Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I close June 27th and the financial contingency is this Friday (20th).
A little back story.
-May 5th, they sent me a package with everything... it had the wrong loan amount.
-May 12th or so, they sent me another package with the right information. I signed and filled everything out and sent back.
-June 5th, about a month later, I get a call saying that I am missing some disclosures that were included in the first packet (which they said to junk) and not included the correct package. Luckily, I saved the first packet, figured out which forms I needed and scanned them to my Loan Officer (per her request).
-June 6th, I re-forward the email asking the LO if she received the disclosures. No response again.
-June 16th, I get a call asking for the disclosures... I re-forward the email for a third time.
-June 16th, they ask me to sign another paper. I do it within the hour and send it back.
-June 18th, today they ask me about a cable company pulling my credit and a previous bank that pulled me credit back in December of 2013 (before I went with this lender), I explain which each was in email per request. The email also asks about 2 former addresses (not my 2 recent ones), one of which is my parents house, which I call home.
For the past week I have been asking everyday via both email and phone calls "How are we looking?" "Any closer to the mortgage commitment letter". And everyday for a week it was "today or tomorrow" "looking good, nothing to worry about" and "we never miss a deadline". Verbally over the phone I confirmed and she said 100% we would meet the deadline on the 20th. This was before I got the email today asking about the credit report and my other 2 housings.
My credit is in the low 800's, appraisal came back fine, but now I'm getting worried that they are not going to meet the deadline. Is a Loan Officer a salesperson that will just say "yes, yes, yes" even though they have zero control? That's what I'm worried about, that I'm being lied to, that we're fine.
I can't see myself extending. I have no short-term housing options available and if they said I had to extend I would have to opt out via my finance contingency... which I don't want to do but I see no other choice. I have to be out my current rental house June 31st. He already has new tenants lined up because weeks ago I was told I would be all set and had nothing to worry about.
Well five "today or tomorrows" later... here I am. Should I call and ask to speak to her manager and inform them that I can't extend the deadline and hope they follow through with her promise?
I close June 27th and the financial contingency is this Friday (20th).
A little back story.
-May 5th, they sent me a package with everything... it had the wrong loan amount.
-May 12th or so, they sent me another package with the right information. I signed and filled everything out and sent back.
You should have moved to another lender two business days after they did not correct the loan amount, you lost a lot of time here, and it would seem that their lack of responsiveness, or ability, was sufficiently displayed.
-June 5th, about a month later, I get a call saying that I am missing some disclosures that were included in the first packet (which they said to junk) and not included the correct package. Luckily, I saved the first packet, figured out which forms I needed and scanned them to my Loan Officer (per her request).
Is this a bank or a broker? Name the Lender.
-June 6th, I re-forward the email asking the LO if she received the disclosures. No response again.
-June 16th, I get a call asking for the disclosures... I re-forward the email for a third time.
Another ten day lag with no decisive action from you. You were still in control at this point.
-June 16th, they ask me to sign another paper. I do it within the hour and send it back.
-June 18th, today they ask me about a cable company pulling my credit and a previous bank that pulled me credit back in December of 2013 (before I went with this lender), I explain which each was in email per request. The email also asks about 2 former addresses (not my 2 recent ones), one of which is my parents house, which I call home. This is normal.
For the past week I have been asking everyday via both email and phone calls "How are we looking?" "Any closer to the mortgage commitment letter". And everyday for a week it was "today or tomorrow" "looking good, nothing to worry about" and "we never miss a deadline". Verbally over the phone I confirmed and she said 100% we would meet the deadline on the 20th. This was before I got the email today asking about the credit report and my other 2 housings.
My credit is in the low 800's, appraisal came back fine, but now I'm getting worried that they are not going to meet the deadline. Is a Loan Officer a salesperson that will just say "yes, yes, yes" even though they have zero control? Is a borrower someone who forfeits all critical thought when they enter into a Mortgage Lending scenario? Is everyone in every job exactly the same? Do you get what you pay for? Did you interview more than one lender to assess reliability? Why are you asking this question six weeks after their first fumble?
That's what I'm worried about, that I'm being lied to, that we're fine.
I can't see myself extending. I have no short-term housing options available and if they said I had to extend I would have to opt out via my finance contingency... which I don't want to do but I see no other choice. I have to be out my current rental house June 31st. He already has new tenants lined up because weeks ago I was told I would be all set and had nothing to worry about. Having dealt with these issues for six weeks, at some point it becomes incumbent on you to change lenders, extend, work something out, make something happen, do anything besides wring your hands and wonder. It's clear that your Lender is not great. Prepare contingencies now.
Well five "today or tomorrows" later... here I am. Should I call and ask to speak to her manager and inform them that I can't extend the deadline and hope they follow through with her promise?
Name the Lender and the city you are buying in. Name the location of the branch of the Lender. This will allow (us) to provide optimal advice.
I know I had instances where my loan processor would request certain documents. I would fill them out, scan them, and email them directly to her. I would then call her and verify with her that she received the documents. Everything went extremely smoothly with my loan process and closing. I am with USAA and I highly recommend them.
I would rather not be delayed for an unknown amount of time and spend 150+ a day for a hotel. Plus I'd have to pay for moving twice and then get storage for all my things.
Pfhtex may be a bit harsh, but there are some valid points. Changes are you went with a big box bank, someone the industry is well aware of known delays. Sure, there are the 10% at these locations that sail through without missing a beat, but most are not this way and buyers suffer the black hole mentality of these institutions.
Keep with you at all times all documents received for your signature, as well as, copies of your supporting documents (bank statements, pay stubs, w2's, etc), both turned in and subsequent.
Depending upon where you are and how you found this lender to apply with will determine the advice for the next course of act. That said, you MUST escalate this morning - as in now and start heading up the supervisor ladder. Provide decisive time lines - "if I do not have what I need by the close of business TODAY, I will be filing complaints with ________, ______ & _______. "
But without knowing where your loan is, we can't tell you what agencies and names goes into those blanks. From what you are describing, the last minute push is being made to get the file to underwriting. We just need to get your file to the front of the line.
I would rather not be delayed for an unknown amount of time and spend 150+ a day for a hotel. Plus I'd have to pay for moving twice and then get storage for all my things.
It really seems like you'd rather whine than act.
I asked you the name and branch of the lender.
There is such a wide variance in Operations for banks and brokers that this information is very important, if you actually want help. People here could help you hone in on how to handle it, down to phone numbers and emails of Regional or National Directors of Sales & Ops.
I know I had instances where my loan processor would request certain documents. I would fill them out, scan them, and email them directly to her. I would then call her and verify with her that she received the documents. Everything went extremely smoothly with my loan process and closing. I am with USAA and I highly recommend them.
Better procedure: fill out the forms, scan them, email them, and ask for a confirmation receipt from the processor BY EMAIL. Those verbal confirmations may have made you feel better, but were virtually meaningless.
PS I'm a USAA fan too, but found their mortgage rates higher than others when I needed those services.
I would rather not be delayed for an unknown amount of time and spend 150+ a day for a hotel. Plus I'd have to pay for moving twice and then get storage for all my things.
Actually, most moving companies will not charge you for moving twice and will store the stuff for you, especially if it's only a few days.
I explained to them this morning via email that if I didn't have a letter of commitment by today then I would not be extending the contingency and would instead scramble to find rental housing (with short-term housing not being an option for me). She confirmed I would have it via email. Around lunch time I got the letter.
I personally believe they would have had it done regardless, but at least it is done now.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
