Hiya BetterMost friends.
Holy Hell!! It was hot here yesterday, almost to 100 degrees, and we'll have the same weather today. Yuck. Thankfully, the air conditioner is working in the building, but I'd love to see the power go out for a bit....just sit here in the dark and do nothing and get paid for it.
One of the guys I work with drove me crazy yesterday. I'll try to keep it brief.
We're currently working on a renewal and the original appraisal for the property used as collateral for the loan is 8 years old. The RM on the account (Dennis) wanted this appraisal evaluated, to determine it was still good.
I completed an Appraisal Request Form, checked the box that says "evaluation", and sent it via email to the proper department. Not much later, Dennis shouts to me from his cube:
Dennis: "Chuck, why am I getting an email about an appraisal for "X"? I didn't want a new appraisal.
Chuck: "the form we use is a generic form called an Appraisal Request Form, but I checked "evaluation".
*pause*
Dennis: "Ok, but why did she send an email titled "appraisal request"?
Chuck: "because she titled the email after the title of the form, Appraisal Request Form."
*pause*
Dennis: "But I didn't want a new appraisal on the property."
Chuck: "I know. the form we use is a generic form called an Appraisal Request Form, but I checked "evaluation".
*Pause*
Dennis: "Ok, but I didn't ask for an appraisal."
Chuck: "Dennis, for the 4th time in 5 minutes, the form we use is a generic form called an Appraisal Request Form, but I checked "evaluation". A new appraisal was not ordered. If you want to ask a 5th time, go for it, but the answer won't change."
People are getting frazzled here now that the end of the renewal season is coming, and I have a very strong suspicion that a few of the lines will go past maturity and get "locked". I just sent two documentation requests up yesterday afternoon. It can generally take 3 - 4 days to get new docs. That takes us to Tuesday June 26th. We haven't been given any word yet on the "cut off" time to send up packages to Loan Ops to get them renewed, but that can also take up to 4 days, so I'm willing to bet they'll tell us the cut off date will be June 26th. This means that if I get docs on the 26th, they need to get to the customer on the 26th, and then sent up to the Loan Ops area on the same day.
NEVER GONNA HAPPEN!
On top of that, I have three deals that haven't even been approved yet, so docs haven't even been requested yet. I don't want to know what the customers are gonna do when they hear their lines are locked and funds can't be taken. The only option the customers will have is to fully extend the lines, taking all the money out before 6/29, and holding it in their checking accounts until the lines are renewed properly. Of course, they'll be charged interest on the money they borrow.
However, before anyone thinks this is unfair, a lot of the delays are caused by the customers themselves. When I gave Mandy my detailed description of what I do during renewal season, I had posted this as one of the steps:
I have to review their reporting requirements as stated in their loan documents. I need to make sure they've submitted their current taxes, financial statements, and any other financial reports they need to submit.
That step above is part of the approval processes, and we can't move forward until we get these from the customers. If there is any delay, it holds me up from doing what I need to do to get to the other steps. A lot of times, the customers are very late in getting this to us. Tax day is April 15th. There are times we don't get financial stuff from the clients until June 15, a full two months after the fact. Thankfully, we have a few customers who get their stuff done promptly, and send us their financial stuff as early as the beginning of May.
Topic: Cellar Scribblings (Read 9008507 times)