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I think the entire process would be a lot less stressful if the loam officer communicated! If they tell you, it is going to take several weeks, here os a check list, you will be asked for more documents throughout the process, we pass this to the UW, it can take them a few days, etc. etc. etc! That is all I ask for. I give the same curtesy to my clients. They ask for something, I let them know what is happening.
It seems as if most LO are just asking for documents and not communicating any info.
Hello All,
We found a builder and a home back in March. We officially signed the loan application on March 8. After waiting what seemed like forever, I emailed our LO to see what was going on. I guess my boyfriends BK didnt fall off until 5/8, so our loan was not clearing. Our LO was waiting til 5/9 to resubmit our loan. Umm, I think he could of told us this like a month ago, but whatever we are here now. So, I guess our loan was resubmitted to UW, but now its been almost 2 weeks for that, with no word from LO. No appraisal yet, but the house is still in construction. We have final walk thru for June 23, and our closing date is July 2. Talk about frustrating, stressed out and tired from waiting-waiting-waiting! Im so nervous we wont get this house, and my kids will be devastated.
Hello All,
We found a builder and a home back in March. We officially signed the loan application on March 8. After waiting what seemed like forever, I emailed our LO to see what was going on. I guess my boyfriends BK didnt fall off until 5/8, so our loan was not clearing. Our LO was waiting til 5/9 to resubmit our loan. Umm, I think he could of told us this like a month ago, but whatever we are here now. So, I guess our loan was resubmitted to UW, but now its been almost 2 weeks for that, with no word from LO. No appraisal yet, but the house is still in construction. We have final walk thru for June 23, and our closing date is July 2. Talk about frustrating, stressed out and tired from waiting-waiting-waiting! Im so nervous we wont get this house, and my kids will be devastated.
You have plenty of time to change lenders.
There seems to be an inherent assumption on the part of borrowers that all Loan Officers are the same. The TRUTH is that Loan Officers and Lenders with "the lowest rate" are more likely to disregard service standards because 1) They are making a lousy wage for their work, 2) They are not skilled or experienced enough to offer anything beyond "the lowest rate," and, especially 3) they don't care, and you are just a number.
So much buyer/borrower frustration could be avoided if people inspected potential lenders beyond the minutiae of what they think is "the best deal."
I went with the builders 'Lender' to get the closing costs covered, and it sounded better to stay in house with them. I know, I know, dumb mistake. I honestly was very naive when I started this process. Ive learned alot since pooring over forums, and looking up terms. I guess Im mostly nervous cause I have student loans that are in income based repayment, and im not sure how the UW will figure that in. I know its not their first loan app like mine, but it just makes me nervous.
I went with the builders 'Lender' to get the closing costs covered, and it sounded better to stay in house with them. I know, I know, dumb mistake. I honestly was very naive when I started this process. Ive learned alot since pooring over forums, and looking up terms. I guess Im mostly nervous cause I have student loans that are in income based repayment, and im not sure how the UW will figure that in. I know its not their first loan app like mine, but it just makes me nervous.
That's a very tough situation. Builders get a piece of the action when you use their "in-house" Lender. Therefore, the lender 1) makes less money, 2) is convinced they have a Captured Customer who will not shop them.
If I have occasion to build a home, my first words to the Builder will be "You WILL provide a "deal" identical to that which you provide to the poor souls who use your lender, to me, regardless of which lender I use."
And I'll just keep doing that until a builder says yes.
Thank you. Its hard to really enjoy this experience, having your home built from ground up, and taking pictures and watch it become a home, only to know that it isnt truly your home until the loan has been approved.
Im sure we will find out soon, but this process is so emotionally draining.
Im a mother 3 times over, so if I can go thru pregnancy waiting for a baby, I can wait another week or two for a home loan.... Lol
As an underwriter in the wholesale industry processors and loan officers must be diligent in not only understanding the guidelines but educating the borrowers......Mike is absolutely correct you cannot provide a document to underwriter and think it’s over and done we have to comb those documents asking questions like is it signed is it dated is the address correct are there large deposits is that deduction on their credit report what is the LTV, DTI, and HTI? Is the AUS eligible. Before you give documentation to your loan officer or processor take a look at the LP Freddie Mac or Fannie Mae for conventional or 4000.1 guidelines.......you will find that it is a viscous cycle of finger pointing the borrower blames Loan officer, the lo blames processor, processor blames underwriter and investors hold underwriters and banks accountable for any defaulted loans that do not meet guidelines.....especially in FHA.....HUD is great at this.....just thought I would add this because it truly will take a team to create a smooth process when buying or refinancing a home and the borrower.... needs to know what is acceptable and what is not acceptable according to the investor guidelines......if you as the borrower provide the lo with something that makes the loan ineligible you are then putting their career in jeopardy if you do not know the guidelines.
As an underwriter in the wholesale industry processors and loan officers must be diligent in not only understanding the guidelines but educating the borrowers......Mike is absolutely correct you cannot provide a document to underwriter and think it’s over and done we have to comb those documents asking questions like is it signed is it dated is the address correct are there large deposits is that deduction on their credit report what is the LTV, DTI, and HTI? Is the AUS eligible. Before you give documentation to your loan officer or processor take a look at the LP Freddie Mac or Fannie Mae for conventional or 4000.1 guidelines.......you will find that it is a viscous cycle of finger pointing the borrower blames Loan officer, the lo blames processor, processor blames underwriter and investors hold underwriters and banks accountable for any defaulted loans that do not meet guidelines.....especially in FHA.....HUD is great at this.....just thought I would add this because it truly will take a team to create a smooth process when buying or refinancing a home and the borrower.... needs to know what is acceptable and what is not acceptable according to the investor guidelines......if you as the borrower provide the lo with something that makes the loan ineligible you are then putting their career in jeopardy if you do not know the guidelines.
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