The reason we went with Veterans United to obtain a mortgage with our new home in Texas was because we had a great experience when we refinanced our home in Delaware. Much to our dismay, our experience with the Texas branch was an extreme disappointment. I will say that our loan officer we primarily worked with (Matt McDaniel) was extremely helpful in answering questions and pleasant. On the flip side, we had several circumstances that left us extremely frustrated with a couple members on the team. One thing that really did not sit well with us was the "Good Faith Estimates" We received several and the closer we got to closing the more the "estimates" jumped... as did the Veterans United fees. One example was one GFE we received stating we would only have to come out of pocket $40.00. The next one received a mere couple weeks later (at most) stating we would need to come up with $2500.00 to close. Meanwhile, for months we were told we would need appx. $1000.00 to close. Once we received the GFE with a jump of almost $2500.00 we called other banks to inquire about what our closing costs would be, every bank was able to give us a concrete answer, leaving us to seriously doubt the business practices of Veterans United and really consider how much of a consequence it is that we are now getting charged all sorts of fees we had never seen before less than a week before we are scheduled to close and are left with no choice than to just suck it up.
It would be more useful if the loan officer knows what papers you need when and lets you know. Any time we would need to get papers he would not give us much warning and seemed that he would need several items the next day with little notice. Also the fax number he gave us was incorrect so we were sending personal information to the wrong place. Also our real estate adgent had a hard time getting a hold of our loan officer when they needed to, which just added frustration to an already complicated process. lastly, it seemed that we would have to say things to our loan officer several times before he would stop trying to push a different issue or he would mix up cases and not remember what was said about what and so we would have to get on his case about issues that he had said he was working on but had forgotten about.
This is our first purchase, so I don't know what we encountered is normal procedure but it would help the buyer immediately after the property is on contract and ready to go into process to provide a list of things that will be needed. This will possible prevent extending the loan contract which may have effect on the buyer. I also encounter repeated request of the same document several times during the process stage.
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Better communication with the loan officer regarding why a most unusual request is being made by the underwriters. Do not leave the loan officer in a "I don't know situation" Angela was great and wanted to supply information when I needed it.
Reduce amount of paperwork if able. It was a long, exhausting process from start to finish. Daniel and Amanda Park were extremely helpful during this entire evolution.
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Communication. Return calls/emails. Let customer know of road blocks. Meet promised deadlines.
