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Old 07-08-2014, 08:55 PM
 
1 posts, read 1,875 times
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Hello all,

I just wanted to see if you some of you could give me some insight or experiences. My husband and I started looking for home back in April and we finally found one. Right away we started getting all paperwork for our broker, bank statements, W2, tax documents, student loan papers..ect. We have given them (broker and company) several times. Then they come back with that they need to verify my husbands employer, i believe this is standard, and so then the broker calls me that they haven't gotten the verification in a few days. My husband then calls his employer and they state they have already done so. So then broker calls back after my husband requested information again from employer telling us that he got the papers he needed and he is very thankful. This happened twice by the way. So our original closing date was June 25th, and we have changed our dates twice already. He is telling us that its the paperwork, and its only going to get worse from here?!!! We have to close by Thursday since our lease is up (it was up last week but we asked for an extension, there goes another 400 dollars). And he still responds with MAYBE Thursday. WTH?!! And the sellers have also told the broker that they will only wait until Friday or they are pulling out of the contract! Is this normal? We have already been approved by the underwriter, at least that is what the broker says, but then today he says that they are finalizing the approval??


Thanks everyone who responds
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Old 07-08-2014, 09:21 PM
 
Location: Seaford, Delaware
3,471 posts, read 17,269,773 times
Reputation: 2625
I will assume you are talking about the mortgage broker. Since the housing crash in 08, mortgage companies have gotten totally anal about getting all the information and documents correct. This has created mass confusion. The confusion is the brokers because they do not know the new rules or how to comply with them.
I have heard many horror stories of closings being postponed several times for documents. I don't know exactly what you can do except call the broker 2 or 3 times a day to see what the status is currently.
It's extremely frustrating but it should go to closing. The broker makes no money if the deal fails. The failure will be the brokers fault....not yours.
I'm not a broker, I used to invest in properties but gave it up because of the severe frustration in getting properties to close.
Dig your heels in and push the broker.
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Old 07-08-2014, 09:24 PM
 
Location: San Antonio, TX
11,160 posts, read 20,451,301 times
Reputation: 26433
Some brokers can get it done fast, others can't. When we bought our house, we closed in a week and everyone was surprised. I could tell the people at the title company were annoyed at having to do it quicker than usual but I was glad it got done so fast.
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Old 07-08-2014, 09:31 PM
 
Location: San Antonio/Houston
37,966 posts, read 55,724,604 times
Reputation: 89645
I am not sure, but looks like the broker is playing with the time. Maybe he got a better offer?
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Old 07-09-2014, 06:27 AM
 
1,128 posts, read 789,028 times
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We went through this mess as sellers. First, we only wanted to accept pre-APPROVED buyers, but were told by our realtor that it's rare to "do it that way since the housing crash". So, we accepted a pre-QUALIFIED. Went through inspection, survey, and two weeks before closing, her financing fell through. Apparently part of her income couldn't be verified. I can't tell you how burned we felt. We had lost three weeks of the busiest military move time.

We did get another contract fairly quickly...they were also pre-QUALIFIED. This one closed, but the local mortgage broker, who is a loser, was still faxing papers over AT the closing. We left after ours were signed and the buyer sat there until 8 p.m. when the loan finally funded. The buyer apologized and was livid with the broker, too. Very stressful as we were moving two days later.

I know when we look to buy a home, we are pre-APPROVED. It's good for 90 days and saves everyone headaches. Next time we sell, we will ONLY deal with pre-APPROVED buyers.
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Old 07-09-2014, 06:47 AM
 
Location: San Antonio
7,629 posts, read 14,375,850 times
Reputation: 18706
FYI, these kinds of "issues" are not problems exclusive to those trying to purchase a home, but even to current homeowners who are trying to refinance their current loan.

We opted to refi to the super low rate and to make our mortgage a 15 yr vs 30. When I called Wells Fargo (not the institute that we initially used, but the one the loan got "sold to" as those things go), they were all peaches and cream....Oh, no problem, never missed a payment, excellent credit rating, VA insured, NO PROBLEM, we will just send you a few pieces of paper to sign and we will have it all taken care of....HA! YEAH, RIGHT!!!!!!

They ran us in circles for 3 months only needing this "one last piece of paperwork for the underwriter to approve everything"....ONE was actually a statement from Chase stating we HAVE NO BALANCE ON THIS CREDIT CARD!!!!! They would not accept the last statement (6 month ago when we paid it in full) but wanted a "monthly statement that was current". Do you realize how much trouble it is to get a bank to write you a statement on a credit card you owe nothing on???!?!? They don't SEND statements on 0 balances. Besides, what is to stop me from getting that "statement" and going right across the street and MAXING THAT CREDIT LIMIT OUT??!?!?

