Loan officer not ready for closing?

jstersacct
Contributions:22

We went under contract in early January, finalized our lender choice in late January and have had two delays to closing (one at seller's request, one our request as there was not enough time to complete some neede repairs prior to closing). So the loan officer has had PLENTY of time to get everything in order. I've stressed from the begining that I wanted time to review all the documents before closing.

Closing is supposed to be tomorrow at 9:30 a.m., I rearranged my work schedule for it, and now I don't even know if they'll have everything ready. Is it unreasonable to expect that a loan officer with plenty of notice will follow the federal requirement that I have 24 hours to review documents prior to closing? Or that the end of day before, that I'll know whether or not the closing actually happens so I can go to work if it's not going to happen?

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March 16 2011 - US

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Answers (4)

Kevin Keadle, "Kevin A Keadle"
- 0.0/5.0
Contributions:13

First off, the Loan Originator, Lender, Processor, Escrow, Appraiser, etc... should be fallowing all of the federal requirements. With that said, there are many cogs in the "closing process" and it may not be the Loan Originators fault. As Andy said, could be the Settelement Agent holding it up or if your loan is going through the wholesale channel rather than correspondent or direct, it could be the lender. Moral of the story is while it's easy to throw the Loan Originator under the bus, it may not be warranted.

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March 17 2011

Andy Matejka, "tejks"
- 0.0/5.0
Contributions:352

I feel your pain.......but as a loan officer, I know yours wants to close.

Your happiness is likely to be their main goal. You may not believe it but they can't be earning enough money off your loan to retire so I am willing to bet my seats to the NCAA tourney in Charlotte that he wants to get referrals from you and/or the Realtors as that is the way they earn a living.

Of course it could also be the Settlement Agent holding things up, too....apparently, they don't teach math in law school or something like that or they may just be missing an invoice of someone that is to get paid.

The latest RESPA laws protect you from increases in fees so you ought to be fine. DO you have your original GFE and Fee worksheets.

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March 16 2011

Joe Cafiero, "Joe Cafiero"
- 4.8/5.0
- (28 reviews)
Contributions:3221

You have every right to be ticked off. The question I guess to be asked are when were the repairs finished and thus was there enough time for the appraiser to get back out there to inspect the work. Either way no excuse for you to be in lombo not knowing what is going on.

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March 16 2011

Martin Wareing, "Martin Wareing"
- 5.0/5.0
- (2 reviews)
Contributions:3772

It is not unreasonable to expect a loan officer to follow a federal requirement; however, much has changed in the last 12 months. Lots of last second updates and disclosure checking and re-checking. With that said, I am sorry for your frustration and anxiety as it is the new borrowers being inconvenienced from past sins in our industry. The good news: The loan documents, rate and many other facets of your loan can't change wihtout proper notice. What this means is that you really have seen these figures before and there should not be any surprises. That is the new delay these days, but it helps avoid any "last minute" surprises. What I would suggest is to politely ask your loan officer as a courtesy to you, to please inform you if the closing will happen. If he/she has respect for you, then you should receive the truth. I wish you well on your pruchase and enjoy the home. This in the grand scheme of things... is really just an inconvenience. Good luck to you.