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So we started the process with this lender about 1 1/2 months ago. Our first sign that he was unorganized should have been when he told us he sent the papers for us to fill out and that we should be getting them any day. He supposedly sent them out on a Thursday, and we didn't receive them until Tuesday. The date on the shipping label had that he printed them on Monday, shipped next day. So yeah, the entire weekend was spent with him asking if we got the forms yet, they should be there by now...but apparently they were still on his desk!
That was clue number 1... We knew we had a difficult file with my husband's new job. He's a truck driver, and has been for the last 9 1/2 years, but he was driving locally for the past 5 years, paid hourly. He went back over the road after he lost his previous job of 4 years, so now he's paid by the mile again. He is a w2 employee and the company covers ALL expenses, including per diem, so our lender said he spoke with his underwriters and we'd just need some information from his current company and we'd be good.
Well, for the past month, it's been one thing after another. Asking for the same things over and over again. We have an approval with conditions, but the conditions are due to his current employment. Every week we hear the same thing. "The file is back with underwriting and we should hear back by early next week." Next week rolls around, "I've been working with my management and underwriting management, so now we are turning it into underwriting again. We should hear back next week."
Next week comes (this week) and we were told we'd hear back by Monday. Well, nothing Monday. We should hear back by Tuesday! Yesterday was Tuesday, and after a very emotional email from me, as I am making myself sick with stress as we are already under contract and today is the last day of our option period, he finally tells us that our file was sent to the underwriter on Monday morning, not last week as he previously told us. He is going to call this morning to see what's going on with it. He has told us that he has worked through any issues and that we should be good to go, but we're skeptical because of all the previous lies and crap we've dealt with.
On the bright side, our realtor spoke with the seller's agent, let them know all the crap and stress we've dealt with, and the seller has spoken with his bank, and they are willing to do an in-house loan for us until we have the work history to get a regular loan. It's more down than what we're currently looking at, and we are moving across country, so we aren't taking much with us and the extra money we have is for furniture... Hopefully we hear back today and we are approved without conditions with the lender we've been working with. It's all very, very frustrating...
So to those that are in the mortgage business, what do you think of what he's telling us, that he's worked with the underwriting manager and they have approved our file, then when it went back into underwriting, we should be good? That any questions about our file, the underwriting management will answer and give the okay on? Just stressed and this waiting is killing me!! Sorry for the long post, and I'm sure I left stuff out, lol.
I didn't have a complicated situation like you do, but in our case we also had a lot of back and forth. The file was "in underwriting" according to the processor, but that really meant it was sitting in someone's queue, not that they were looking at it. Every time he'd tell us "you'll hear something by Tuesday", I just assumed he meant the next Tuesday - and that was usually more accurate!
Generally, once you've fulfilled the conditions, as long as nothing else has changed, it should make it through underwriting the second time with minimal problems.
Thank you for the reply. Our realtor is getting really frustrated with this, too. That's why she found us a back up plan, because she knows we really want this house. It's gotten to the point that when she calls me to ask, I don't want to answer because it's the same response we had the week before and the week before that!
I had a truck driver for a buyer a few years ago. Wow, it was hard to get that loan approved. It was harder than a self employed loan. All the reimbursement stuff and the money in and out was very confusing and the underwriters hated it. When it gets this far, there is nothing your loan officer can do, he's just the middle man relaying information from underwriting. You have a difficult loan, and they probably wouldn't scrutinize so much if you had higher credit scores and/or were putting more money down. Right now, you're a huge risk to them and they're making sure they want to run the risk.
Well, our lender just gave us the go ahead to work with the lender that our realtor found. He said he doesn't want to hold us back from getting the house we wanted, and we are still waiting to hear back from his underwriters.
Yep, the new lender already knows our whole situation. We filled out the online application and sent in all our financials already, so we are well on our way to getting this one done. My husband talked to the branch manager for the new loan and feels so much more comfortable with them. :-)
I am not making excuses for anyone, but on the 31st and the 1st, the entire industry (okay 85%); was paralyzed due to a systemwide loan operating system failure. It was bad enough to make Bloomsburg front page news.
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