If your lender does this, you have serious problems
Here is the story as I heard it.
“I’m not sure if this is typical.
Every single document I’ve had to sign contains some issue: spelling errors, incorrect addresses, the wrong name (they keep calling me “Cheryl” on phone calls and in emails), and even the wrong amounts! Who the flip is Cheryl???
I have to read each form with a fine tooth comb TWICE anticipating revisions.
And then everything about my lender is an emergency.
They also submit documents for signature at odd hours of the day (5am on a Sunday, 11pm on a Tuesday, etc) and then they demand I sign them IMMEDIATELY with back-to-back phone calls.
We missed our first closing date because the lender sent over one document at 11:30 PM and demanded we sign it by 12 AM or risk delays.
Guess what? We were asleep and woke up to missed calls, texts, and a mountain of voicemails.
The lending process is one of the top reasons why real estate sales crash and burn. And it’s also why it takes so long to close on a home after you get it under contract.
Because they play such a critical role in your transaction, you cannot afford to leave it to just anyone. You need a true professional who is going to do what they say and do it on time.
That’s why I love this story as a guide for you. It illustrates some of the most common mistakes lenders make. This way you can spot the problems early and pivot before you get too far in the process.
The first problem is all of the errors in the documents. To me, it indicates that this company has too much on their plate or they are not paying attention to the details.
If they are making these mistakes on the documents, what mistakes are they making processing and underwriting your loan?
These kinds of blunders lend themselves to emergencies. Because the loan process is a series of hundreds of steps that have to be completed in the right order and at the right time, all it takes is one small misstep to stop the loan in its tracks and cause huge delays for you.
Lastly, your lender should never send over a document and DEMAND that you sign it immediately. That is a huge red flag to me because they are not giving you a chance to review or think about the implications of what you are signing.
It’s not like the lender is surprised that you have to sign these documents. They use them every day in their business with every mortgage client. For them to drop a bomb on you like that is reprehensible.
Choosing the right lender is just as important to the success of your sale as working with the right agent.
Shop around, ask questions and if you need a referral to a lender who won’t let you down, then give me a call at 615.519.0983.