The Big Bad Banks…Who’s Wearing the White Hats?

The big banks these days do not have many fans, especially among Realtors.  Do a Google search on “Short Sales Suck” and you will see what I mean.  We all have our war stories like the one about the bank that foreclosed on a house after a 5 month short sale “review” only to flood the property once thye took Title.  The bank ultimately sold the home for $107,000 less than the short sale offer.  Or the one about the $130,000 deal that took 13 months for bank approval – at least they didn’t flood that one when it was over.  Yeah, there are thousands of these stories in addition to the outlandish bonuses, the bailout money wasted, and on, and on, and on. 

But I was reminded recently that even though banks may be viewed as public enemy number 1, the people that work there, the people in the trenches, don’t necessarily fall into that same category. 

One of my current clients, let’s call him Joe the Buyer, works for one of the big banks that everyone hates.  I won’t use any names – we don’t want Joe to get into any trouble.  You see, Joe is trying to buy a house.  It has been tough because Joe, works about 14-16 hours a day 6 days a week.  As his Realtor, it’s pretty challenging to work with a client who is like a phantom in the night.  But we found Joe a home and somehow we are pulling all the pieces together.

I asked Joe how things were going during one of our very rare person-to-person meetings.  He said thing are better now that the end of the month is over.  The end of the month in real estate is insane because the closing of loans becomes more time-sensitive, especially these days when so many bank deals are delayed due to administrative loonyness.  Joe mentioned that his bank has a back-log of about 25,000 applications and each rep is working with about 100-110 borrowers.  That’s crazy!!  When I asked him how things have been since President Obama announced the latest program to help homeowners, he started to look a little pale.  I know from the banks I work with that since that announcement, it is been chaos, as banks have been flooded with requests for loan modifications.   But in the end, Joe said, I will do whatever I have to keep my job.  Joe has worked at the bank for several years, so I would think as an experienced member of the team he would be appreciated. No matter who you are , if you do not make your quotas, there’s the door.

Joe’s description of the work environment reminds me of the old Viking ships, with lines of rowers being made to row faster and faster – whips cracking over their heads, sweat pouring off their brows.  I have sensed the fatigue in other bank employees that I have talked to.  Take, for example, the analyst at a bank where I am trying to negotiate a short sale.  She called me at 7AM Saturday morning to chew me out for calling her 3 times on Friday.  “I assure you I know how to do my job, but thank you so much for the suggestion in your message”, she said in her message to me – and not in a nice way, let me tell you.  When I called her back, I explained that I have been trying to reach for over a month since she last told me to expect a decision within 7 days.  She has not been returning my calls.  When I talked to Customer Service, I got a different story every time. And on Friday, the rep I talked to was so PO’d at me she transferred back to the analyst.  (At least she didn’t hang up on my like some of the reps do!)  So I really only called you once on Friday, I explained, but with the new phone system (post Obama announcement) and a ticked off rep I ended up at your extension  3 times.  “Oh…I am really sorry”, she said.  This gal was just beat up – probably working a lot of 14-16 hour days herself.

There is a LOT of finger pointing these days as people seek a target for their anger.  Justifed anger, I have to agree.  But some these guys in the trenches are just doing their jobs.  Following the marching orders of the big wheels who ran these banks into the ground, yet, even with a “salary” of $1 per year, still somehow manage to bring in more in a year the salaries of every teacher in my son’s elementary school combined.  These are the people who can reach out to borrowers qualify for a mortgage so they can buy a new home, or help them keep their current homes by restructuring thier current loans. And while they are working 14-16 hours a day to accomplish that, hopefully a few of them, like Joe, can receive the same benefits they are extending to others to buy a home or keep the one they have.  Remember, they are the good guys!

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