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Old 11-10-2009, 09:05 PM
 
8 posts, read 38,821 times
Reputation: 19

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I've been trying to close on a 203k Streamline Mortgage since July 09. The mortgage is being brokered by Weichert Financial/Mortgage Access through M&T Bank Wholesale.

My sales contract was written to closed in 45 days. Not once did my broker disclose that this loan would take twice that amount of time to close (it may even be thrice by the time it completes).

The last time I was this frustrated was trying to deal with Insurance companies after a Hurricane flooded my house.


There have been issues with the "new" appraisal - the lender questioned the comp choices. The lenders request didn't make it through to the appraisal company - they are using a 3rd party Solidifi - I had to call Solidifi to get it moving. My realtor emailed the appraiser directly asking if they had received the request - they hadn't. That was a week of lost time. The latest is that the lender is still requesting a market trend - the mortgage broker doesn't know why. I can see the reg change that requires the addendum. Can't the processor and the appraisal company?

This whole process just seems fraught with negligence - any chance of a lawsuit?

I'm thinking of pulling my story together better and sending it to the Media Outlets.

If the hope for REO properties that have been damaged is to direct people into the 203k program then we are all screwed.

I'm open to all suggestions.
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