There is nothing more frustrating to the closing process than to have the loan people drag their feet and not get a closing package to the attorney in time. It screws everything up. No time to properly calculate closing funds. No time to review the HUD. No time to ease into the closing. No time to savor the buying process and be happy about it. It just makes everyone irritable.
Yes, I know that you can blame it on the review committee. Yes, I realize that John Q. Homebuyer might not have sent in Form XYZ that you proclaim is so important.
But don’t you also realize that a preliminary HUD must be presented at least 24 hours before closing? I know you know. You know you know. Why can’t you make it happen? What does it say about your process that you don’t care enough to make it happen?
We give you six weeks, usually, to get it done.
At the very least, don’t tell the home buyer “yeah we can close it in 4 weeks. No problem” when what you really mean is, “even though you give us six weeks I will tell you for 5.5 weeks that everything is cool and then I will hit the panic button, blame various Orwellian committees, you, the attorney, whomever. Amidst all my blame game, I still won’t get you a loan package in time.”
No matter how many times I tell my buyer at the outset: “prepare yourself. The lender will drag their feet, not send a closing package, and therefore it will screw the whole thing up and you will end up mad” – it still frustrates me when my worst predictions come true.
Buying a home, and closing a loan, especially on Lake Martin, is supposed to be happy. Fun.
I call on all members of the home mortgage industry that are working for huge, Borg-like, just-bailed-out-with-my-money banks, to step out from behind the machinery and use your brain to make your company better.
Like Gayle and Evelle, I would rather light a candle than curse your darkness. So here’s your candle: