LOs Not Convinced On New loanDepot And Chase Mortgage Products
Both loanDepot and Chase Home Lending have developed new tools to streamline the closing process, ultimately saving borrower time and cost. However, loan officers don't seem too convinced on these products.
LendingLife news reported loanDepot's announcement of a new digital mortgage that can identify ways to save borrowers time and cost in just seven minutes. Meanwhile, Chase Home Lending shared claims of being able to close on a borrower's mortgage in as little as three weeks, according to HousingWire.
The announcements came with some heavy-hitting comments from LOs who have their own opinions on what the closing process should be.
"More marketing schtick! I’ve been originating loans for over 33 years. In that time I’ve moved 4 times. With two dogs, a teenager, a working spouse and a very busy life, I can’t imagine why anyone would want to even think about moving in 21 days, much less 8!" said one broker in a comment to the LendingLife report.
"Every originator and Realtor knows when human beings are in the process of buying a home and moving they go from a rational level headed existence to an emotional roller coaster. We leave the tea-cup ride at Disney and head directly to Space Mountain. Now we want to suggest they do so and bring all their belongings with them? I tell Realtors all the time. Schedule a 45 day close and be prepared for the smoothest transaction, great results, happy clients and future referrals. I can close in two weeks now. It’s a carnival show every time. The homebuyers and sellers are stressed not so much do to the process, but due to compressing their lives into a ridiculous window of time. Hell it takes me a couple of days to find my car keys sometimes, you want me to move my family in 8?? Thanks but uh, no."
That's just a sample of some of the comments in response to the report. To see more reactions and learn more about the products from loanDepot and Chase Home Lending, click on the image above.