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Survey: Borrowers Want MORE Transparency

The mortgage pre-approval process can be quick and easy with the right mortgage broker.

How about just plain better communication?

I have seen a number of these surveys that indicate that borrowers want more transparency. I understand the need to know information. The example I’m going to share is the real problem.

Myra contacted me this morning. She told me the following story. She has been doing her banking with Bank of America for many years and got a preapproval from them a few months ago.

She told me that she called the branch that she does her banking with and they gave her a phone number to call to get a pre-approval. The process took three and a half weeks. She then found a property, put a deposit down. She contacted the bank to do a mortgage application. Her contract said that she had 5 days to make a mortgage application. She called for three days and finally got a call back to set up a phone appointment to do the application. All was accomplished, but she didn’t get her mortgage package for an additional 3 days.

She had to go back and get an extension for the application, but the seller wasn’t willing to sign an extension, as there were two additional buyers, one of which was an all cash offer. The bottom line, Myra lost the home she wanted.

You can imagine Myra’s frustration. Can you picture her completing this kind of survey?

I emailed her and her Realtor a new pre-approval, which took less than 60 minutes. She won’t lose the next home she has on deposit.

Check out this article about the surveys:

Borrowers Want More Transparency in Lending: Survey By: Ryan Schuette

Joe Petrowsky, President Right Trac Financial Group, Inc.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Jason August 30, 2012 at 08:53 AM
Go through a credit union. You would be treated like a person rather than a number.
jane September 03, 2012 at 08:08 AM
Go through a mortgage broker - they work fast and they know where you should qualify for the best rates.
Think Positive September 03, 2012 at 10:46 AM
Chelsea Groton Bank has the best mortgage department in the area, IMHO. A great local bank, with great customer service.

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