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Ready to give up!

LO made several mistakes said he could get me a conventional loan, NO.  Put me through FHA Automated underwriting Approved, underwrote the FHA with an investor that required 7 yrs out of Foreclosure NO.  I have a mid score of 687, 4 years of out Foreclosure stead job for 3 years.  Now he's annoyed with me I'm a test case at HUD, and I am ready to give up... No one can tell me how long this takes and initially he told me 3 to 5 days.  This is day 6 and I think I'm done with this LO if it's not close...
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August 19 2013 - US
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Answers (6)

Good afternoon, 

Sorry to hear your tale of woe!   I've seen some crazy "overlays" of late but 7 years out of bankruptcy is a doozy!

My concern, though, focuses on your statement, "...I'm a test case at HUD."

Let me explain what this means for you: when a Lender is first getting approved to do FHA Loans the Lender must go through a process of submitting "test case" loans to the local FHA Regional office for review.  The Lender cannot close your loan until the test case receives approval from the FHA Underwriter.

Depending on the volume of loans and the alacrity with which the FHA Underwriter works, your loan could go through the system quickly---or not.

In general a Consumer can change their loan file from one Lender to another.  It's a fairly straightforward process where the new Lender requests assignment of the FHA unique ID # (Case number) for your loan from the original Lender.  I'm not sure how this transfer would be affected by a file being a test case, but I believe it should be similarly easy to transfer to a new Lender.

Your Loan Officer is clearly inexperienced.  Find an experienced (at least 15 years) Mortgage Loan Originator in your area, interview the MLO to be sure she has the experience both with FHA loans and with purchase transactions (some people focus on refinances), and make the switch.

You can check the experience of an Licensed or Registered MLO at the NMLS Consumer Access website.

Trevor Curran
NMLS #40140
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August 20 2013
This sounds like an investor overlay of 7 years out of Foreclosure.  FHA does not require this.  I should be able to assist please contact me through my profile if you wish to discuss further.
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August 20 2013
fshenberger..It might not be a bad idea to call Chris Jones.  A little biased since we work for the same company but he should be able to give you a good idea if something can be done should you loose faith in this lender and or they give up on you.
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August 19 2013
Profile picture for fshenberger
I'm in Illinois, again this Banker has made mistake after mistake... I think after 2 months of mistakes I'm at the end of my rope
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August 19 2013
Keep at it...especially if rate is locked in. It is probably better than what you can get today!
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August 19 2013
You should be able to go 3 years on the foreclosure date for FHA.  I am not familiar with HUD underwriting files.  They usually refer back to the bank and  DE underwriter.  What state are you in?
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August 19 2013
 
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