Is Bigger Better, Really?

I say this is because all companies are looking for those economies of scale which let them centralize their operations and overhead. Herein is one of the problems with the National Lenders like Wells Fargo, Bank of America and even SunTrust. They all want a certain portfolio of client and therefore will compete real hard for Market Share. However, when the client doesn't fall into that specific hole then they are of little value to that company any longer. Additionally, because these operations centers are centralized, there is no one who has direct ownership of your file as there is with the smaller more local lender. The file can languish in underwriting for countless weeks, even months. It can be suspended for any reason and there is often no communication back to you or even the representative as to why that is.
The solution is to deal with local lenders who have in house underwriting. What I mean by this is that although they are not of the same size as the Mega Lenders they do offer to be much more responsive service and are usually much more vested in the community. Also, because they are underwriting the file directly, they can often be a little bit more creative or flexible given what the criteria is for submittal and approval.
If you really want the best deal and want to get your deal done much more quickly then seek out those who are well organized and have an operational procedure for dealing with their work flow. How do you know? Ask, because just because someone says that they have in house underwriting doesn't mean that they can do it efficiently. Do not be afraid to ask specific questions about different scenarios and how would they handle it.
Remember time is money. If you are doing a refinance and BOA gives you a .125 better rate or saves you $500 on lenders fees but it takes twice as long to close then what is the true pay off? If you save $15 per month but it cost you $2000 more to do that refinance because you were in that rate for a month longer, what was your payoff?
It’s just a thought. Remember that Value does have a price and that good is not cheap and cheap is not good.