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Refinance not Funded

Went through qualification process was approved for loan, signed with notary on wednesday waited for 3 day recision  period. Loan not funded on Monday, my lender says additional information needed but the lender does not reply to emails or phone messages explaining what additional information is needed.

Can I just walk on this refinance as it appears the lender is dragging his feet for some unknown reason. Do I need something in writing?

  • March 26 2013 - Aliso Viejo
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Answers (11)

Best Answer

No they don't profit, if your loan doesn't close will they will lose actual expenses incurred as well as time spent. If your loan hasn't funded they are seemingly making sure you meet the program guidelines, if they fund the loan and it does not meet guidelines they stand to lose a considerable amount of money. With that said, only disorganized lenders would allow a closing to occur without all qualifying conditions fully resolved. Good lenders will always fund like clockwork after rescission period because they have cleared all items prior to releasing final documents. If you want to cancel, you find the settlement agent contact information on your HUD estimate, call and speak with them, as well as following the instructions on the Notice of Right to Cancel.
  • March 26 2013
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Funding on Thursday 3-28 some accounts already paid off others pending.
So the nightmare roller coaster ride is coming to an end.

Seemed like forever but it only took about 25 days.

Thanks to everyone for the helpful information and positive posts. 
  • March 29 2013
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Most likely your loan was underwritten to Fannie Mae guidelines, if you are paying a debt directly through the loan to qualify, they require as a condition that the account be closed.
  • March 27 2013
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Greg, I think the problem was a question of the type of card, one that you pay off each month or one where you carry a balance. Just did a conference call with Kroll Factual Data, for verification that the card was closed. So I guess that T is crossed. Will update if anything interesting happens. Thanks again for your insight. 
  • March 27 2013
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That sort of thing happens (the closing condition, not all the delays and lack of communication, those things should never happen). It should have been taken care of before closing documents were drawn but the loan officer probably asked if the condition could be moved to closing so they could get closing docs out. That is my best guess anyways.

Was this the first you heard of this condition? It is something the loan officer should have told you about a long time ago.

Looks like all is well though, and you should be closing, getting the refinance you wanted. That is most important.

Sincerely,
Greg
  • March 27 2013
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A letter showing account closed from a credit card company is ostensibly all that was needed. With the delays I was expecting something much harder to obtain. Hopefully it does the trick, lender thinks I could be funded today as it's an in house matter and he just has to walk it over. Could that be possible? 
  • March 27 2013
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May we ask what the items are?
  • March 27 2013
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Justin,  my thoughts exactly how could it get past the UW and  hit the wall at funding,. Oh well.
  • March 26 2013
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Greg, the lender left a message this morning saying he needed a couple of things from me. I left several emails and phone messages but he will not respond. I also talked with his assistant who said he'd call right back.

Seems like  something is up or they would be more interested in collecting the closing fees. As far as canceling what do you do they won't respond?


Does the lenders company profit by delaying the funding? 
  • March 26 2013
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You signed a notice of right to cancel form when you signed your closing docs. If you have a copy of them read it there, if not call the escrow company you signed with for a copy. This will tell you what you need to do.

I know you shouldn't have to but if you can't get a response from the lender (which is unacceptable in my opinion) that is quickest way.

Why do you want to cancel though?
  • March 26 2013
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I have several preferred lenders that I work with when I sell real estate. 

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I'm sure any one of them could answer your question and review the terms you received to make sure you're getting the best rate and terms available in today's interest rate climate.
  • March 26 2013
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