Anyway, long story short I told the lady, look, you and I both know that rates have continued to go down, we have excellent credit and this is your last shot, either get it approved or I walk away and work with another lender and you loose the loan YOU ALREADY HAVE when we refi with someone else and all that time/effort results in no payout for you...and Poof, it happened.

If this happens on a loan they already own, and already have responsibility/risk taken on, I can only imagine the A$$PAIN they are putting new buyers threw.

BTW, I asked a dear friend of mine in the banking business WTH in making things so difficult and she said look, you shorten the amt of time they get to collect interest (15 vs 30 yrs) AND a lower interest rate...and they already have the loan so there was no "incentive" for them to make it happen until I threatened the loss of the loan all together.

Live and learn...I wish you well in finishing your purchase. Once completed, I am certain you will be pleased with your efforts.
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Old 07-09-2014, 07:01 AM
 
Location: San Antonio
1,259 posts, read 1,762,408 times
Reputation: 1362
Quote:
Originally Posted by Paka View Post
FYI, these kinds of "issues" are not problems exclusive to those trying to purchase a home, but even to current homeowners who are trying to refinance their current loan.

We opted to refi to the super low rate and to make our mortgage a 15 yr vs 30. When I called Wells Fargo (not the institute that we initially used, but the one the loan got "sold to" as those things go), they were all peaches and cream....Oh, no problem, never missed a payment, excellent credit rating, VA insured, NO PROBLEM, we will just send you a few pieces of paper to sign and we will have it all taken care of....HA! YEAH, RIGHT!!!!!!

They ran us in circles for 3 months only needing this "one last piece of paperwork for the underwriter to approve everything"....ONE was actually a statement from Chase stating we HAVE NO BALANCE ON THIS CREDIT CARD!!!!! They would not accept the last statement (6 month ago when we paid it in full) but wanted a "monthly statement that was current". Do you realize how much trouble it is to get a bank to write you a statement on a credit card you owe nothing on???!?!? They don't SEND statements on 0 balances. Besides, what is to stop me from getting that "statement" and going right across the street and MAXING THAT CREDIT LIMIT OUT??!?!?

Anyway, long story short I told the lady, look, you and I both know that rates have continued to go down, we have excellent credit and this is your last shot, either get it approved or I walk away and work with another lender and you loose the loan YOU ALREADY HAVE when we refi with someone else and all that time/effort results in no payout for you...and Poof, it happened.

If this happens on a loan they already own, and already have responsibility/risk taken on, I can only imagine the A$$PAIN they are putting new buyers threw.

BTW, I asked a dear friend of mine in the banking business WTH in making things so difficult and she said look, you shorten the amt of time they get to collect interest (15 vs 30 yrs) AND a lower interest rate...and they already have the loan so there was no "incentive" for them to make it happen until I threatened the loss of the loan all together.

Live and learn...I wish you well in finishing your purchase. Once completed, I am certain you will be pleased with your efforts.
The lesson being, Go to someone who will financially benefit from the transaction rather than the one you have diligently kept faith with.
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Old 07-09-2014, 07:50 AM
 
Location: San Antonio
7,629 posts, read 14,375,850 times
Reputation: 18706
ABSOLUTELY WilGar!! If ONLY I had not been so naive and believed the "oh, too easy since we already hold your loan" spiel to begin with. HOPEFULLY sharing this will help others looking to refinance and realize that it is not always in the best interest to say, "Hey same great rate so I'll take the easy route".
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Old 07-09-2014, 08:06 AM
 
5,631 posts, read 6,441,344 times
Reputation: 3608
I am so glad that my house is now paid off.
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Old 07-09-2014, 09:55 AM
 
Location: San Antonio
898 posts, read 1,247,770 times
Reputation: 771
Quote:
Originally Posted by ShaneSA View Post
Since the housing crash in 08, mortgage companies have gotten totally anal about getting all the information and documents correct.
We built our house several years ago right during the midst of the financial crisis (Lehman had just melted down).
Closing was an absolute nightmare.
When we had built our first house a dozen years before they barely looked at our paystubs and W2's, but in November and December 2009 when we were trying to close on our new house the banks had locked down credit to the point that the closing process was VERY painful.
My wife and I both had great credit scores, money for down payment from sale of first house, etc but they kept asking us for more and more information, and dragged the process out.
It finally got to the point where our builder just let us move in the house before closing.
After we finally did close, the lender called our employers several days later and re-verified our employment, even though we had already closed and moved in.

And that is the reason that I despise banks. They are either loose with credit and will give it to anybody, or they'll go to the other extreme and not want to lend at all. There is no middle ground where they lend money in a sensible manner.

Last edited by chud; 07-09-2014 at 09:55 AM.. Reason: grammar
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