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Avoid - bait and switch tactics
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We received a preapproval letter from Shawn Buker, who claimed to be a senior loan officer (but is not actually according to the company's website). He claimed to be a specialist in helping self-employed individuals and claimed to know more than the other
five lenders who told us a loan was not possible because we needed 2 years of self-employment to qualify. Shawn told us they were wrong and that only 1 year of self-employment is required per Freddie Mac. Because of these assurances, we moved forward with
the process of buying the home, paying for inspections, etc. Day after day as we waited for the final verdict on our preliminary approval, he gave us excuses for the delay such as "my boss is in a meeting" or "it's expected any minute." But during this time
he never gave us even an inkling that anything was amiss. As a result, we didn't go to other lenders as a backup. Eventually Shawn's answer to us, after our contingency period was up on our home, was that we were not in fact approved, despite our preapproval
that he had given us for well over the purchase price of the house and his many assurances that he would get it done. His ultimate reasoning was that it was a mathematical error, as 2 years of self-employment is required (what every other lender told us).
It's obvious then that Shawn shouldn't be writing pre-approvals until he brushes up on the rules that every other lender obviously knows because we are now in a serious pinch.
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