I could get a firm price from the estate I would be in limbo. In my case it took long enough that I had to have several items reverified because enough time had passed.