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I'm a first time home buyer and I'm purchasing a condo townhouse and it has been under contact since August. The seller and I agreed on a 90 day closing date and I started the mortgage loan process with my lender, Chase.
I submitted all paperwork within 24 hours of requests, and cooperated with every request. Well shortly after the underwriting process started, my loan officer says he made a mistake on the locked interest rate and didn't quote it as a condo, but just a townhouse, and they had to change the rate, which will cause it to increase. I fought him on it and he said he will buy down the rate, but I need to be approved first.
Well, I was supposed to close last Friday and Chase calls me last Wednesday to say that they need a hoa questionnaire filled out and the one they had wasn't done correctly. My hoa uses a website to handle their paperwork and refused to give answers. The website charges for this information and chase claimed that they can't get the information. Apparently I was supposed to request and pay for it, but noone told me! After some back and forth chase agreed to pay for it, and I thought I was fine.
Well then they had to have their chase questionnaire filled out and not the generic one on the website so I won't be closing on Friday. Seller agreed to a one week extension and that's it. Chase did the comparison between the two forms and everything was fine.
Now it's Tuesday, my application has been 1.5 days in project approval with no decision. and then it has to go back to underwriting when that's done. My processor quoted me Thursday for closing and now I'm questioning if that will even happen!
Has anyone had this much of a headache with chase? I think this all stems from the first mistake with the interest rate and my lo not realizing this was a condo.
Last edited by Nolegrl88; 10-28-2014 at 10:21 AM..
Acquaintances have unless they had top notch loan officers who were experienced, cared and knew all the ins and outs and alternatives. Sometimes, even at best, it's a terribly uncreative loan officer's fault. Other times, it's the more stringent loan requirements. Still other times, like one I'm involved in currently, it's a loan officer who I think would have to know more just to get through life. Might never have bought or sold herself.
It is a lot of work and I wouldn't want to be a loan officer because I'd have to be a great one and I don't know how the great ones do it. You loan officer should be guiding you expertly through all this.
Acquaintances have unless they had top notch loan officers who were experienced, cared and knew all the ins and outs and alternatives. Sometimes, even at best, it's a terribly uncreative loan officer's fault. Other times, it's the more stringent loan requirements. Still other times, like one I'm involved in currently, it's a loan officer who I think would have to know more just to get through life. Might never have bought or sold herself.
It is a lot of work and I wouldn't want to be a loan officer because I'd have to be a great one and I don't know how the great ones do it. You loan officer should be guiding you expertly through all this.
All the best.
Thank you. Unfortunately, I think my lo is out of the picture. I've been dealing with the processor exclusively and everything else has supposedly been escalated to management and expedited through the process. I don't know what all is involved with this, and I know I'm not the only client, but they're overdue on closing and I don't see why they need a whole week to fix it.
Yes, I'm working with a team of 2 realtors and they are both aware of the situation. Unfortunately, Chase will only speak with me and everyone is on a hold waiting for them to make a decision. My parents and older sister are helping me out with this process as well, but right now I think it's just a matter of Chase dragging their feet.
Apparently the team that is reviewing my application for project approval is in another timezone, 3 hours behind me, which doesn't help matters.
That's true as well. Since that initial outreach though, they've been very helpful. If there were additional questions or clarifications needed, the HOA answered them right away with no trouble. I'm sure the HOA is probably annoyed that the bank is asking them for this so late too. This should have been done a month ago when they found that interest rate error.
Last 2 loans I've used a mortgage broker and it was so much easier than dealing with a big bank. My sister was buying a $750K condo and trying to get a mortgage for $100K and Wells Fargo pretty much screwed the whole thing up and she ended up draining her entire savings to pay cash at closing to avoid losing the condo. I'm sorry, I know neither of these things help and I've been stuck at the the title office in tears at least once in the past due to a major mistake by the lender. All I can say is hang in there, try to be firm but not rude, and I hope everything works out for you.
Last 2 loans I've used a mortgage broker and it was so much easier than dealing with a big bank. My sister was buying a $750K condo and trying to get a mortgage for $100K and Wells Fargo pretty much screwed the whole thing up and she ended up draining her entire savings to pay cash at closing to avoid losing the condo. I'm sorry, I know neither of these things help and I've been stuck at the the title office in tears at least once in the past due to a major mistake by the lender. All I can say is hang in there, try to be firm but not rude, and I hope everything works out for you.
Thank you! I've heard horror stories about Wells Fargo as well. This whole situation is very disconcerting for a first-time-buyer and it makes me not want to go through this again.
Lots of new mortgage lending rules and laws went into effect in January of this year. Banks and lending institutions are still working out the mechanics of some of the new rules & laws and, goodness knows, the mortgage industry regulators are publishing new guidance every other week.
Sometimes working with local lenders is better than dealing with the Big Box Store lenders (WF, Chase, BoA, etc.).
Sorry for your stress and I hope you get to closing without having to sell your soul to get there.
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