Glen K. (.
2/5
23 years in the mortgage industry have NEVER felt compelled to write a bad review for a lender.
A combination of poor communication and management response the firm's my decision to keep this review in place.
I chose first circle because they're better in MIC pricing and mid level in risk for construction financing.
I had conversations with the business development KW and a review of their policy suggested that this application was a reasonable fit for first circle.
A further brief verbal discussion in August with the underwriter JP indicated it deal they would concider the application.
Unfortunately the interaction with first circle failed to be timely clear and consise... Effectively wasting everyone's time.
As a result of those two star review SC said I have been blacklisted by first circle. I heard "Take down the review and we will tell you what we don't like about the file".
I had submitted a deal for $1.7 million construction mortgage which has a finished loan to value less than 50 per cent.
Mission British Columbia a big executive home on a small acreage in an executive subdivision.
We've been following up for a week and getting simple or no answers. It was supposed to go to committee on Monday night and only went to committee yesterday morning. Tell me it is delayed... Up dates by voice mail from the Underwriter" Call me" or and email " I left you a message call me" is poor communication.
... a few extra seconds to type some more words in the email or leave in more detailed voicemail would have Very reasonable and what most lenders do.
Examples of what I expectged (these suggestions were shared with Mgmt at FC)
FC " We might be able to do the deal but Management has some concerns please call me I know you need to get this deal approved"
or
"Glen, sorry This deal is not quite right for us if you want to call me we can go over the parts that are just outside our tolerances we will be declining this deal"
If it takes too long to type that then please use the voicemail.
... Using voicemail "call me" is not sufficent and wastes time.
... If you need to put more details in an email voice to text...
I called Management SC and Informed him that I'd left a Google review with a reference to the poor communication and delays
SC stated that he felt the communication was adequate and that I have not submitted a funded deal to them in the last five years as some justification for the light communication.
I asked on behalf of ALL brokers that they improve their communication and gave the examples above.
SC told me that I was the problem in the communication and don't have any problems with other brokers.
Simple clear communication "yes we're going ahead but we have problems we need to resolve" or "no we can't go ahead" is all I was looking for. And when you can't get to the file tell me the broker that you're not going to get back to me for two days because you're swamped...
There is a learning event on a area for improvment. We're all busy we all make mistakes. I make mistakes all the time but I own them and will tell people SORRY I made a mistake I could have done better.
Mortgage brokers we want to know if a application still has a chance with a MIC lender or if the lender can't see a fit for them to get to that quickly and say NO.
There are many lenders we can take applications to and if the application is not a fit for this particular lender it's probably going to be a fit for another.
Where there's time it's greatly appreciative of most brokers to know that strange versus relationships part of this one that's okay.
