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I have an open application for refinance and its with underwriting department pending appraisal etc. The loan has not been closed but the lender information has been updated with the property insurance company since I got notified via mail.
Wanted to know if this is normal since all my previous experience has been after closing. I have signed initial disclosure and rate is float. Its a time consuming process and i might not even go with the closing since i am not happy with higher upfront costs and verbal assurance of lender credits towards closing and the way they are conducting business. It seems that the original licensed broker has outsourced operation overseas. I was wondering if lenders can just remove the name of previous mortgage company before payoff and if its ok to do that without signed closing documents.
I am not happy with this vendor because earlier they updated their information on another property which wasnt being refinanced and i am still waiting on getting their name removed from those insurance documents. Also lately, i have never worked with any company who doesnt use secure portal for collecting client confidential documents. These guys are just using regular unsecured emails. Is their any law or guidelines regarding personal document safety that mortgage lenders are supposed to abide by.
Can anyone please advise, what are the norms in regards to this process of updating and replacing lender information with insurance before closing.
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