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Clear to close

Hi,

We received the clear to close from our lender for a home outside of NY, the loan officer tells us that we have to wait 3 days to actually close, is that a lender, state or federal rule? He has been less than helpful throughout this long and painful process so I would prefer not to ask him directly.

Thank you for any/all feedback!
Allison
  • June 05 2013 - New York
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Answers (3)

Do you know if there were any conditions from the underwriter in connection to your loan approval? It may be that something will fall off your credit in 3 days, which will cause your scores to increase. Conversely, the title exam may not be complete yet and the attorney or escrow agent needs three days to get everything cleared. If you are working with an agent, let them run interference for you. He/she should contact all parties for updates and details and report back to you.
  • June 05 2013
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Not surprising.  The file now goes to the lenders closing dept and depending on how much they have to do, they may need a day or two to do the docs.  Also if you are just outside NYC, the attorney the bank is using will also want a day to review the docs.  Just stay in close communication with everyone.  The hard part should be over
  • June 05 2013
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My lender said the same but at 3 hours before closing, it made a new document request which disabled closing for days. Be warned, they're not done with the file yet. Trust nothing until the file's actually closed, not merely "cleared" to close meaning they've yet to finish their work.

As an added incentive for them to make that last hour document request, they made it difficult enough to be unable to be met during my workday (clever folks) and yet worded innocently enough such that they could merely let the rate lock expire and then renew it at a higher rate, securing them a plum profit for a last minute delay. Makes one wonder ...
  • November 07 2013
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