During my time with consumer connect, I want to make sure I highlight stories that really resonate with me. Today I spoke to a consumer who walked me through his six month journey trying to get his purchase loan approved before he found Intercontinental Capital Group.
He started the process with a very reputable online lender. After a three month search to find a home, with the assurance from his loan officer that he would be approved, he later discovered that the loan had not been properly reviewed. After all of the time prequalifying and finding the perfect home, he learned that he would not qualify. This is devastating news for anyone in the home buying process. It’s even worse when the mistake meant he would lose the chance at that home.
He decided to move on and work with another well known online lender whom he had been referred to. This lender made him feel much more comfortable and their technology was very impressive. They had a slick way of showing his loan disclosures and he was in constant communication with his loan officer. He was almost always able to reach someone quickly through email or chat.
After yet another three month search for a home, the consumer was so excited to finally put his past negative experiences behind him. Buying a new home can be an incredibly stressful experience when so many things are outside of someone’s control. With the help of his new lender, he was preparing to close his loan and move into his new house.
The week before the closing the underwriting department began asking a lot of questions about his retirement income. The loan officer assured him that everything was fine. He was told not to be concerned. In the end the loan did not close. Another broken promise. The consumer was about to lose the chance to purchase another dream home.
He turned to his realtor, who referred him to InterContinental Capital Group. We didn’t impress him with our slick interface or our online chat. We impressed him by producing results. Our team of true professionals, who have been in the mortgage business for decades, used their knowledge and skill to get the loan closed in time to save his bid on that dream home.
This story is important for a lot of reasons. I was able to confirm a belief I had already known; current online lenders are great for cookie cutter refinance transactions, but they lack the experienced staff and operations to handle new purchase loans.
Purchase loans, especially for first time home buyers, make unexperienced underwriters very nervous. New money transactions will often come with additional conditions. If you’re like our buyer in my call today, the loan may not be approved at all.
Banks are more familiar with purchase transactions and can more easily approve with confidence. It’s important to work with a local bank that is familiar with your specific needs. If you have complicated income, it’s actually local lenders that are more likely to offer you a better fit. Online lenders, with all of their great looking technology, will largely lack knowledgeable staff with localized experience.
I was really happy to hear that our team knocked it out of the park.