Is everything okay with Countrywide Home Loans?

By
Real Estate Agent with RE/MAX Results

 I ask this question to the ActiveRain audience because I have been having a HUGE troubles with any Countrywide loan officers lately.  I don't think its the loan officers fault, but Countrywide seems to not want to do loans.  Is anyone else having trouble with Countrywide?

I have had three experiences in the last month that have nearly caused a lot of stress (I say nearly because I choose not to get stress, but if I did get stress I would being going crazy.)

1. The house is falling over- Not really- but they blew up an appraisal over a $2000 repair that the buyer new about and it did not structurally cause an issue.  Just something that should be taken care of.  They made it sound like the house was falling over. So we moved and and of course the loan is fine in someone else's hands.

2. I can't find a fax number - I have someone tight on qualifying so we need a VOE to help offset the winter slow down.  They said they sent it last Tuesday.  Friday I find out they did not send it. They needed a fax number and no one would get back to them.  I was upset, and said I would get the fax.  Within 5 minutes I got it to them  Pulse check on Countrywide anyone?

3. Slow follow up - I have a closing that is suppose to happen Monday. They are dragging their feet.  It will be delayed.  Moreover, I don't think they can get it down so they are just not putting in the effort.

So would everyone tell me what they are going through with Countrywide? Is in Bank Of America's affiliation?  Speak!

 

-30-

Chuck Carstensen is a Realtor with The Discovery Team at RE/MAX; helping buyers, sellers, and investors of residential real estate in Isanti, Anoka, Sherburne and Wright County.  He is a speaker and co-author in the best selling book series Wake Up...Live the Life You Love: Your Wake Up Moments (available soon). Carstensen is also a personal development mentor with Success University...where he helps people discover how to be more successful in business, life and health.

 

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Chuck Carstensen is a Realtor with RE/MAX Results in Elk River and Cambridge, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

If you are wondering what Team WUKAR is all about click here and I will contact those who want more info!

Contact Chuck by emailing him at chuck.carstensen@results.net or by phone at 612-290-3809. 

 

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Rainer
1,946
George N. Piandes
Law Office of George N. Piandes, PC - Southborough, MA
MA Real Estate Attorney
Countrywide is not the only one.  A lot of banks just don't want to do loans.  Which leads to the question, why would you be in business to lend people money that qualify and then not give them loans.  IF you don't want to be in this business, then get out.
Apr 09, 2008 07:43 AM #1
Rainer
69,709
Kathy Fisher Sells Lexington TN homes! 731.845.3413
Five Star Real Estate Services - Lexington, TN

Good morning Chuck!  I have really tried NOT to use Countrywide as of late but I did have a deal that another agent had brought me on one of my listings that blew up with them right before closing.  Then they wouldn't get the guy a denial letter so he could get his earnest money back.  Nobody seemed to care about that guy, he was homeless because he had already given notice on his rental and had $500 he couldn't get to...My sellers finally just signed off on his earnest money with no letter.  ATLEAST they cared!

Kathy Fisher 

Apr 09, 2008 07:57 AM #2
Rainer
320,761
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC
Its tough out there. We now do our loans in house. Country wide and all lenders are tight!
Apr 09, 2008 08:05 AM #3
Rainmaker
262,325
Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent

I avoid CW at all costs these days, but a lot of lenders are putting the broker through the steps.  They have all put us under the bus as the reason we are in this mess.  But, we are not the ones that created the loan products. 

 

Apr 09, 2008 08:17 AM #4
Ambassador
1,478,014
Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

My preferred lender is a CW guy.  I think they are so busy they do not know their head from their tails.  We just had an auction here and CW was the preferred lender (as I believe it was their properties). 

All lenders are tight right now so little blips with appraisals and such are not unusual.  Gotta cross the t's and dot the i's TWICE so we don't find ourselves in the same predicament.

Apr 09, 2008 08:55 AM #5
Rainmaker
563,007
Lindsey Hasford
Coldwell Banker Vision - Elk River, MN
I've heard a lot about that with CW too, but haven't experienced it as of lately. Sorry about all the trouble.
Apr 09, 2008 09:15 AM #6
Rainer
4,970
Shannon Whitley
RE/MAX OAK CREST REALTY - Plymouth, IN
RE/MAX OAK CREST REALTY
It is rough out there, deals falling through with every lender I think. I don't think it is just CW.
Apr 09, 2008 09:19 AM #7
Rainmaker
737,342
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert
I agree its tight with all lenders. I feel they are tighter. I think the LO's with them would admit that if they could.
Apr 09, 2008 09:35 AM #8
Rainer
109,094
Karen Luke
South Metro Property Management, LLC - McDonough, GA
Henry County Real Estate
You know I have to agree with the first guy who commented, George. If you don't want to do the loans, then get out. 
Apr 09, 2008 09:44 AM #9
Rainer
14,243
Joan Wexelbaum
Luxury Mortgage - Ridgefield, CT
That's why you are better off using a mortgage broker - we can select from many, many banks that have the best products and programs that can meet each individual's needs. 
Apr 09, 2008 08:43 PM #10
Rainmaker
737,342
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert
Joan- I totally agree. 
Apr 11, 2008 04:46 PM #11
Ambassador
1,290,876
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate
I have never had an easy Countrywide deal. Our local agent here went off my "recommended" list years ago, because she (1) ignores phone calls/faxes in the middle of a deal--no communication with agents (2) gives great Prequal letters -- that frequently don't qualify later and (3) the mortgage commitment letter, when you get one, has a dozen stips on it--including verification of income and other items that should have been checked early on in the deal. I never use Countrywide
Apr 11, 2008 05:56 PM #12
Rainer
149,544
Steve Homer
The HBH Group (Keller Williams affiliate) - Round Rock, TX
Countrywide came so close to needing a bailout after all the bad loans they originated in the last 4 years (since they service so many that they originate), that once B of A bought them I wondered what sort of restrictions would be placed on them.  I suspect B of A is keeping them on a VERY tight leash since that is the way they do business anyway.  I am sure Countrywide is probably a painful place to work at present.
Apr 14, 2008 05:18 PM #13
Rainer
18,725
Sue Riley
RE/MAX Four Corners - Van Alstyne, TX
GRI

I have recently had a bad experience with Countrywide. They did not reply to phone calls, did not send the emails they said that they would and then when my buyer client did get them on the phone were quoting huge amounts needed for escrow etc.

Needless to say it made me very nervous and I suggested to my client hat he talk to someone else. I called a loan officer that I have done business with previously and he responded immediately and has worked with them to get the loan approved.

I am not sure what the deal is with Countrywide but I will be concerned if a client is going to use them in the future,

Sue

Apr 14, 2008 05:34 PM #14
Rainmaker
391,037
Elizabeth Cooper-Golden
Huntsville Alabama Real Estate, (@ Homes Realty Group) - Huntsville, AL
Huntsville AL MLS
Chuck, I prefer Countrywide over most other lenders. I've dealt with them for over 7 years and I have never had a problem. My lender has in-house underwriting, which makes  a HUGE difference, in my opinion. Yes, they are crossing more T's and dotting more I's, as all lenders are right now. My local lender is fabulous.
Apr 17, 2008 08:23 AM #15
Rainer
55,557
Doug Fritchie
DOUG FRITCHIE-Silver Legacy Properties,Inc. - Portland, OR

Chuck,

  My experience is that ALL the large Mortgage companies are being so overly cautious that they are tripping over their own slowness.

Apr 17, 2008 10:24 AM #16
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