U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-02-2010, 10:40 AM
 
275 posts, read 710,391 times
Reputation: 278

Advertisements

Hi everyone,
I am a first time home buyer in the middle of buying a house. We just had our inspection and waiting for the appraisal. Before I started looking I got preapproval but not the quick one everyone gets. Because of our circumstances, our loan officer submitted our application and all necessary documentation to underwriters. I got a letter from them saying I am approved. The home I end up offering is actually lot less than what I am preapproved for. In any case I am told no problem they'll just adjust the loan. But now they want to see all documents again and yesterday mortgage processor called me at home and at work left a message. I called her back but she is not in today. I am really nervous. We usually communicate through my loan officer which he seemed surprised that she called me. What could be going on? Oh I am applying for FHA loan with 3.5% down.
Thanks a million
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-02-2010, 11:14 AM
 
Location: Salt Lake City UT
61 posts, read 295,774 times
Reputation: 26
A lot of processors don't like to communicate directly with the borrower, but sometimes the processor may have a quick question that s/he felt would be easy for you to answer.

I wouldn't worry about the call coming directly from the processor. If the loan had a serious problem the LO would probably be advised ASAP.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-02-2010, 11:23 AM
 
275 posts, read 710,391 times
Reputation: 278
Thanks Charlesclark, I hope you are right. I thought maybe she was doing an employment check. I guess I'll know tomorrow.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-02-2010, 11:35 AM
 
Location: Salt Lake City UT
61 posts, read 295,774 times
Reputation: 26
About employment checks.

It hasn't happened to me yet, but a friend of mine lost a loan because the borrower got mad at her boss, got another job, and quit the morning of the closing.

Of course the investor had waited until right after she quit before calling.

The processor may have your personal work number as the number of the business, and wanted to get the correct number to call.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-02-2010, 12:11 PM
 
Location: Richardson, TX
11,815 posts, read 18,834,440 times
Reputation: 30907
Where I work the loan processors call the borrowers all the time. It is part of their job. They are the ones that get everything that is required for closing, not the loan officers.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-02-2010, 12:15 PM
 
Location: Plano, Texas
1,675 posts, read 6,644,648 times
Reputation: 694
Same with me Debsi. My assistant processes all the loans i do and he contacts the clients throughout the process to get updated information and anything else the lender may require.

To OP, dont worry about the processor calling, but whatever he/she asks for get it to him/her as quick as possible. The processor will only ask you for what the lender is asking.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-02-2010, 12:42 PM
 
Location: Salt Lake City UT
61 posts, read 295,774 times
Reputation: 26
For me totally different. They want us to be in close contact with the borrower. I know that it isn't as efficient, but that is their way of doing business. It would be interesting to see what percentage of LO's do that part of the processors "job".
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-02-2010, 01:51 PM
 
Location: anywhere
1,730 posts, read 4,294,349 times
Reputation: 1867
Processor here and I try to speak to all of my clients once a day even if just for a little hand holding through the process. Once my LO turns in the loan to me I don't want him getting in the file and messing things up lol.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-02-2010, 01:59 PM
 
29,986 posts, read 39,274,485 times
Reputation: 12792
FHA loan rules have changed significantly and I suspect this is "due diligence" on the part of the loan processor. Be grateful for the communication rather than being left out of the loop just to find out your loan has been rejected for a reason that could have been easily cleared up with a phone call.

Last edited by lifelongMOgal; 02-02-2010 at 02:14 PM.. Reason: spelling
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-06-2010, 11:17 PM
 
Location: Anchorage, AK
73 posts, read 261,925 times
Reputation: 61
Quote:
Originally Posted by charlesclark View Post
About employment checks.

It hasn't happened to me yet, but a friend of mine lost a loan because the borrower got mad at her boss, got another job, and quit the morning of the closing.

Of course the investor had waited until right after she quit before calling.

The processor may have your personal work number as the number of the business, and wanted to get the correct number to call.

Now some lenders have the requirement that they have to call within 10 days of the borrower signing closing documents to verify that they are still employed.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top