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I'm hoping someone can help with this problem since no one involved with my loan can give me a reason.
My husband and are one week away from closing on our new home....but now we had to file for an extension through escrow. We were suppose to sign this afternoon had our docs arrived. The lender, as of this morning is asking for bank statements from my mother-in-law. She gifted us our closing cost, sent bank statements once before and signed the gift letter. I don't get it....why do they need her bank statements again? And why do they need them now at this time? She originally gave it to them 3 weeks ago, so why now? She has nothing else to do with our purchase but this.
I've also heard that a lot of FHA loans are being stalled for weeks due to ridiculous reason. Is this the new "normal"? Should we expect any more delays and ridiculous last minute requests??? We gave our landloard notice of us moving out and she expects us out by the end of the month which is a week away. We're looking at being homeless because of this since there are new tenants already waiting to move in.
Only guessing here. But they might ask for it because someone could say the money was a gift from family but instead take the money out of a credit card just to come up with the money for closing. Causing them to have a higher DTI ratio and making a stupid mistake.
But since she proved it 3 weeks ago, it seems weird.
At no time is the lender obligated to a date agreed upon by buyer and seller- it is irrelevant in their world. The underwriters job is to objectively determine if the buyers meet guidelines for the loan program for which they have applied.
It is the Loan Officers job to set realistic expectations with his clients and if able to broker the loan find the right fit between client and lender. They are expected to communicate clearly and often with their clients. This sounds like the LO's responsibility.
These are not stall tactics but the underwriter can't issue final approval until they have proper documentation in the file and they are not getting it from your LO. You may have given them something but that doesn't make it the right something. This is why it is said time and again---- it is not the name on the building that makes your experience with the loan process but the LO.
Well said Dad2Jules..it's all about the LO setting realistic time expectations. When the Refi boom first started, I was telling applicants to expect up to 90 days..under promise, over deliver.
Your LO should be actively involved with the UW and processors assigned to your loan, if for nothing more than just from a financial standpoint, he makes no money if your loan doesn't fund. But they should be guiding you and to what conditions are still outstanding that way there are no left field or last minute holes to fill. Nothing is more aggravating than rescheduling closings.
Like it was stated before, these aren't stall tactics. Up until 3 years ago it was all about "tell me", now it's all about "show me"..and when you're dealing with FHA it's show me and show me more, then show me again. Good Luck!
When seeking a loan you should find a well qualified loan officer to work with. This may not be the cheapest loan officer, but a good loan officer can help prevent many issues from coming up.
Other than the above, if you are working with a big box bank, there's every possibility of your faxes being received by the loan officer, yet when forwarded on to the fulfillment office (processing and underwriting), they don't get picked off the fax server and matched with your file. This is very typical (normal) for three banks right off the top of my head. If your are working with a broker that is submitting to these banks, ditto. This was the most frustrating issue when I was working for one of these banks...........I ran into an old friend last night, now working for another big box, and he said they have the same issue.
But as said before, even if losing the fax on the server is the case, the LO did not prepare you for the situation. I tell my customers to keep a large manilla envelope in their car with anything they have sent me, all paystubs, bank statements, and any deposits for all applicants in one of the borrower's cars. This way, they are only minutes from putting their hands on documents that could be needed. Just because I handled them, placed them in a file, doesn't mean they made it into the copy package, or I screwed up and copied them wrong from when they were in to sign everything. It happens. Fortunately, in our electronic age, retrieving docs has never been easier (except for grandma's).
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