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Advice for dealing with loan officer (or am I off my rocker)?

Posted on 7/1/11 at 3:57 pm
Posted by 1336
Mall City
Member since Sep 2007
636 posts
Posted on 7/1/11 at 3:57 pm
I've had it with my loan officer, and I wanted to check and see what the Money Board thought about my situation and if there was any recourse I could take.

I visited my loan officer in mid-May to see about getting pre-approved for a home loan. I received a pre-qualification letter on May 24. At this time, she was provided with all the necessary information, including previous residences, employment history, and credit inquiries. As I am trying to move in as quickly as possible and the seller would like to get out as quickly as possible, we asked for a June 30 closing date. I was verbally promised a June 30 date and that my paperwork would be marked as “urgent,” but this was not put in writing (shame on me/my agent).

On June 7, I received a copy of the purchase agreement from my loan officer. My loan officer told me that FHA loans generally take 30 days, so we'd be looking in the ballpark of a July 7 closing at the latest, but that June 30 looked doable.

On June 16, my loan officer asked for a letter explaining the addresses from my credit report and asking for clarification for the credit inquiries. She already had this information prior to May 24, so I reminded her of this and provided letters answering both questions.

On June 13, my account was debited for the appraisal. On June 22, the appraisal report was finally done and in my inbox.

I received an email today saying that my rental verification was completed this morning, but we are still waiting for validation of my credit inquiries and employment history. Additionally, we are waiting for my appraisal to be updated before we can close.

Am I ridiculous for thinking that these pieces of information should have been tied up a long time ago? I mean, I gave her the info about the credit inquiries and employment history in mid-May and today is July 1 (a day after my goal closing date). The appraisal was ordered 3.5 weeks ago!

I have called and left messages to her and her boss throughout the day today, asking for a callback, but neither has returned my call for over four hours. My agent called me before then saying she spoke to my loan officer and was treated rudely over the phone. She requested that I call and try to straighten things out, but I've obviously been unsuccessful.

The loan officer's email today said that we are looking at a July 8 closing at earliest now, but said July 10 (a Sunday?!) is more plausible. I find this ridiculous because I'm leaving town for a week for work on July 11, and all parties have known about this since the beginning. If I close on the 10th, I must move everything in one day, then be gone from my new house for a week.

I've had it. The business practices of my loan officer are hard for me to stomach. Am I being unreasonably frustrated? Or am I justifiably screwed because the closing date was only verbally promised?
Posted by Vrai
Baton Rouge
Member since Nov 2003
3899 posts
Posted on 7/1/11 at 4:09 pm to
It sucks because it really puts you in a bind, but it's probably a combination of the loan officer not moving their arse quickly enough and having to clear up unforeseen stipulations, but probably more of the former. Are you going directly through a bank or a broker?

Even if a closing date was promised in blood, stuff COULD have come up to push it back. I'd be pissed though, give em hell.
Posted by Weazel77
Alabama
Member since Sep 2008
17 posts
Posted on 7/1/11 at 8:34 pm to
Recently went throught the same crap with a mortgage loan from a bank. Used the bank for the same reasons you listed.

Bottom line is once you sign paperwork with the loan officer, they forgot about you. I ended up having to call the corporate office to get anything done. You didn't happen to get your loan with a bank in Alabama did you?
Posted by jpbTiger
Tampa FL
Member since Dec 2007
4982 posts
Posted on 7/2/11 at 8:27 am to
Man, I wish I had advice, but all I can do is sympathize - that's f'ed up. You'd think in this market that they'd put more emphasis on customer service for folks who can actually afford to buy what they're selling. Good luck!
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