Thank you Wells Fargo!

I normally thank my past clients for my success, but today, I need to give special thanks to Wells Fargo.  

I receive 2-4 calls per week from clients begging me to take them out of their current  loan misery.  In most cases, these clients have already had their loans in process for 90+ days and have no idea where they are in the loan cycle.  To be fair to Wells Fargo, it’s not the only big bank I could offer my appreciation to.  So, I’ll give a thank you to all of the big banks and individual loan officers who do not take their job seriously and/or are lacking the skills necessary to retain their clients.  

Loans are more difficult these days.  Who cares!  So is playing a video game or having a normal conversation not involving a computer or cell phone.  Loan officers need to adapt to the times.

So why are so many clients calling me from the big banks and having negative experiences? I believe it is poor Mortgage Management.  With big banks, much of the loan process is segmented into individual assembly line tasks.  For example, you may start your loan process by talking with a call center.  They could then send it to John in Texas who is considered your “Loan Officer”.  John then sends your information to his processor, Nancy, in possibly a different state to prepare your initial loan application.  Nancy then sends you the loan application in California to have everything signed.  Once you are in process, your file is underwritten in possibly a different location.   If you have a loan question for Nancy, she emails John who hopefully did not lose the email in his spam folder.  It’s like a game of Hot Potato; only your refinance is the potato. 

Last week, I earned a new client who was notified 4 days before the rate lock expired that he needed a survey for his property in Texas (9 weeks into the refinance process).  The survey could not be located for 10 days.  When the client emailed the virtual loan officer he was told, “Sorry, your rate lock expired. You have to call the call center again.” When the client called the customer service number he was told he needed to start the entire loan process over, including the loan application.  Bad ending for the client and Wells Fargo.  New client for Jason Katz. 

Today’s lending environment requires daily management of your loan to ensure it closes smoothly and in a timely manner.  A refinance should not take more than 45 calendar days.  A normal loan is touched 5-7 times per day with multiple parties involved.   The loan process is not rocket science, but it does take a highly focused, knowledgeable, problem solving loan officer to navigate through today’s lending environment.

Related Posts Plugin for WordPress, Blogger...