Help, my mortgage is being held hostage! (loan officer, fees, refinance)

[ilovebdj]

I had applied for a loan through Ace Mortgage in Orlando on June 20. On June 30 they closed their doors. No calls, no nothing. I am in the middle of buying an REO and have to close quick, so I went to the next mortgage broker. I'm going through FHA.

Mortgage broker #2 calls me to say that my FHA file number is still through Ace, even though I wrote the lender a letter stating they closed. Apparently their Jacksonville branch is still "working on it". I finally received a call from Ace, from two different high-pressure salesman. I told them I had to take my loan elsewhere as I needed to close quickly and couldn't deal w/ the drama of having my file being moved, not to mention to zero communication.

Both of these gentleman have told me that it would take a couple of days to release my FHA file number. I know that this is actually just a click of the mouse, according to some friends who are mortgage brokers.

My loan w/ loan officer #2 is now at a stand still. It has been five days. On the one hand I'd like to call Ace at Jacksonville and give them a new rear, but again I don't want them to stall this anymore than they are. They keep saying, "We can close in two days, it's a done deal!" (Lie: they haven't even ordered the appraisal yet!) What can I do to speed this up, and is this common practice in the industry?

Thanks.......

[renriq02]

You have to make sure you send it IN WRITING.
They dont have to comply if you just call them.

You can email them, and cc a copy to your current LO, and to HUD.

In the email write that you have been waiting for days/weeks, and they refuse to transfer it. THEY have to transfer it if you put it in writing. If you incurred any fees with ACE then you have to pay for it before they transfer it.

You can also call HUD directly, and they can issue a new case #.

It takes 'seconds' to transfer a case #, BUT if they dont have access to FHA Connection, then it take weeks. NOT EVERYONE has access to the FHA connection

Originally Posted by ilovebdj

I had applied for a loan through Ace Mortgage in Orlando on June 20. On June 30 they closed their doors. No calls, no nothing. I am in the middle of buying an REO and have to close quick, so I went to the next mortgage broker. I'm going through FHA.

Mortgage broker #2 calls me to say that my FHA file number is still through Ace, even though I wrote the lender a letter stating they closed. Apparently their Jacksonville branch is still "working on it". I finally received a call from Ace, from two different high-pressure salesman. I told them I had to take my loan elsewhere as I needed to close quickly and couldn't deal w/ the drama of having my file being moved, not to mention to zero communication.

Both of these gentleman have told me that it would take a couple of days to release my FHA file number. I know that this is actually just a click of the mouse, according to some friends who are mortgage brokers.

My loan w/ loan officer #2 is now at a stand still. It has been five days. On the one hand I'd like to call Ace at Jacksonville and give them a new rear, but again I don't want them to stall this anymore than they are. They keep saying, "We can close in two days, it's a done deal!" (Lie: they haven't even ordered the appraisal yet!) What can I do to speed this up, and is this common practice in the industry?

Thanks.......

[ilovebdj]

Thank you for your reply. I did put it in writing the first time, and the second, and the third.....ha ha. I finally had to get my attorney to draft a letter to them. Not TEN minutes after she faxed the letter, voila! Phone call from Ace stating my FHA file number was released.

I just don't see how the mortgage industry can be run like this! I know that they are desperate for more clients, but this will drive clients away.

[rcarrillo]

Originally Posted by ilovebdj

Thank you for your reply. I did put it in writing the first time, and the second, and the third.....ha ha. I finally had to get my attorney to draft a letter to them. Not TEN minutes after she faxed the letter, voila! Phone call from Ace stating my FHA file number was released.

I just don't see how the mortgage industry can be run like this! I know that they are desperate for more clients, but this will drive clients away.

So true, but some people in this business look at short term sales and not long term business. They would rather bully and push the person that is closing tomorrow than do the right thing to establish credibility and trust.

Up until it was easy and "sales people" could always find someone else looking to buy or refinance. As business becomes slower, those that are offering true value and advice to clients will be the ones to survive.

Good to hear you got it taken care of, there is no reason they should have put you through that.