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Do loan officers work off of a commission of some sort?
We are having major issues with our loan officer at the banking institution that we chose for our mortgage. We never hear back from him unless he wants us to give him money or needs more documents (that we have already sent, 95% of the time). We've been contacting him just about every day this week to get us the appraisal that he let us know the results of on Monday. Its now Thursday, and the appraisal has YET to get into our hands!!! We communicate through an MMC (Mortgage and Messaging Center) portal as well as leaving messages on his voice mail (he never seems to answer the phone when we call).
Do they work off of a commission of some sort? If they do, I DO NOT WANT this guy to have ANY part of a commission, with him being so unreliable.
So, back to the question. DO they, or don't they? We plan on sending in a complaint after the whole process is done and we've closed, but I'm wondering if we shouldn't complain NOW. My husband is fearful that if we complain now, it'll be delayed even more, or we'll lose the house, or both.
Thanks in advance.
The appraisal was started on April 5th and was said it takes 14 total days for the underwriters to have and and get it back. Its now been well over 14 days. Our loan officer called back on April 19th saying he's received it and will send it on to us and our real estate agent (which, now we have found out he can't give it to her). I've been requesting since I talked to him on Monday about getting the appraisal sent to myself or my husband and have not received a reply yet. We've called daily since then as well without a call back.
This is very aggravating.
How badly would it be delayed if we ask to go to another loan officer? Closing is set for May 7th, and we are still awaiting the appraisal that has been done at the beginning of the week. You'd think they'd send us the appraisal as soon as they have it in their hands (after the underwriters get to it, etc).
Update: Well after sending a message through the portal this week, and calling him once every other day, and finally sending ANOTHER message through the portal, he finally has emailed us the appraisal. I'm still unhappy with him, but at least we finally got it in our hands.
Update: Well after sending a message through the portal this week, and calling him once every other day, and finally sending ANOTHER message through the portal, he finally has emailed us the appraisal. I'm still unhappy with him, but at least we finally got it in our hands.
3 Answers
- knowitallLv 71 decade agoFavorite Answer
Yes, they work on commission. He may not have received the appraisal yet - appraisers are often late in getting paperwork delivered, too. He also must wait for the underwriters reports and other paperwork, so it may not be all his fault. Many people are involved in approving a loan.
- ibu guruLv 71 decade ago
Complain to the officer's supervisor immediately about his incompetence. Tell them he keeps asking for information/forms he already has, requested appraisal when he already has it, etc.
None of them answer the phone - it's all automated.
Banks' loan officers do not get commission, they get salary. This one is not worth his. So complain. If you have an account with this bank, go to your branch in person and see the manager to make your ire known. If you have some good accounts there for a long time, the manager will be on your side and can do things you can't or won't. The magic words, of course, are a threat to take your many years of good business and fat accounts elsewhere if he doesn't help get this incompetent loan officer straightened out so you can close on time.
- Anonymous4 years ago
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