Profile picture for bradam2001

Underwriting

Hello
I have a question. We have the closing scheduled on 06/24/2009. I still have not heard anything from my lender about the final approval. Last week he said they were waiting for the final FHA approval. I am working with  a terrible lender . He never answers questions, and gets very irritated when you ask questions. Almost 2 days left to the closing,and we are living in an apartment scheduled to vacate on 06/29. What do you think I should do? What should I say to my lender? I am so hopeless, and still waiting from him.Any suggestions?

Thanks
  • June 21 2009 - Germantown
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

This is happening a lot lately.  Your not alone.  Only the great loan broker don't encounter this, but you are so deep into the process you should wait out your guy.  If you transfer you can get in closed in 7-10 days.
  • June 22 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Good morning, and may I start by apologizing for the heartache and irritations you are experiencing with your chosen lender. I do not wish to be an apologist for them necessarily, however, all of us must understand that Underwriting departments at all lenders are experiencing many things these days that can create a "perfect storm" causing borrowers and others all sorts of uncomfortable facts. First, the underwriting guidelines have stiffened in response to the plethora of bad loans in the system. Even 800 score borrowers with LTV's less than 60% are having to jump through flaming hoops unheard of in the last 14 years or so in the business. Secondly, with the rates dropping so low over the last few months, they are simply overwhelmed with applications. Third, for some reason, many lenders are taking the automated underwriting findings, yet they are still REQUIRING additional documentations. Simply put, it is a NUTHOUSE in the lending industry right now, with no one wanting to write a loan that defaults. It may be a perfect example of the proverbial pendulum swinging too far the other way. We just have to weather this storm.
Ultimately, and IDEALLY,  your lender should have described these issues with you when you first applied. However, even with all these factors, his irritations should NEVER be directed to you. It may be too late in the process to find a new lender, so perhaps a call to his processor or branch manager may save you additional snippy-ness. I hope you close on time! Jim
  • June 22 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for bradam2001
Thanks so much for all the responses. He was nice at first, and he turned out to be an idiot. I will definitely call tomorrow morning. Regarding my realtor, he is as nice as can be, and he is doing his best to help us. Marney , you are right. For each that we do not close we will pay $100.

Thanks once again to all of you
  • June 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for space_acer
extend the lease for additional month or two. Wont hurt to neg. with landlord.
  • June 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for tradepilot
Welcome to the new world of lending.  I am going through hell again with yet another lender who promises that I will have my new home.  Meanwhile the stress level rises and I am ready to scream. 

I am not new to real estate and never have I been put through the financial morass that I have been experiencing since Jan of this year. 

Homes are not selling because LENDERS are making it impossible to buy even for experienced purchasers with good credit.

I walked from one deal and much more hassel and I am not sure what I will do with this deal that is quickly headed south.

This time it is an appraisal problem.  The appraiser rated a foreclosure minus for bad floor coverings and it smelled musty.....get a clue....this IS A FORECLOSURE!  Now the bank is not sure they want to finance it because they may not be able to sell the loan.

Banks are routinely letting houses sit for months, left to the elements then are SURPRISED when the afformentioned demised property can't be sold.

This housing problem is not going to get resolved till someone with half a brain, one that was not pickled during their college years starts bringing some sanity and common sense to this situation.

OMG....I sound lke my mother!

R


  • June 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That is a good question -- why did you choose this lender?
Does this loan officer have a superior you can speak with? I would definitely be on the phone first thing tomorrow morning.
Also, are you working with a REALTOR or real estate agent? How is that person helping you? If they are also not responsive, calling their manager is a good idea as well. If they ARE responsive, then have them on the phone with the loan officer & the LO's superior as well.
There is always someone *above* the person you are working with. You deserve answers. Especially because in MD, many times the contract can have penalties for not closing ontime if both parties are not agreeable to an extension.
Good luck to you, and please let us know how it turns out!!!!
  • June 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
And why did you chose this lender?

I would call at opening hour on Monday morning and ask for details.   If he gets irritated, that isn't your business, just unemotionally ask for the details you are missing.

  • June 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.