A large, well known bank, who the client described as "well established with comparable rates, so we are going with them", has rejected a home buyer's loan after almost 90 days in process. The seller has already given extension after extension. Now the sellers are furious, the buyer's are literally in tears, and are asking me to take over the loan and get them to settlement in 7 days. That is impossible, no one can get a new loan done that fast. The husband told me, in tears, that he had to have this house to move into, and that he was desperate for more space for he and his growing family. This little boy should not cry just because his parents made a poor choice in mortgage lender. His parents simply need to make better choices, and not shop by price alone. Read the rest of this entry »