What is going on with all the cancelled orders

[OSU Beavers]

This week I have had five cancelled and three postponed until the lender approves something with the borrowers.

Is it just me?

 

[Karl]

You the only one??? Nope But it is a new concept in lending!!!!!! They're actually now verifying IF the Borrower has more than a PULSE prior to lending money.

 

[Riick]

This week I have had five cancelled and three postponed until the lender approves something with the borrowers.

Is it just me?

Yah.. it's you.. and not even your Best Friends will tell you why. <>

It's been happening to me since the beginning of the year.
Borrowers are nervous, and Oh My G-d, have to put up money in order to go for a refinance ... can you imagine the Gall of those Lenders!?

I have now reinstated old policy of doing exactly NO work prior to appointment being set up.

 

[OSU Beavers]

I have a feeling that Skippy is stealing my orders by calling the lender back and guaranteeing a value sight unseen after it has been assigned to me. I just had a borrower call to say that they are going with another appraiser who does not require COD. That's six total!

 

[Riick]

^^^
RIGHT ON Mr. Homeowner!
And iffn he don't like the number that appraiser comes up with, he'll call another one.
The Guy with the best number actually gets paid; everyone else gets practice.

 

[OSU Beavers]

I guess I'll use my spare time to update MFWL. Switch that expensive Mothers Day dinner to a bucket of KFC.

 

[Pamela Crowley (Florida)]

I guess I'll use my spare time to update MFWL.

I thank you!

I'll hope for more than KFC for this Sunday, though.

 

[Bama Bayou]

I get a few of these. They agree to the deal COD, (reluctantly) and then see if they can find a sucker to do it on spec. If they can find one they cancel. Sometimes they call back in a few weeks with the "other appraiser didn't work out" stuff. Which of course means that the UW thought the appraisal was BS and now they need a real one.

I always have to laugh at that though. All it cost me was a couple of two minute conversations and I end up being paid COD.

The moron does the appraisal on spec, the UW or reviewer sees right through the number hitting, and he/she don't get paid. But I do.

These people won't be around for much longer.

 

[Ray Miller]

I have a feeling that Skippy is stealing my orders by calling the lender back and guaranteeing a value sight unseen after it has been assigned to me. I just had a borrower call to say that they are going with another appraiser who does not require COD. That's six total!

Yep, get a few of those. They shop find the appraiser who will charge the least, will do it in one hour and bill. More power to them.

 

[xmtpedprl]

Good grief, it's not you. We get 10 to 20 'orders' a day, but 50% are canceled due to this that, or the other. I'm betting it's credit most of the time, and value second (at least for us). We won't promise it, and I think many still do, so we often get cut after the order is placed.

Dave...