Looking for info...

speedy · Joined: 06 Apr 2006 Posts: 3

Can anyone tell me anything about Mortgage Select? Would like to know the good the bad and the ugly about them. Their parent company is American Home Mortgage.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

From what context? Are you a broker thinking about working with them? A customer considering working with them? A lender looking to buy them??

chow · Posted: Fri Apr 07, 2006 9:40 am Post subject:

American Home Mortgage....ah yes, that is a company that was a small broker shop from NY. Then the owner started buying up everything he could lay hands on. If it's the same outfit, they bought several locations through the midwest. One of my current employee's came from there. What is you want to know?

speedy · Joined: 06 Apr 2006 Posts: 3

I'm a consumer who found a piece of investment property. I have been using them for this deal. The loan officer has been great, but the underwriter is a piece of work! So I have been having thoughts of cutting bait and running to another brokerage. LOL even the realtor asked me the other day where on earth did I find this company. So I guess the question I'm asking is, would it be wise to maybe fire this company and find another. We were suppoesed to close Monday but she called me yesterday and said she misplaced the majority of the file but that we should still be able to close by Friday. She also "forgot" to add in my sellers concession and the earnest money I had paid when I first found the property. Any thoughts or suggestions are greatly appreciated.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Well, mistakes can happen in any industry. I won't say that I haven't made my fair share of mistakes, but when I do it's known immediately and it's also known what I'm going to do to fix it. Sometimes however mistakes are made and excuses follow, that's when you need to be wary.

m2c · Joined: 03 Aug 2005 Posts: 937

Seems a bit late in the game to switch horses. Only a four-day delay at this point and I suspect rates are higher now than when you locked.

Just a personal observation – I don’t like LOs who blame the “unseen underwriter”. A LO should explain in detail rather than just pass the buck. It could well be the LO just didn’t stay on top of the file and wants to be seen as the “good guy”. I have a couple of out-of-the-ordinary things happen in underwriting lately. Could be something in the water! Many brokers are sitting flush with cash these days and will normally set up to the plate and fund the deal themselves if the underwriter is really being bizarre. Too few deals and too many Realtors tied up in daisy chain deals these days.

speedy · Joined: 06 Apr 2006 Posts: 3

I actually haven't heard from the LO since he passed the baton to the underwriter. All of my contract dealings have been with her. The realtor had called to give her some info and she thought the underwriter was pretty snotty as well. Thanks for your replies, I appreciate it.

chow · Posted: Sat Apr 08, 2006 5:07 pm Post subject:

Speedy, UW's don't talk to client's.

You're talking to the processor. But mrc2 said what is really the key-don't switch within a couple of weeks of closing.

The Wizard · Joined: 02 Apr 2006 Posts: 48 Location: So. Cal

Speedy,

I would ask to see your loan approval, if they can not produce it you may not be approved and you should go look for someone else to get you the financing. If you are speaking to the processor and your information was misplaced it may be that your loan was never approved.