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New Mortgage Lender Needed

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Ridge14
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8:19p, 3/6/22
Put an offer in on a house today, seller hasn't officially said it will be us, but they came back and said they don't want us to use Chase, which is where we had our pre approval.

Going to try to find a new lender pretty quickly, any thoughts/recommendations/reviews on who to use? Reviews of Communication/Fees/Rates/etc.

Wife and I have never got a mortgage before so any other advice would be appreciated.
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Jay@AgsReward.com
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8:41p, 3/6/22
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Would love the chance to earn your business! We have been the title sponsor on this board since 2007 and have helped countless posters. My email is my screen name here.
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Buck Compton
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7:03a, 3/7/22
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Any reason why the seller doesn't want you to use chase? Or why they care at all?
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Jay@AgsReward.com
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8:17a, 3/7/22
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Big banks have a reputation with real estate agents of either not closing on time (Agents will have to comment on if that is true or not) or not doing a very good job of the initial pre-approval and the deal falls apart. I have had many conversations over the years with folks who had been pre-approved by a big bank but once it went to underwriting it was denied because the likely green loan officer that gave the pre-approval did not understand the situation. (of course they close Billions of mortgages so they obviously close plenty.)

In a more "normal" market it might not be an issue at all but in this market where there might be 10 offers EVERYTHING is scrutinized and the best set of circumstances chosen.
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evestor1
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8:45a, 3/7/22
Agree with Jay - big lending institutions are full of loser-tards.


I use someone like Jay every chance i get. They are more likely to get your purchase funded by a large margin.
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Ridge14
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In reply to Buck Compton • 8:47a, 3/7/22
Buck Compton said:
Any reason why the seller doesn't want you to use chase? Or why they care at all?
Yes, seller's team said they've had bad experiences with Chase lately and they are now skeptical of their ability to close on time.


Thanks, Jay has been super responsive so far, very impressive and much appreciated. Looking forward to continue working together and also hoping the seller chooses us soon.
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Furlock Bones
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In reply to Buck Compton • 8:49a, 3/7/22
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Big banks and companies like rocket mortgage have well earned reputations of not closing on time. I am actually shocked how much origination business big banks still get considering their rates are generally poor, and the lack of follow through they have.
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Bill Robbins
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8:50a, 3/7/22
AG
About the same time that Jay was helping us get a loan on a second home, Chase forgot to pay our property taxes on our primary home.

Although I've had good experiences with Rocket Mortgage and Veterans United, most listing agents would prefer to see a local lender.
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Buck Compton
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In reply to Ridge14 • 8:50a, 3/7/22
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Ridge14 said:
Buck Compton said:
Any reason why the seller doesn't want you to use chase? Or why they care at all?
Yes, seller's team said they've had bad experiences with Chase lately and they are now skeptical of their ability to close on time.


Thanks, Jay has been super responsive so far, very impressive and much appreciated. Looking forward to continue working together and also hoping the seller chooses us soon.
Makes sense. I used a small shop on my last mortgage, but didn't know the reputation that the big banks had.
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Texker
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8:56a, 3/7/22
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Jay or Steve will take great care of you.
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Red Pear Realty
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9:00a, 3/7/22
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Big banks are awful. You are a number to them and they can and will leave you at the alter (literally as late as closing day) with zero remorse. Use someone with a good reputation here on TexAgs.
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Ridge14
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In reply to Red Pear Realty • 9:05a, 3/7/22
Red Pear Realty said:
Big banks are awful. You are a number to them and they can and will leave you at the alter (literally as late as closing day) with zero remorse. Use someone with a good reputation here on TexAgs.


Thanks for the advice

Definitely didn't know this reputation some big places had.
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Sea Speed
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11:40a, 3/7/22
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cant say enough good stuff about Jay
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SteveBott
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1:51p, 3/7/22
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The key to a good approval is a thorough client interview to make sure you have all the info you need to predict the outcome. We all make mistakes but independent loan originators make much less of them.

Here is an easy one, a good LO asks HOW you make money not 'how much'. There can be a deal breaker in those answers.

Big banks rely on volume so they expect a percentage of failed loans. Small independents those loans are much more significant. We can't afford to lose loans or work on bad ones.
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Ridge14
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2:55p, 3/7/22
For anyone else that might be reading, Jay was always so quick to respond, got us what we needed quickly to give us a chance to compete, and remembered to send me rates/fees (which were better than Chase) when they became available this morning. Thanks everyone for the recommendation. We unfortunately lost the house, we were ~$50K over asking (waived appraisal, strong option fee, strong earnest money, strong everything else I thought) but apparently weren't even close to a new all cash offer they received. Looking forward to being back in touch with Jay in the future.
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coolerguy12
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10:09p, 3/7/22
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Tom Sawyer

+1 (512) 804-8165

I did a refinance with him in 2019 and am currently purchasing a house and his rates are always the best.
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coolerguy12
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10:11p, 3/7/22
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Mortgage companies are like electric companies. If you have heard of them, don't use them. Otherwise you're just paying for their radio and TV commercials.
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MookieBlaylock
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In reply to coolerguy12 • 2:21p, 3/8/22
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coolerguy12 said:
Tom Sawyer

+1 (512) 804-8165

I did a refinance with him in 2019 and am currently purchasing a house and his rates are always the best.


A true modern day warrior
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fightinag04
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8:44a, 3/9/22
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Hey Jay - do y'all also provide loans for investment properties? I've used the same lender for years but recently had a snag and am looking for new options.
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Jay@AgsReward.com
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In reply to fightinag04 • 8:48a, 3/9/22
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You bet! We work with a lot of investors with conventional loans, portfolio loans and rehab loans.
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southernskies
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In reply to Ridge14 • 9:49a, 3/9/22
Ridge14 said:
For anyone else that might be reading, Jay was always so quick to respond, got us what we needed quickly to give us a chance to compete, and remembered to send me rates/fees (which were better than Chase) when they became available this morning. Thanks everyone for the recommendation. We unfortunately lost the house, we were ~$50K over asking (waived appraisal, strong option fee, strong earnest money, strong everything else I thought) but apparently weren't even close to a new all cash offer they received. Looking forward to being back in touch with Jay in the future.
Gee whiz man - was the home priced right?
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tmaggie50
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11:38a, 3/9/22
AG
Jay has been very responsive in my experience and his process for closing my loan was simple.
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E
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12:48p, 3/9/22
AG
I'm an agent and have dealt with Chase a handful of times. Only once has the transaction gone smoothly... all other times they have taken it down to the wire or had delay closing by a day or two for them to get their s**t together.

They have layers of people to go through to get anything done. Every step along the way is slower then other lenders. On every closing disclosure I have seen from them, I have spotted a mistake. Usually it is the fact they forgot avout the option fee as the reps are almost never based in Texas. Their service after clsoing is pretty good though, I will give it to them for that, but the pre-closing is like pulling teeth.
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