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Hi and thank you for taking your time to read my post.
Alright, so I won't bore you with my long story so I'll try and make it short. I have finally come to the end of this mortgage process (or so I think). My loan was on hold due to a title issue which has now been resolved. This is 5 months later so just imagine my headache at this point. So, once the title issue was resolved all that was needed was a few updated things like the appraisal and pay stubs and so on and was told that once all that was in my file would go in for final review.
So, everything was in Monday and I mean early Monday because the Appraisal showed up during the weekend. So, here I am on Thursday and we were supposed to close today but have yet to hear anything from the underwriter. I mean seriously? How long does it take to review a file and send it on it's merry little way? I mean, ok, I know my file is not the only one the underwriter has but come on...they have had it on their desk for over 5 months and now everything is ready to go so what's the hold up? I know it has nothing to do with me because all conditions have been met and they are not asking me for anything so again since Monday and no word? How long do I have to wait? Sorry...I had to vent. You would think after five months of having my file they would want to get rid of it. Wow! I don't even know if at this point I can close on Friday since once I get clear to close turn around time is usually 48hrs. I can't take this anymore...so, close and yet so far!! God help me.
Oh, and one more thing that worries me is that when I got the appraisal back when we were waiting on the title search there were two things that the appraiser pointed out that I guess did not meet fha guidelines ( a damaged roof on a detached garage) and an electrical wire was touching a pipe or something along those lines. Anyhow, the underwriter didn't have an issue with it because nothing was said back then. Now, my fear is...what if he/she didn't even bother to look at it back then since we were still waiting for title? What if after a week it comes back to hunt me? I would be really upset because this could have been something that could have been taken care of while the title issue was being resolved which took months! Anyhow, I wish the underwriter would at least respond to my processor since so far she/he is not responding at all. This is soooo aggravating! It's my second time going through this and I must say both times have been a complete nightmare.
Oh, and just in care...my file is pretty simple and straight forward. I have good to excellent credit and I have been at my job for almost 6 years making a decent living. So, my file is not a toxic one at all. If anything I would think it's one the underwriter would want to get done. I'll just have to continue to wait.
Well, I guess this ended up being a long story after all.
And in case in matters I am going with Freedom Mortgage.
If you think about the volume and workflow of a mortgage Operations department: Title issues are known to be cumbersome, and Title issues can kill a deal. So they stop spending man hours on the file - because, if the Title issue kills it, there are no fees that the mortgage company has earned, they have worked for free, and if this kind of thing happens a lot, they eventually have to raise their prices.
So - when the revised and repaired Title came in, somebody saw the file for the first time in a long time, and just went alllll the way through it fresh. It sucks, but can you see how that might make sense?
Hold on tight, I'm sure they want it for month-end!
If you think about the volume and workflow of a mortgage Operations department: Title issues are known to be cumbersome, and Title issues can kill a deal. So they stop spending man hours on the file - because, if the Title issue kills it, there are no fees that the mortgage company has earned, they have worked for free, and if this kind of thing happens a lot, they eventually have to raise their prices.
So - when the revised and repaired Title came in, somebody saw the file for the first time in a long time, and just went alllll the way through it fresh. It sucks, but can you see how that might make sense?
Hold on tight, I'm sure they want it for month-end!
Yes, it makes sense and I'm hoping I can hear something by tomorrow (Friday) so I can close by the beginning of next week. I just wish the UW would at least respond to my processor and let her know something instead of just blowing her off. If I had an idea when I would hear back it would make things easier but instead all I get is, "I have not heard anything back from lender yet". This is a little frustrating. But I guess it's part of the deal...there is nothing I can do but just sit back and wait for some news.
buying with 3.5% down and the governments help......you deserve to be in pain.
Wow...that's funny and very ignorant of you since I am not buying with 3.5% down and I am not receiving any money from the government to buy my house. Unless you are referring to the loan being fha. If that's the help you are talking about then that's different but at the end of the day I am the one who will pay every cent. But why would I bother wasting much time on you, anyhow. You are probably the type of human being who goes around trying to find people to stomp on.
Go back and look at your appraisal. Find the page where it shows the comparable sales put on a grid.
Look down at the very bottom of the page. The last section will give few options as to how the appraisal will looked at by underwriting.
One of the options is " as is". The other two are " subject to". If your report says " as is", you're likely good to go from the appraiser's point of view. If it says " subject to", you have a problem. The "subject to" will give you the items that need to be fixed prior to closing.
