As A Loan Originator, Would Your Mortgage Company Have Your Back Like This?

Goal posts always seem to be moving on us loan originators. We work so hard to capture and carefully originate business. The next thing we know, lender overlays, variances in TRID disclosure, changing turn times, or eleventh-hour surprises wreak havoc on our well-laid plans.

These unexpected challenges are devastating to relationships and harmful to commissions. Recently, one of our originators experienced an eleventh-hour surprise on a million-dollar VA loan. The originator itemized lender fees like they typically would for any other lender. Unfortunately, this particular VA lender required the fees to be disclosed on the loan estimate as a 1% FLAT origination fee. They did not permit the fees to be itemized on the loan estimate.

To make matters worse, the lender failed to point out their VA origination fee policy at the eleventh hour, the day before closing! It was too late to make changes or redisclose. Our originator stood to lose over $4,000 in itemized lender fees, and there was a strong possibility that this would postpone the loan closing or extinguish it altogether.

Our loan originator was understandably upset. They felt powerless. The lender’s unique approach was getting in the way of closing a perfectly good loan. Fortunately, our originator had a support team that had their back. They were able to contact the CEO of Innovative Mortgage on a Thursday evening. Innovative’s CEO promised the loan originator that he would take extraordinary measures to resolve the problem and contact them with the outcome that same evening. He started working through the details of what had happened. He connected with the right people to craft a solution. The CEO contacted the originator even though it was past 9 pm to reassure them that the problem had been resolved.

At Innovative, management advocacy, robust lender relationships, and depth of experience make success stories like this one possible. The loan closed as scheduled, and the loan originator’s total commission was rescued.

At Innovative Mortgage Service, we advocate for every client, every originator, and every transaction. For more information about proper VA loan estimate disclosure, check out our blog.

To experience support like this, contact Innovative Mortgage Services today, 727-222-4575. Check out our compensation packages.

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