KnowYourPro

Lost Loan of the Week:    

One of the Loan Officers lost a deal this week. It happens, but this is a bit disconcerting. Our closing costs were about $3000 higher than the other person this client contacted. Now before you say this client has the right to be concerned about saving $3000, let me explain. The client signed a loan application. We gave her the new 2010 Good Faith Estimate. Being a purchase loan, we disclosed everything we know that will be charged. The other mortgage person conveniently didn’t give the client the new 2010 GFE. They gave the client the old GFE, now known as a cost worksheet, and left off some charges like Owner Title Insurance, Per Diem Interest, Tax Escrow, and Insurance Escrows. That is going to be one fun closing. Score one for the scammers/smooth talkers.