Hopefully, all is OK from the appraisal standpoint. But it's also possible that the underwriter put appraisal requirements on the back burner because they weren't ready to proceed until the title issue had been cleared.
Also, do you have a written mortgage committment of some sort ? What does it say on there ?. Are there any issues that have to be addressed that haven't been met yet?
Okay, let's be real here....everything in your file was seriously out of date, including your Truth in Lending and GFE documents. You probably had to relock, too. So, all was turned in on Monday. Are you aware what is required by the processor to get the file in shape for UW? Yes, it should be ready in 24 hours, but Mondays are the worst day of the week for them. After all weekend, everyone's calling, they are working with calls with pent up demand between 9 and 11 am, not to mention the spur of the moment crises that can derail an entire staff. Were any of the individuals anywhere near the critical weather that hit our country? Or was anyone down with the flu?
But here's more reality....The same underwriter may not be the same one that reviewed your file 5 months ago. And even if so, I can guarantee they remember nothing about you. But what makes things tenuous, it's a new world of scared underwriters afraid to put their number on an approval under the new QM rules. By any chance did anyone have you sign new paperwork over the weekend?
The bottom line - turning your updated docs on Monday and expecting a clear to close (on Wednesday) for a Thursday close is not reasonable for a file that's been brewing for 5 months. I know it's not what you want to hear, but someone fell short on setting your expectations.
Okay, let's be real here....everything in your file was seriously out of date, including your Truth in Lending and GFE documents. You probably had to relock, too. So, all was turned in on Monday. Are you aware what is required by the processor to get the file in shape for UW? Yes, it should be ready in 24 hours, but Mondays are the worst day of the week for them. After all weekend, everyone's calling, they are working with calls with pent up demand between 9 and 11 am, not to mention the spur of the moment crises that can derail an entire staff. Were any of the individuals anywhere near the critical weather that hit our country? Or was anyone down with the flu?
But here's more reality....The same underwriter may not be the same one that reviewed your file 5 months ago. And even if so, I can guarantee they remember nothing about you. But what makes things tenuous, it's a new world of scared underwriters afraid to put their number on an approval under the new QM rules. By any chance did anyone have you sign new paperwork over the weekend?
The bottom line - turning your updated docs on Monday and expecting a clear to close (on Wednesday) for a Thursday close is not reasonable for a file that's been brewing for 5 months. I know it's not what you want to hear, but someone fell short on setting your expectations.
Actually, I guess I should have been more specific. Everything else had been updated before Monday except the appraisal. So, according to my processor all that the UW was waiting for was the appraisal to put my file in for final review. And I understand that I can't expect things to just get done out of the blue but just wish I had at least an estimate as to when I will hear back. I don't mind waiting (I mean I waited over five months already so what's a few days) as much as I mind not knowing what's going on....I don't like guessing.
Today (Friday) I just heard that the file is with UW and that we should hear back soon. See, that too me is vague because the UW could have 10 files at her desk mine being the last one. So, in essence that does not tell me much because it's all relative when you think about it. So, it's really the lack of specificity that kills me. Oh, well...back to waiting. It will all be worth it once it's done or once I hear that we have the clear to close.
You actually are waiting on three processes here, all of which need the appraisal before they can be done:
1) approval
2) clear to close
3) compliance review (thanks Frank/Dodd!)
Again, I believe your lender has not provided you or communicated to you accurate expectations. The mortgage industry has once again evolved and morphed into a new process, starting just this past fall, with Compliance now taking priority in the Clear 2 Close. I don't know any company that does not have this added layer. I can assure you there is more than an appraisal sign off going on here. Questions you need to ask:
Are there any signs the underwriter has reviewed the appraisal? (The processor can see if the UW has put any notes in the file or if they have requested a correction to the appraisal or asked the appraiser to address something on the report).
Has my file cleared compliance? Are we good there?
Has my insurance been reviewed and approved for closing (you may have turned it in two weeks ago, but they - those authorized to clear it - may be looking at it for the first time, just now)?
What concerns me is whoever is talking to you may not be aware of the other moving parts of the assembly line, or, they don't want to point them out, out of fear you may erupt on them (which is the number one reason for keeping their mouths shut - you can't itch about what you don't know about. A really stupid reason to keep you in the dark, but it's done every day). Look, I am not trying to add more stress, but want to give you the tools to find out if "just waiting on the appraisal" is really what you are waiting on.
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