Actual "closing time" problem. They want me to close by 330PM/funding (loan officer, credit score)
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My RE agent said the mortgage funding company wants me to be physically at closing by 330PM because they need time to review the documents and be able to fund the mortgage the same day.
Only problem is I run a surgery center and there's no guarantee I can get there in time. I told them there's a 80% chance I can make it to closing at their requested time but if there are complications at the surgery center, I will be late. There is no one else who can cover me and it will take another 14 days for them to find a replacement to cover me if I wanted to leave early from work.
I am planning on closing on Friday Feb 27th. The original time I requested was 4PM because this gives me the buffer time to get out the center and it takes me 15 minutes to drive there.
I do not understand this. I told my RE agent, why can't I just sign the papers when I get there at 4pm. I don't care if they do not hand me over the keys until funding takes place. I'm fine with that. But the mortgage company is insisting I sign the paperwork by 330PM so they can FUND the SAME day.
So is this the normal to sign and fund the same day? Can I sign and have them fund the next day? They say this can't be done.
I mean, what's the worst they can do to me? I'm a beyond prime borrower. Making a very large downpayment on a home. They want/need my business. If I'm 15-20 minutes late, what are they going to do? I'm making my best effort I just think these people don't want to work after 5PM. Again I am just very confuse about this signing and funding mortgage on the same day.
Have you explained your situation? Perhaps its better if you reschedule the closing on a day you can make it in the morning.
Yes, I have explained the situation. I'm actually doing the sellers a favor by moving up the moving date from March 3rd to Feb 27th.
I may be 15-30 minutes late. My RE agent knows this. The mortgage company will just have to wait. I doubt they will do anything to me. It's not like I am purposely trying to be late. I do very important work and need very advance warning in order to take off time from work. I just cannot leave the surgery center early..
My guess is that they want to get it taken care of before the first of the month and before the weekend.
We were able to sign on a Friday and we didn't actually give them our closing costs check until Monday morning due to renters being belligerent and not being out of the house. We gave the seller until Sunday night (when we did our walk through) to have their renters moved or else we would not bring mortgage company any money and the signed papers would be no good anymore.
Even though we signed, the mortgage company did not have our portion of the closing costs and so they could not fund until Monday. They really had no problem with it although they did say that if we waited to long to bring in the money we would have to resign and it might have taken a few days to get another signing date.
So yes you can sign one day and not fund until the next. They just most likely want that loan on the books for the month of February.
Why not just schedule the loan to close at your place of employment earlier in the day? If they have to wait in between emergencies so be it. At least this way you can close early enough for the lender to send the wire to disperse the funds that same day. And if you have a title company who will not send out a roving closer than tell your agent to find another one. No one is so busy in this tough time in the industry that they can afford to throw away good business. Shoot, I had a customer close on the back of her car and the Time Warner offices where she worked on her lunch break. And this was back when I was closing thirty loans a month.
I don't know what state your in but I can tell you what happens here in NC as I am a loan officer. On a purchase there is no 3 day right of recission, that is for refinances only. Once you sign documents the attorney must send someone to the register of deeds and record the sale with them. The lender will not fund the loan until it can be shown that the transfer of ownership has been recorded. It is for this reason that they establish a last possible time to complete this the same day. Like yourself they build some buffer time into this. My advice would be to just agree to the 3:30 appointment and get there as soon as you can. Another option which I am not sure if you can do, not knowing your specifics, is give your wife/ husband power of attorney to sign the documents for you. If you make it great, if not no big deal they can get started without you.
Quote:
Originally Posted by aneftp
My RE agent said the mortgage funding company wants me to be physically at closing by 330PM because they need time to review the documents and be able to fund the mortgage the same day.
Only problem is I run a surgery center and there's no guarantee I can get there in time. I told them there's a 80% chance I can make it to closing at their requested time but if there are complications at the surgery center, I will be late. There is no one else who can cover me and it will take another 14 days for them to find a replacement to cover me if I wanted to leave early from work.
I am planning on closing on Friday Feb 27th. The original time I requested was 4PM because this gives me the buffer time to get out the center and it takes me 15 minutes to drive there.
I do not understand this. I told my RE agent, why can't I just sign the papers when I get there at 4pm. I don't care if they do not hand me over the keys until funding takes place. I'm fine with that. But the mortgage company is insisting I sign the paperwork by 330PM so they can FUND the SAME day.
So is this the normal to sign and fund the same day? Can I sign and have them fund the next day? They say this can't be done.
I mean, what's the worst they can do to me? I'm a beyond prime borrower. Making a very large downpayment on a home. They want/need my business. If I'm 15-20 minutes late, what are they going to do? I'm making my best effort I just think these people don't want to work after 5PM. Again I am just very confuse about this signing and funding mortgage on the same day.
Why not just schedule the loan to close at your place of employment earlier in the day? If they have to wait in between emergencies so be it. At least this way you can close early enough for the lender to send the wire to disperse the funds that same day. And if you have a title company who will not send out a roving closer than tell your agent to find another one. No one is so busy in this tough time in the industry that they can afford to throw away good business. Shoot, I had a customer close on the back of her car and the Time Warner offices where she worked on her lunch break. And this was back when I was closing thirty loans a month.
Thanks, the mortgage broker suggested this idea to me today. The closing title company will send their representative to meet me at my place at business at 2pm. I have to do the mortgage paperwork since my wife is not on the mortgage. She will be on the title along with me but my name will be on the mortgage since I am the sole breadwinner and my credit score is in the 800s while hers was only 730. She will still need to sign paperwork acknowledging the mortgage.
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