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Using a bad mortgage lender/broker

I'm in the process of getting my first mortgage and after received preapproval from 2 places, a local credit union, and a local mortgage broker.

The reason I went with the broker is the rate was slightly lower, and they were easy to get in contact with, and assured me they were using lenders who went by the lowest guidelines set me Fannie Mae .

I am self employed and I know underwriting can sometimes me a nightmare, so I figured that since the rate was better and the broker made it seem the process would be smooth I should go with the broker.

Well here we are 10 days before closing and I have to say this whole process of using this broker has been a nightmare. Getting any info is difficult because I have to go through one guy, who then has to contact the lenders secretary to get to the correct department.

During underwriting they have me a set of conditions, which I gathered all of the documents quickly and they keep requesting more and more after I've provided everything they are asking for.

Is underwriting and the mortgage process always like this? It's my first mortgage so I don't know if my bad experience is partly due to a bad broker/lender.

This whole process has been a learning experience but I will say this broker kind of gave me a bait and switch. Also the lender has a full ratings on Google, right after the broker assigned me this lender, I searched them and saw a history of red flags with them.

The company is first guarantee mortgage company, their Google reviews are pretty much exactly what I'm going through. Asking for the same documents over and over, not responding for days on end, asking for more and more things last minute,

They are an out of state wholesale lender. Next time I'm going with something local that has at least 60% positive reviews, this is just awful.

submitted by /u/Qppaid14
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source https://www.reddit.com/r/RealEstate/comments/mg416t/using_a_bad_mortgage_lenderbroker/
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