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.
If you've read any of my posts, I've been living in Limbo Land, waiting for my settlement. Was supposed to happen 8/27, then 8/30, then 9/10, then 9/15. So yesterday I was told the only item left to be signed off on was the quality assurance review of the appraisal and that it should be no problem. Closing Wednesday. Today I'm told that QA saw some discrepancies in the appraisal. No projected closing. My lease is up...um...TOMORROW! I was supposed to be out by end of August but the landlord agreed to extend it. When I was assured we would close no later than 9/10, I extended it to the 15th, thinking that would give me plenty of time. I'll have to extend it again, but I'm not even sure what date to give them. And they will not extend it any further than the end of September. Frustration is at an all-time high and I can feel the ulcers developing.
I would have guessed direct bank. Brokers can usually provide better service but hind sight is 20/20.
A friend of mine works for Bank of America. They are required to lock all loans on 90days as it is taking them that long to close loans. I get all of my clients loans closed inside of 30 days.
i closed with BAC. What a process. They don't have enough people to process their documentation. The rep in NC flat out told me. She was working 60 hours a week, and they still couldn't close in 60 days. They pushed us down to the wire and asked me for the same documents multiple times. It was frustrating but i guess relatively ok.
The big box banks are a mess.....you're competing with their modifications taking place, even though they are different departments, it's just the same personnel re-shuffled. Not much hiring for the workload. Not all banks are this way. The smaller, regional banks have the best of both worlds. They approve and close in their own names (without prior investor approval) and they can broker (investor approves and closes loan. In both instances, they can be very competitve.
Last edited by SmartMoney; 09-17-2010 at 07:36 PM..
Yea... it is a sad world out there right now. To make things worse, many, many loan officers at banks have no training, real estate license, or experience. So getting answers from them is horrible. A lot of people say brokers are bad because they have no control over their loans... which, is partially true. But at least (in CA anyway), they have some RE experience and the only way theyre getting paid is making sure the loan goes through!
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.
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.
