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I informed my mortgage broker that I wanted to refi under the new fha streamline rules 7/7. She said things could move slow and I ended up having to make my August payment. I emailed her last week and she said it hasn't even been to underwriting yet.
I think I am going to have my make my September payment. If I do this refi is going to have cost me $500 bucks since my payment is dropping $250.
I asked her if her company could provide any remedy since delays on their end are costing me money and costing them nothing but she said they could not .
If I make my September payment I am going to start shopping around again.
I think I am going to have my make my September payment. If I do this refi is going to have cost me $500 bucks since my payment is dropping $250.
I asked her if her company could provide any remedy since delays on their end are costing me money and costing them nothing but she said they could not .
If I make my September payment I am going to start shopping around again.
I started my streamline refi in Feb. I received conditional approval in March. I decided to wait until after June since my loan had originated before June of 2009 and it would keep my MIP low like it is now. So I started the whole process again in early June and I'm still waiting. My mortgage broker didn't even have to tell me I'd be waiting a while. Doing research myself I found that most places that are doing streamlines are backlogged (especially with a combination of lower MIP for loans originated before June/09 and today's low rates). If I'm still waiting, you are way back of the line behind me.
So, when you took the loan out you intended (or at least the bank made the loan on the intention) on paying for the house for 30 years at that rate and payment. What's another month or two?
There's this pesky little regulation that has us (lenders) doing backflips to get loans approved (or declined) within 30 days of application. If we hit day 28 and there's no approval, we flip thru the file to see what we could say is the hold up (haven't received updated paystub, verification of funds). The a NOI (notice of incomplete application) is sent out to the customer.
Now, last I heard FHA Streamline is still a loan application, but I could be wrong (for this criteria). You could send the Consumer Financial Protection Bureau an email and ask them if FHA Streamlines are required to issue a credit decision within 30 days. Not as an angry consumer, but more like, "I heard somewhere that loan applications must have a credit decsion in 30 days. Does that also apply to FHA Streamline loan applications ("application" is a key word after the word "Streamline")? I'm betting that will light the fire under someone's arse (but only if you copy them in the email). You have nothing to lose.
Let us know what happens.
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