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Old 06-21-2011, 03:40 PM
 
18 posts, read 116,575 times
Reputation: 23

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I have been with my current employer over 3.5 years. Recently, I signed a contract on a condo and applied for a mortgage. The mortgage was supposed to close more than a week ago. Due to an inefficient processor, the close was delayed and is scheduled for this Friday. The problem is I start a new job on Monday. The lender/ processor called to verify my employment today and instead of HR simply saying yes she works here they told the lender of my impending resignation. So what I though was a mortgage that was CTC has been reopened. Underwriting is saying that they require 30 days of salary for a new job. I provided them with a copy of my offer letter. My issue is my salary is stable, Im just changing employers. Nevertheless, 30 days means Im screwed and have lost the house. No real question, just venting. Has anyone gone through anything similar and figured out a way to still close as scheduled.
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Old 06-21-2011, 07:36 PM
 
4,567 posts, read 10,594,447 times
Reputation: 6725
Its likely you will loose the house. Next time dont change jobs in the middle of an offer.
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Old 06-22-2011, 06:39 AM
 
Location: MID ATLANTIC
8,643 posts, read 22,792,393 times
Reputation: 10461
I can't tell where you are ......or know what kind of loan you are seeking.....but depending upon those answers, there are work-arounds. The latest Desktop Underwriting update removed the 30 day paystub requirement, so you need someone that doesn't have overlays.

What state are you in? What kind of loan are you seeking?

I would have more of an issue with the employer. They are asked if you are still working there, period. (or as least suppose to) Go ask for the exact conversation that took place. Any volunteering of additional information is a violation of your privacy. I'd take a trip down to HR once you had some answers.
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Old 06-28-2011, 02:01 PM
 
Location: 92037
4,630 posts, read 10,234,402 times
Reputation: 1955
Quote:
Originally Posted by ac 2011 View Post
I have been with my current employer over 3.5 years. Recently, I signed a contract on a condo and applied for a mortgage. The mortgage was supposed to close more than a week ago. Due to an inefficient processor, the close was delayed and is scheduled for this Friday. The problem is I start a new job on Monday. The lender/ processor called to verify my employment today and instead of HR simply saying yes she works here they told the lender of my impending resignation. So what I though was a mortgage that was CTC has been reopened. Underwriting is saying that they require 30 days of salary for a new job. I provided them with a copy of my offer letter. My issue is my salary is stable, Im just changing employers. Nevertheless, 30 days means Im screwed and have lost the house. No real question, just venting. Has anyone gone through anything similar and figured out a way to still close as scheduled.
Well first off, you should have told you loan officer prior to even going forward with the new job, but thats besides the point.

Depending on the loan you have makes a difference as well.

The former HR dept by law (depending on state) is only able to verify your emplyment status. Any other info they may give they should have, nor should the lender be using it as leverage for their decision should it go south.

Call you LO and tell them the story,
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