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Old 05-13-2009, 05:29 PM
 
8 posts, read 98,309 times
Reputation: 27

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Hello

I have been reading various threads on delays with the lenders causing the closing dates to be uncertain. I am stuck in a similar situation where the mortgage broker is telling me that he can't tell me definitively when the lender will approve the final loan docs. My application has been approved with all of the last minute contingencies removed. Is this possible? Should'nt the broker be able to tell me roughly how long it will take. The problem now is that I am going to have to move my closing date but I don't know what date it should be.

Anybody shed some light on this? Or is the broker playing games?

Thanks
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Old 05-13-2009, 06:23 PM
 
Location: RSM
5,113 posts, read 17,428,707 times
Reputation: 1892
It seems that somehow the banks get away with fudging on dates on the contracts all the time with little recourse. Happened to me, and I lost a house I was supposed to close on that way
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Old 05-13-2009, 08:48 PM
 
Location: Minnesota
336 posts, read 1,251,622 times
Reputation: 140
I was in the mortgage business for 20 years and heard the things loan officers told their clients. They will just keep stringing you along. I have seen them tell a client that the loan is in underwriting, when it has not even been sent. I never understood why they just wouldn't be honest with them. I preferred to be upfront and tell my customers the truth - that way, you don't have to try to remember what you told them. And they certainly appreciate it. When loan officers screw up, they put the blame on the lender, it gets them off the hook.

I can tell you that underwriting is probably much busier right now and takes longer. Even the reps will tell you that their company can get it done in 48 hours (after the loan is fully documented) when it really takes much longer. Once you truly have a clear to close, they still need time to prepare the instructions to the title company so they can prepare the closing doc's. I think that California may do things different than we do in Minnesota.
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Old 05-14-2009, 03:04 PM
 
8 posts, read 98,309 times
Reputation: 27
Yeah, that has been my suspicion too. No way of proving it though, unfortunately. This guy came back a few days ago and asked that the property be re-appraised!. Upon asking why, he gives me this BS about bank regulations having changed. I refused flat out to pay for the re-appraisal. Most likely he did not check the list of approved appraisers for the lender and now the lender is rejecting the appraisal. Anyhow he backed off and somehow had the lender waive the re-appraisal. I am stuck with this guy because going to another broker would mean restarting the entire process.
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