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!

 

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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).

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

 

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countrywide home loans
financing issues
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Comments 16 New Comment

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Ambassador
1,200,789
Erica Ramus
MRE, Schuylkill County PA Real Estate
Erica Ramus - Ramus Realty Group - Pottsville, PA
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
April 11, 2008 05:56 PM
Rainer
149,456
Steve Homer
The HBH Group (Keller Williams affiliate)
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.
April 14, 2008 05:18 PM
Rainer
18,725
Sue Riley
GRI
RE/MAX Four Corners

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

April 14, 2008 05:34 PM
Rainmaker
391,280
Elizabeth Cooper-Golden
Huntsville AL MLS
Huntsville Alabama Real Estate, (@ Homes Realty Group)
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.
April 17, 2008 08:23 AM
Rainer
55,557
Doug Fritchie
DOUG FRITCHIE-Silver Legacy Properties,Inc.

Chuck,

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

April 17, 2008 10:24 AM
Anonymous
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Chuck Carstensen

Minnesota Real Estate Expert
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Additional Information

I help buyers, sellers and investors with their real estate needs. In this blog I post my listings and give real estate, social media and personal development tips. I enjoy giving people tips, suggestions and hints that can improve their business and life.