Chicago Financial Services

Bad Loan Officers

Some people in the mortgage business just don’t get it.  Some loan officers are just bad.

When a buyer is looking for a loan to buy a new home, the real estate agent will usually refer the buyer to a mortgage professional.  The real estate agent wants the buyer to have a good experience getting the mortgage and the buyer needs the loan.  It’s about experience, reputation, honesty, communication, and some loan officers just don’t have it.

Here are the biggest complaints about loan officers:

1. Lack of Communication

Some loan officers don’t understand the importance of returning phone calls.  There should be a constant flow of information.  The borrower needs to know what is going on, if they need to do anything, if there are any issues, if there are any changes, and when to expect the mortgage to close.

Communication with the real estate agent can be important as well.  This person has brought you in as a professional and deserves the consideration of being kept in the loop.

A good loan officer treats everyone with respect.  That means that you return phone calls promptly.  You can’t leave people in the dark.

2. They Don’t Deliver what they Promise

The old bait and switch!  Some mortgage companies will lure in buyers with programs and rates that the buyers will never qualify for.  Then, the buyer is hit with terms and costs at the last minute by surprise.

If you give someone a GFE, it’s supposed to stand for “Good Faith Estimate”.

To give these guys the benefit of the doubt, maybe they don’t know what they are doing.  The result is the same if it’s due to dishonesty or incompetence…the buyer isn’t getting what they were promised. Nobody is looking for surprises in the mortgage process.

3. They Don’t get it Done On Time

The process can be complicated and issues will come up.  It takes expertise and experience to anticipate and deal with issues so they don’t derail the mortgage process.  Time is money, so delays can hit those involved financially as well as become a huge inconvenience.

Chicago Financial has in-house underwriting.  We’re not just going to tell you “it’s out at underwriting, so I don’t know what’s going on.” All aspects of the residential lending process occur in-house at CFS.

We offer wholesale funding.  We’re not shopping around of some financing that might fall through.  We pre-fund our closings, so no one is ever waiting around for funding to come through.


There are specific horror stories of loan officers not getting the job done, but basically, it’s about honesty, communication, expertise, and hard work.  CFS Mortgages strives to be one of the best residential mortgage bankers in Chicago and differentiate ourselves from other mortgage lenders because of our boutique size. All aspects of the residential lending process occur in-house at CFS. This allows for industry leading turn times and a prompt completion of each transaction.