It takes time to gather the borrowers documentation, vet the information including credit history, find the loan product(s) that best fit the time and circumstances, and go over the information with the borrower to allow her to select the loan that best fits her needs
“Best” is relative. Oftentimes, especially at larger institutions where an originator does not have the authority to alter fees or adjust rates beyond a certain threshold, it takes the threat of a competitor’s deal to move the mountains necessary to receive a better than “best” offer. Sales managers and sometimes branch managers might get involved. And that is not going to happen unless a borrower can show, in writing from another lender, the precise terms of the deal. Absent that document, the borrower will get the next best offer. Verbal claims are absolutely worthless. Continue reading “If she’s not even had her credit run yet…well…that’s a problem”