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Old 12-22-2015, 05:20 PM
 
1 posts, read 901 times
Reputation: 10

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My wife and I put in a offer on a home and everything has gone very smoothly up to this point. We have been sent back from UW twice now. The first time there was 10 conditions that needed to be met and we met them. The second time there were 6, (a few things that were easily cleared up) However, there is 1 document that I cannot get. It is basically the terms and conditions of future 401k loans. I have a loan out right now that I have refinanced (my employer allows this) two times now, however the term stays the same (I owe 3 years still) They need a document that states I guess if I can take out a loan and what the terms would be. The short answer is yes, and its up to half of my vested balance. The long answer is only by refinancing which seems to be hidden language that I can only receive from corp. HR at my workplace. My lender and I both left messages on HR's phone and have not heard back yet (its been a day. We also tried contacting the firm that handles the 401k money and they said they do not have that info and to call the plan provider. My lender says that they need this information to use it as assets towards the mortgage.

Not to make it sound like a sob story, but my rental lease is up Feb 1st so we have to be out of there by then. We also have our third child on the way, due any day now and would really like some kind of piece of mind as to what our future is. It feels like everything in our life right now revolves around an elusive document.

If there is no document, then what? Is the deal dead? Would we be able to do a conference call with the UW and HR department at my workplace?

Hard to enjoy the holidays when you do not know where you will be living in a month.


Thanks in advance!
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Old 12-22-2015, 09:32 PM
 
Location: Phoenix, AZ area
3,365 posts, read 5,212,276 times
Reputation: 4203
It has been a day during the holidays. People take vacations and it puts extra stress on these already low employee departments. If you don't hear back by Monday then you can worry. As for what the options are if this doc doesn't exist that is a question for your LO, call them and get more details direct from the source.
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Old 12-23-2015, 08:07 AM
 
Location: MID ATLANTIC
8,670 posts, read 22,856,196 times
Reputation: 10495
Most of my buyers are able to get their answers on their 401k website. If yours is thru Fidelity net benefits, your answers are online. Federal TSP is also online. The fine print and 140 pages are tough to get thru. My experience has been almost all of these companies put everything online so humans don't have to handle calls. If the humans are not responsive, I'm betting answers are there, somewhere. But, this is not an insurmountable problem. It may seem like it is, this is definitely fixable, but you may need to wait.
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Old 12-25-2015, 06:20 AM
 
4,754 posts, read 3,192,710 times
Reputation: 9300
Quote:
Originally Posted by SmartMoney View Post
Most of my buyers are able to get their answers on their 401k website. If yours is thru Fidelity net benefits, your answers are online. Federal TSP is also online. The fine print and 140 pages are tough to get thru. My experience has been almost all of these companies put everything online so humans don't have to handle calls. If the humans are not responsive, I'm betting answers are there, somewhere. But, this is not an insurmountable problem. It may seem like it is, this is definitely fixable, but you may need to wait.
What I see in the OP's question is not only the 'I can't seem to get it', but why wasn't it identified in the first go-round?? Or even before that?
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Old 12-25-2015, 05:33 PM
 
Location: MID ATLANTIC
8,670 posts, read 22,856,196 times
Reputation: 10495
There are several reasons. We do not have a definitive list of documents until the final DU is run with all of the up-to-date information is run. I could take your loan application this morning and you tell me you have $10K in Bank of America and $20K in Capital One. When I get your most recent statements, they cut off after bills were paid last month, showing $4600 in the first account and $14K in the other, and now you are dangerously short. Before, I didn't need the reserves to qualify, now I need the retirement. This scenario happens every single day. We don't always work on the premise of having 100% of what is needed, in fact, it's rare to have 100% of the documents these days. To take it a step further, as of October 3rd, we cannot require ANY documentation prior to the loan application. I simply explain to my borrowers the strength of my letters depend upon the documents I have seen.

Showing the terms to withdraw or borrow are the easiest to obtain from the administrator's website.
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