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Old 09-14-2008, 06:49 PM
 
9 posts, read 14,864 times
Reputation: 10

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Dear Brokerdave and Rcarillo,

Thanks for the tip how to get the required copies of Tax Returns.
I am learning something everyday...

The reason why I want to get a denial is another broker (I know him only from E-Mails) promised me to get the same 15 years loan for 5,875% (i.s.o. locked 6,25%). The loan officer at WaMu told me it is not easy to get away.

thanks again
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Old 09-14-2008, 08:54 PM
 
Location: Cary, NC
1,036 posts, read 3,627,833 times
Reputation: 503
Quote:
Originally Posted by Austrian Tourist View Post
The reason why I want to get a denial is another broker (I know him only from E-Mails) promised me to get the same 15 years loan for 5,875% (i.s.o. locked 6,25%). The loan officer at WaMu told me it is not easy to get away.

Ummm... its easy to get away. Say "no thanks" and move on.

Of course, a loan officer making promises by email might just be feeding you a line. Until they have an underwriters approval there is no guarantee that the same issue won't come up. A loan officer can make promises back and forth, but the underwriter has to sign on the bottom line.

That is why on any questionable item like this I always offer full disclosure to the underwriter and ask up-front if it is acceptable. It is not 100% either, not until the whole file is in and approved, but it is better than my opinion on a matter.

Now if WAMU is charging you an application fee or commitment fee that is non-refundable if you withdraw that is different. They might only give it back if you are denied, so check with them on what you would owe (if anything) if you were to cancel your application. I don't know many banks or brokers that would penalize you for withdrawing... they would be unhappy and try to keep your business, but they should not penalize you.
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Old 09-14-2008, 09:44 PM
 
9 posts, read 14,864 times
Reputation: 10
Dear RCarillio,

He told me that only the 350 USD appraisal fee is not refundable but he also told me that the Bank locked in for me and reserved money from market....
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Old 09-14-2008, 10:35 PM
 
Location: Cary, NC
1,036 posts, read 3,627,833 times
Reputation: 503
Quote:
Originally Posted by Austrian Tourist View Post
Dear RCarillio,

He told me that only the 350 USD appraisal fee is not refundable but he also told me that the Bank locked in for me and reserved money from market....

That is correct. Another lender *may* be able to contact the appraisal and get it reassigned for a small fee, usually $50-100. It depends on the rules in your state, the lender and the appraiser.

If they locked in the rate it is a sort of commitment and its nice to hear someone that tries to honor that, but there is nothing binding you to them. If there is no lock in fee and if they can not deliver they need to understand that you have to review your options. There is no hard in starting with a new lender and if the bank comes through cancelling the other loan.

If the broker does come through, you can always close with them at the lower rate. However, as I mentioned you might run into the same problem at both places. Best to know as quickly as possible and look at other options than to drag on thinking you can refinance.

It is a complicated situation, you might need to talk to a higher interest rate "non-conforming" or foreign national product.
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Old 09-14-2008, 11:40 PM
 
82 posts, read 281,805 times
Reputation: 14
There are closing costs involved too. You probably have to set up a new escrow account and pay title insurance, per diem interest, usually about $1,000 in lenders fees and possibly points. Until you have a commitment I wouldn't order the appraisal. Esp. with WAMU in the news. Even before this I never deal with them. They are horrible on the broker end...
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Old 09-15-2008, 04:08 PM
 
9 posts, read 14,864 times
Reputation: 10
I wrote them to get the copies directly from IRS. Here is the answer from WaMu;

[SIZE=2]We use form 4506-T only to audit the loan file after the loan closes.[/SIZE]
[SIZE=2]To meet a tax return loan condition, we collect the tax returns from the loan applicant[/SIZE]
[SIZE=2][/SIZE]
[SIZE=2]Thanks[/SIZE]
[SIZE=2](Name deleted)[/SIZE]
[SIZE=2]Banking Loan Consultant[/SIZE]
[SIZE=2]Washington Mutual [/SIZE]
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Old 09-15-2008, 04:11 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,965 times
Reputation: 249
then you will have to specifically request copies to be sent to you and then you send them to WaMu
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Old 09-15-2008, 04:18 PM
 
9 posts, read 14,864 times
Reputation: 10
Thanks
I will have to do it as they want..
also be prepared for pay-off if I can not re-finance...
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Old 09-15-2008, 06:34 PM
 
82 posts, read 281,805 times
Reputation: 14
what are the interest rates on your properties? Are they all fixed rate? Have you figured out that WAMU is not going to give you the loan? This is not a loan that you can really shop because you are going to get hammered at the closing...

Last edited by mortgage king; 09-15-2008 at 07:08 PM..
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Old 09-17-2008, 09:30 PM
 
82 posts, read 281,805 times
Reputation: 14
if u can close with a point or less do it with wamu...
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