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I have a pretty bad loan officer in my opinion. My loan was supposed to close this Friday and I am 9 weeks into my process. I am just trying to get an understanding of what is going on and what to expect. I have a pre approval. The appraisal came in good. My credit score is about 640. The last I heard on last Wednesday is that is was in underwriting review with the lender. What's next? Am I looking at several more weeks before closing?
USDA takes time. Not sure what part of the country you are in, but when the lender is done, the file goes to USDA and they review it. As a government agency, they are, of course in a constant state of backlog.
9 weeks is a long time. You may indeed have a bad loan officer, or you could have a great loan officer with a lousy processing situation.
I found the company online. They claim to help people with financial past problems . I filed for bankruptcy over 4 years ago due to divorce and loss of a job. They have every piece of supporting documents and I have always submitted documents with 24 hours. I'm just frustrated. I ask for answers from the LO and get nothing. It took them almost three weeks before I was signing an application although they said that I was preapproved. I live in Michigan. They stated that RD is running about two to three days to process. I'm just fed up with waiting and getting no answers.
29 weeks must have more of a story to just being 29 weeks in process. Credit rescore?
And it's hard to say what the issue is with 9 weeks. When did you turn in your last document to the loan officer? I can almost always track back a delay back to the applicant. Waiting on tax transcript because they just filed taxes........or waiting for gift..........or need to verify funds in account to close.
The typical flow is turn in everything and order appraisal.........send all to underwriter.....underwriter approves and issues conditions.......they spell out what conditions (if any) will hold up a submission to USDA. Most of the time the processor will submit to USDA while borrower works on conditions of loan approval. USDA issues approval. All conditions from borrower sent to UW for the clear to close. Everyone lives happily ever after.
Sorry, I am not the borrower, but rather the seller. the borrower says the lender is at fault. How could I know? I am not familiar with anything but conventional mortgages.
The buyer says the lender (USAA) is at fault. who can I trust?
This has been 30 weeks now. I don't trust either party.
Sorry, I am not the borrower, but rather the seller. the borrower says the lender is at fault. How could I know? I am not familiar with anything but conventional mortgages.
The buyer says the lender (USAA) is at fault. who can I trust?
This has been 30 weeks now. I don't trust either party.
Why have you not cut them loose? 29 weeks is way beyond lender. What does your Realtor say? How have they let this go on for so long?
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USDA gone bad
