Lender internal business flow sux. Between the account executives, underwriters and more coordinators than a professional football team, the process of getting a loan to close now-a-days amounts to a lesson in extraordinary inefficiency. Even the most experienced loan originators are left with their unit flailing in the wind due to the incompetence of all the Lenders internal Indians running around with no Chief in sight.

Loans go from approved, to suspended, to approved with conditions, back to approved again like a six flags roller coaster, often with little to no change in the actual loan package.

Docs are purportedly ‘lost’ way too often, resulting in unacceptable lost time and occasionally, lost business. Unless a loan is approved LP, DU or another automated approval engine, which requires nothing more than a simple file QC check instead of a manual UW, you can bet on someone on the inside screwing things up masterfully.

The industry needs an enema to break up the Log Jam that Lenders have created by placing incompetent tools* in positions of required experience. It’s no wonder brokers/bankers turn to fraudulent practices* to push deals through…

That was a rant I have wanted to get off my chest for years…
*Not all Lender employees are incompetent.

**Not all broker/bankers are fraudulent.