My correspondent lender had my client’s filed buried
As a mortgage broker, I have a fiduciary responsibility to my clients and it is my responsibility that all purchase mortgage loans close on time. There was a recent incident where disaster was around the corner and how Quiana Rice of United Wholesale Mortgage ended up saving the day and avoided a major disaster where we could not meet the purchase closing date of June 21, 2013. I would like all mortgage brokers who have similar cases like this to hear my story.
Here is my story
I submitted a complete mortgage application package to Mortgage Solutions Financial, which is one of our dozens of correspondent lenders May 21, 2013. It was for a client I will just name TB from Florida. The client signed the competed mortgage application as well as the disclosures and submitted all necessary documents. The mortgage application was processed, we got an Automated Underwriting System DU approval, and submitted to Mortgage Solutions Financial, also known as MSF. The closing date was set for June 21, 2013.
After our processing department submitted the mortgage application, I was not concerned because we had plenty of time. Then on this past Monday, June 10, I had my processor check on status. She did. Guess what? Mortgage Solutions Financial did not even open up the file! I was so livid and could not believe it. They promised to put a rush on it and promised to expedite the file and asked my processor if she can get an extention from the client. I told my processor absolutely not. The closing date could not be extended. I then directed my processor to submitted to Quiana Rice of United Mortgage. I had the client sign United Wholesale Mortgage documents and it was uploaded to Quiana Rice’s system on Wednesday July 12. Thursday July 12, 2013 we had a conditional approval!!!!! Unbelieveable. FHA appraisal is transferable and we are on target to close next Friday July 21, 2013. This is not the first time Quiana Rice has save the day for me and my client. I have decided not to get stressed out and minimize risks in my business by taking all of my deals to Quiana Rice of United Wholesale Mortgage from now on.
Attention Mortgage Brokers
The mortgage business is a very tough business and the burn out rate for mortgage brokers is probably one of the highest in any industry. Wholesale mortgage lenders make up their own overlays as they go and thousands of mortgage brokers are experiencing a lot of problems with wholesale mortgage lenders promising one thing and then changing their promises and denying their client’s mortgage loan. I had this happen to me too many times so I am extremely cautious to who I submit my loans. You can completely lose your realtor referral sources by screwing up one loan. I strongly recommend Quiana Rice of United Wholesale Mortgage, also known as UWM, to every residential mortgage broker. I never refer anyone unless I have had personal experience with them. Hands down, you will not go wrong. Contact Quiana Rice and tell her Gustan Cho from Gustan Cho Associates sent you there. You will not be disappointed. I guarantee it!!!!