Basically here's the issue.
I'm a Realtor and Licensed Mortgage Broker. Our officer received a call from an interested party looking at a property we had listed. Since that day was my floor duty I took the lead. The potental buyers were a military couple that owned 6 horses and were going to be relocating the my area from several states away.
Since they were so far away I went to the residence in questions and took several photos, uploaded and sent them to the buyers. They loved it and had already been working with a lender on the deal. Before submitting a contract I contacted Nathan Toler at Acceptance Capital, after several calls and messages I got a call back. He assured me the buyers were in good position to purchase a home and would send me a pre-qual letter. (No letter showed up.) My buyers next day aired the earnest deposit of $1000.00 and a contact was executed on the property.
According to the contract we needed a letter from the lender within 5 business days. Both myself and the borrower contacted the lender several times and on the 5th day just before close of business the letter showed up.
Next even though the buyers were military the lender wanted to go FHA instead of VA so an FHA appraisal was ordered and paid for. The day the house was looked at by the FHA apprasial I got an email from the lender saying "I don't have the apprasial yet?" I told him the common knowledge that it takes a few days for the report to be put together and he should have it in 3 days.
-Now the lender is fully aware that the appraisal was paid for and the buyers have military orders to be moved by the 15 of December. The military has already set up a mover to come and pack them up, title has been ordered, the apprasial has been done and after December 15 the buyers will be homeless with 6 horses and no place to live-
The day after the FHA appraisal was completed the lender calls the borrower and said maybe we should go VA.in panic the borrower calls me in tears looking for answers. I called the lender and he gave me some Bu* S*it excuse about how all the sudden new judgements were showing up on title and it's not his fault.
Without hesitation or care he agreed to send me a credit denial letter. (still waiting on it)
I contacted the borrowers and asked them to please finally listen to me and call my broker friend who's been in the same area and business for ove 25 years. Immediately she looked at the credit report and said she had no idea how Nathan Toler with Acceptance Capital was going to get this loan through and basically it looked as though he was stringing them along and had overlooked several things costing the borrowers $450 for the FHA apprasial plus $100.00 for the reinspection plus $125.00 for the title work.
Alright that's the story in a nut shell with other factors that I didn't mention.
This isn't a once issue it's in my opinion a very very young and inexperienced lender working for a broker and waiting until the underwriter looks at his work before knowing if a deal will go through. He has no care about other people's emotions and should not be allowed to work loans without someone checking his work. Nathan Toler more than likely can't even fill out a complete 1003.
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