Example of What a Loan Officer Should Never Do

  With all of the trouble our financial system has had to endure the last thing is a Loan Officer getting a loan closed 30 plus days late, offering a $2,000 concession for the delay and then acting in a horrible fashion.  Below is an email transaction of an actual conversation that was on going between a local Loan Officer and the listing Agent.     

 Original L/O Offer – I just spoke to the VP of Operations.  She is looking at the file and looking to close it today.  I understand where the seller is coming from, and I am willing to either make their payment for them, or give them $2,000 as compensation if we do not close it today.  No matter what, I apologize tremendously and I know that I have put everyone in a bad situation.  I did not mean to cause any sort of problems to any party, and anything I can do to help, I will.  Please let me know if this will help.  I will do everything in my power to fund this loan.

30 Days later – after countless unreturned emails & phone messages left on the L/O’s voice mail by the agent.

Agent – I have been waiting for you to keep your written promise about the $ 2,000, but so far it does not look like you are going to do so.  Please, do the right and honest thing, and do so, as I have the promise in writing.  I hate to have to find out who is your manager, and go above your head with this.  My client is, as you know, 75 years old, and she was so happy that you offered to do this, as she was and is having money problems, due to the late closing of escrow.  Which was all on the lending side.  Her name is XXXX XXXXXX and you can send the check to me, at my address, and I will forward it to her.

L/O – The way I get paid is a lot different than the way Realtor gets paid.  I do not receive my commission until a month after the loan closes, because we have to make sure the loan can sell.  Please do not threaten me at all with going over my head.  There wasn’t anyone that was going to do this loan with these borrowers because of their large deposits, and I found a way to do it and get it done, and it put money in your pockets.  You should be very grateful that we were able to get this done.  I did everything like I told you, and it was an honest mistake that the borrowers made that delayed this loan. I will get this handled, just like I told you I would.  All parties were aware of the situation, and we were able to finish this loan and get the house sold on your end.  You were extremely unreasonable throughout this whole transaction, with even giving a notice to perform after the loan docs were signed.  The job was done, and you were still demanding more.  I don’t know how much more you needed.  I did this loan as a favor to my business partners, to show them that we were able to get this done.  Just to put this in perspective, you made close to $15,000 on this transaction.  I made a little over $2000.  I have no problem giving you the $2000 that I said I would, but you need to learn to be patient.  Once I do get paid, I will let you know.  Do not threaten me ever again or I will refuse to pay you a single dime. 

The L/O is correct that docs were in escrow and already signed but what he fails to say is that it took 27 days after the docs where signed to fund the loan. 

Agent – Keep your money!  Not smart answer. Wow, loved the one that I was extremely unreasonable during the process.  And you even checked on MY commission!

I have to forward this email to some lender friends regarding what not to write to agents when you are in this business.

L/O – Again… Your patience is revealing your true colors.  I never said I was not going to pay.      But this I promise you, you say another negative word about me, and YOU WILL NOT SEE A SINGLE PENNY.  I WILL KEEP THAT PROMISE.  You keep running your mouth, and you are going to cost your client $2000. 

Agent – Sorry, I already told you I will not accept any money from you. 

   Does anyone think that this agent will ever accept another offer from a buyer that has this L/O or the L/O’s company name anywhere on the loan approval letter?  The issue here was caued due to unseasoned funds yet the L/O does not talk about that.  I think we can all agree that this L/O has done a huge disservice to his own company.  Brokers have been the whipping boys for the entire meltdown.  There is no place for this behavior.  Those of you that know this person please help us police our own.


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