Yeah, I’ve seen that happen—my payoff got delayed once because the lender applied my last payment to escrow instead of principal. It didn’t hit my credit, but it did rack up some late fees until I sorted it out. Honestly, you’d think with all the tech these banks have, this stuff would be smoother. Do you ever wonder if they’re dragging their feet on purpose, just to hang onto your money a little longer? It’s frustrating how much we have to double-check every step.
Do you ever wonder if they’re dragging their feet on purpose, just to hang onto your money a little longer? It’s frustrating how much we have to double-check every step.
I get where you’re coming from, but I’m not convinced most lenders are intentionally dragging things out just to hold onto a few extra bucks. From what I’ve seen, it’s usually more about inefficiency and bureaucracy than anything malicious. The systems some of these banks use are ancient, and the staff turnover is high—combine that with a dozen different departments handling different pieces, and mistakes just pile up.
I’ve had my share of headaches with payoff statements and misapplied payments too. One time, a payoff on a rental property in Oak Cliff got delayed because the servicer’s “automated” process kicked my final payment into suspense instead of principal. Took three phone calls and a week to get it sorted. Annoying, but I never got the sense anyone was trying to squeeze me intentionally.
That said, it’s wild how much manual oversight is still required. You’d think in 2024 these systems would talk to each other better, but nope—still have to babysit every transaction. I make it a habit to request payoff statements in writing and follow up with a confirmation call. Not ideal, but it beats getting hit with late fees or having a closing delayed.
I don’t think there’s a big conspiracy, just a lot of outdated processes and not enough accountability. Still, you’re right—it shouldn’t be this complicated. Maybe if enough people complain, they’ll finally upgrade their tech... but I’m not holding my breath.
You’d think in 2024 these systems would talk to each other better, but nope—still have to babysit every transaction.
That’s the part that gets me every time. I refinanced last year and honestly thought the process would be smoother since everything’s “digital” now. Instead, it felt like I was stuck in a game of telephone between the old lender, the new lender, and the title company. At one point, I had to fax (yes, fax!) a document because their portal was down. It’s wild.
I’m with you that it’s probably more about outdated systems than any grand scheme to keep our money longer. Still, I can’t help but wonder if there’s any incentive for them to move slowly—like, do they actually benefit from holding onto those funds for a few extra days? Or is it just as much of a headache for them as it is for us?
Curious if anyone’s found a lender in Dallas who actually has their act together tech-wise. Or is this just the norm everywhere?
At one point, I had to fax (yes, fax!) a document because their portal was down. It’s wild.
That fax bit made me laugh—been there, and it’s honestly surreal in 2024. I’ve seen clients run into the same mess, and it does seem like a lot of these companies are patching together old tech with new. I’m not totally convinced they drag their feet on purpose, but yeah, holding funds even for a few days adds up for them. Still, I think most reps are just as frustrated as we are... just trying to make clunky systems work. Haven’t found a Dallas lender that’s truly seamless yet—if anyone has, I’d love to hear about it too.
Faxing in 2024 really does feel like stepping into a time machine. I’ve had clients get stuck waiting on “wet signatures” too, which just slows everything down. Has anyone actually had a lender in Dallas use a fully digital process from start to finish? I keep hearing promises, but the reality seems different.
