Have I been given run around, or is this normal?

Deal Score0

All right handed. I am purchasing cooperative. I went to the market July 13 My contract stipulates the closure should be or about 15 September, however, my interest rate is locked, and it ends this Sunday, giving me four more days before the end. My loan is with the insurer as 3 weeks! Last married, they wanted more documents, I sent Thursday morning. Last Friday, they wanted more documents, I sent a letter and the seller, a lawyer who sent today (Monday). I still do not have a closed ward. The processor tells me that the loan is closed and the service and that I should hear (what I did). mortgage agent who dealt with the start I said that I should become clear that the end today, or 17:00 or 9:00 tomorrow. I asked all parties, except my realtor. Is this normal? Did I really close to this week? What could be be? I imagine that if there were problems with the loan, they tell me now, and it did not take the measurement. I was thinking about finding another lender but I really hate to repeat, I have already paid for appraisel! Division = date. Typo!
I asked the seller, obtain insurance, the assessment was made, signed papers for a mortgage broker, and my job is to return to work vormis.Mis the next step. The processor is now ready to work on. (What does this mean?) Even if insurers are looking at, and how long it usually takes? If the mortgage broker to approve my request and I signed all the documents, this means that the investor as well? I’m nervous that I refuse the insurer, after I went through all the work / documents. 🙂

11 Comments
  1. Reply
    theshadow01
    February 7, 2011 at 6:26 pm

    Sounds perfectly normal to me. Lenders will drive you crazy with that needing more paperwork thing.

  2. Reply
    Rob C
    February 7, 2011 at 6:40 pm

    sounds like you got babboozled

  3. Reply
    xander
    February 7, 2011 at 6:54 pm

    There is probably a problem. Most of the time if extra documentation is needed, it means the underwriter needs further explanation of how the loan officer is trying to present your case. You MAY want to look into other options just as a backup. Especially since this is for a purchase. You are going to lose your rate lock anyway. It isn’t likely that you will close in time if you are still being given the run-around. (I could be wrong, but do you want to leave it to chance???)

  4. Reply
    bailie28
    February 7, 2011 at 7:33 pm

    call the real estate agent…see if they cant get you some answers..sounds like you are getting the run around..shouldnt be such a runaround…three weeks ago they should have told you a date you were gonna close and you should be closing on that date..what that other nonsense is i have no idea

  5. Reply
    jojo27315
    February 7, 2011 at 7:43 pm

    In the current mortgage market situation, it’s a lot harder to get a loan. Lenders are taking their sweet time analyzing your credit, verifying your income, verifying your deposits, and assessing the overall risk. They are asking for all these documents to get a better picture of your financial situation and the property you are buying.

    It’s normal to be pushed back a few days but your lender and real estate agent should be communicating with you. It’s not a good idea to get a new lender because you have to start the process again. Call your lender and real estate agent and demand a firm answer on what’s taking so long. Also, read the disclosures that they’ve given you. The disclosures often lists what processes have to be completed and they give a deadline (i.e. within three business days of initial disclosure) that the process has to be completed. Take detailed notes of the conversations that you have with the lender and don’t be afraid to escalate if you feel like you’ve been given the run around.

  6. Reply
    Mrs. Goddess
    February 7, 2011 at 8:28 pm

    That is the problem with a date of “on or about”…. It is hard to coordinate it with a loan lock – too bad the lock isn’t “on or about”.
    If you did not yet get definite closing information, get in touch with the manager at the mortgage company, have a written outline of the dates i.e. loan application, loan docs complete and turned in, dates other things have been requested, etc. Let them know that this needs wrapped up right away and that you are tired of getting the run around. Also, let them know that you are aware that it should not be sitting in underwriting any longer than 72 hours (yes, that’s correct) if all is in order. One question – why not get your real estate agent involved? They have the biggest commission on the line, so there is definitely some major self interest there. Tell your agent that if the loan lock is blown, you cannot afford to proceed. The agent can turn rabid on them if you need him/her to. Unfortunately, it is common for a lender to ask for docs they already received and give you the run around. You are totally at their mercy and they are typically very disorganized since the papers go through too many sets of hands.

  7. Reply
    kate
    February 7, 2011 at 9:21 pm

    The broker does Not do approvals , they are just middle men . ( they know the guys with the $ $ $ )
    The people with the $ $ $ to lend have to approve your loan .
    The mortgage landscape is changing ( were you going Jumbo or conventional ?)
    So now they are often looking for 20% down and FICOs above 720 .
    There are still lower downs and lower FICOs accepted but their rates and the Jumbos will be a lot higher .

    >

  8. Reply
    loancareer
    February 7, 2011 at 9:48 pm

    I’ll try to keep this as short as possible.

    Here are the steps in getting approved for your mortgage.

    1. Loan officer qualifies/approves you for a loan.
    2. You get all of the required documentation to your loan officer.
    3. The Processor puts your loan package together, prices and locks your rate/program. – Sometime during this step your loan officer will contact you for additional documentation.
    4. The Processor (or your attorney in a purchase) will order title and submit the file to the lender.
    5. The lender’s pre-underwriter will look to see that the file is in order and pass it off to an underwriter.
    6. The Underwriter will review the file to insure it meets requirements and qualifies for the loan you’ve applied for. – Again at this point you may be asked for some additional documentation. – This step can take up to 72 hours depending on the underwriter’s workload.
    7. The Underwriter clears your file and notifies your Loan Officer.
    8. The Loan Officer or Processor contacts all involved parties, (buyer, seller, attorneys, title company) and coordinates a closing date.
    9. You close and move.

    If your file is with the Underwriter now you should be getting news real soon. Short of a wedding buying a home is probably one of the more stressfull times in your life. Rest assured your loan is in good hands, (yes, most mortgage pros are top notch) try not to worry about what you can’t control.

    Congratulations!

  9. Reply
    valstpatrick
    February 7, 2011 at 10:15 pm

    The first step is to RELAX. Take a nice deep breath……
    OK so now what is happening with your loan. Basically, a processor is processing it, reviewing the title search and title policy, closing protection letter, home owners insurance, termite inspection, appraisal, employment verifications, income documents, residential history, credit report, bank statements and/or other assets,

    THEN, the file is sent to the underwriter. Once the underwriter reviews it, he/she approves, denies or counters with a different program, offer or rate. If everything was review WELL before hand by your broker and your broker KNOWS the program guidelines, chances are you will just be approved. If your broker was not versed on all underwriting conditions, you will be asked for more documentations, assets or whatever……

    How is your confidence in the broker? If they filled you in during the whole process, you are with a better broker than some get. Ask what the usual time line is for the file to come out of underwriting. I think you should be fine =)

    Hope this helps and good luck

  10. Reply
    P J
    February 7, 2011 at 10:25 pm

    The only way you might get turned down at this point is if your scores are below 680 and you are putting nothing down. Loans that were fairly easy last week are non existent this week but with good credit you need to just go about your day and let the process take its course.

    Now start thinking about the furniture arrangement!

  11. Reply
    sab
    March 17, 2015 at 2:36 pm

    My processor forgot that I told him that my husband is out of the country and we are doing paper work so that he can be in the US. We were at the last leg of the loan process. They gave the loan to the underwriters. The underwriters had a question about me being married and buying the home as a single person, I told the processor – remember I told you we are doing immigration work for my husband. He said that he had to find out what to do in that case. Two other mistakes were made that caused the underwriter to ask questions. If the processor had told them what I told him then we could processed. Now underwriter has had my paperwork for about 5 days or more and the processor is filing out more paperwork about my husband that will not be able to be here until a couple of years. Whats going on?

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