Should I be suspicious that my mortgage banker wont tell me the details of my potential loan?
J-Blaze asked:
I’m in the process of getting preapproved for a mortgage loan. Initially, the loan officer said I would probaly qualify for $200,000 or a monthly payment of $1600-$1700. I went to the banks website, applied for preapproval, and the loan officer said the bank would give me a loan. I asked him how much I qualified for and he was vague. He said he couldnt tell me until I sent verification of my employment, w-2’s, and the address of my landlord. Once I got my letter, I would know the details of my loan. I sent the information he requested, but did not receive my pre-app letter because the bank has concerns about some things on my credit. He told me that the bank needed more info. I told him I would get him the info, but asked him about my interest rate and how much I qualified for. He said he would tell in a couple days once he takes the new info back to the bank. Shouldn’t he know the details of my loan if the bank is close to giving me a preapp letter? Is this normal procedure?
Filed Under Renting & Real Estate | 2 Comments
Frog goes for a loan?
henpeg29 asked:
A frog went to get a loan at a bank.
The loan officer’s name was Ms. Patty Stack. When the frog told Ms. Stack that he wanted a loan, she asked if he had colateral.
He showed her something that, to her, looked like a marbel and said “this is what I have for colateral”.
She took it to the bank president and said “there’s a frog out there who wants a loan, and this is what he has for colateral (showing him the marbel)”.
She said “do you know what this is, and should I give him the loan”? The bank president said “why, that’s a nic nac, Patty Stack; give that frog a loan”.
Filed Under Jokes & Riddles | 4 Comments
How do I become a loan officer?
Dis asked:
I work for a bank
Filed Under Financial Services | 2 Comments
My loan officer under estimate our loan process and now hurting our contingency (10 days) ?
tensy asked:
Our loan officer Under estimate our lender loan process andn ow our contingency letter for 10 days bail out is now compromised. It’s been 10 days after escrow open. AND our loan hasnt even been reviewed by the bank. Reason was, lender has been getting bogged down with loans infront of ours. And they won’t even had a chance to look at it today may or may not be on Monday but possibly Tuesday.
Our main concern is, if this lender that our loan officer picked denied our loan (worst scenario, we doubt it would since we have 720 FICO scores both me and my spouse and does not have humungus debt with a fairly high paying job) We will lose our down payment.
If everything goes well, Do you think we can still close on the 14th of Feb which originally estimate for on closing?
We are first time home buyer and never done this before..
Filed Under Renting & Real Estate | 1 Comment
What are the daily duties of a credit risk officer in a bank (more details)?
hezalof asked:
Thank you for your promt respone to the above question on Yahoo Answers. however, i want a follow up as i would like you to help explain certain ideas you raised in your answer which i didnt quite understand, pls brief me:
1, Pls can you help me understand the process involved in the completion of loan credit analysis for new and existing loans?
2, how does credit risk the officer conduct statement review for loan officers?
3, What are the processes involved in the Financial Analysis reviews of the credit risk officer?
4, what is the process involved in generating loan Doc. in laser pro? what is a laser pro?
5, what is a loan packet credit presentation check list?
Filed Under Financial Services | 1 Comment
Realitor is pushing me to go with a loan officer?
VinWin asked:
I have recently started to look for a house and have already have been pre-approved by my bank for a mortgage. My bank will provide a loan officer at any time to meet with me. I also started to work with a realtor who seems to be pushing a loan officer, from a different bank, as I am starting to look at homes, even though I have already been per-approved. Has anyone else dealt with this situation? My bank offers a discount on the mortgage rate because my checking is also with them so I’m not looking to change and the rates are pretty standard across all the local banks. What advice is out there?
Filed Under Renting & Real Estate | 8 Comments
Can I sue my loan officer? She screwed up?
zephyrs asked:
Background:
I am buying a house and in the process of closing the escrew.The seller, lender, the agent and the loan officer belongs to the same bank, Downey Savings.. The house is a their forecloure property.
Story:
The seller offered me 3% credit toward closing cost. Before I started the loan, I asked the loan officer if that was going to be a problem (I know many lender does not allow credit). At that time, she was confident it will not be an issue.
Now, I am trying to close the deal, And it turned out the lender only allows up to 2% credit. I asked her what is the solution. She said I can either take the 2% or cancel the loan. The selling price cannot be changed.
I asked the agent if she can do 2% closing credit 1% repair cost credit. She said it is very difficult and she is not sure if it can be approved.
They are being mean and unfair. Do I have a case here if they refuse to give me the full 3%? Can I buy the property with 2% credit and sue them later?
Is the seller obligated to pay me the full 3% if the loan only allows 2%? They can issue me a check for the difference
Filed Under Law & Ethics | 6 Comments
I have given the conditions of my loan to the underwriters does that mean my loan has been approved?
sallymollyap asked:
My loan officer called the other day and gave me a few conditions on my loan, such as bank statement, tax info from the house that we currently live in etc… We are supposed to close on the house next Thursday, does it sound like our loan has been approved and why do they wait till the last minute to let you know something
Filed Under Renting & Real Estate | 4 Comments
What is a loan officer?
Todd M asked:
On another posting someone told me that becoming “loan officer” is one direction I can advance in from a bank teller position? Could someone describe to me what this job is? Is it more helpful to have a finance or accounting degree for it? Is there anyway my knowledge of web design can help me in this field?
Aside from skills and qualifications, what do they do?
Filed Under Personal Finance | 1 Comment
Find the indicated probability or percentage for the normality distributed variables?
kuku m asked:
A bank loan officer rates applicants for credit. The ratings are normally distributed with mean of 200 and a Standard deviation of 50. If an applicants is randomly selected, find the probability of a rating that is between 200 and 275?
Filed Under Other - Business & Finance | Leave a Comment
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