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Started By
Message
Advice for dealing with loan officer (or am I off my rocker)?
Posted on 7/1/11 at 3:57 pm
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?
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 on 7/1/11 at 4:09 pm to 1336
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.
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 on 7/1/11 at 4:27 pm to Vrai
I have closed a refinance in less than 7 days before. That doesn't and can't happen anymore, but still, this is an inordinate amount of time, and more than likely, you're dealing with either:
1.) Incompetence from the LO
2.) Collusion between LO & Supervisor to push the loan closing into July to pad the numbers for the start of that month's production outlook.
1.) Incompetence from the LO
2.) Collusion between LO & Supervisor to push the loan closing into July to pad the numbers for the start of that month's production outlook.
Posted on 7/1/11 at 4:37 pm to Vrai
I'm going through a bank because
1) it's my regular bank for checking/savings
2) they matched the lowest rate I got when shopping around
3) they committed (but again, verbally) to meeting the close date
I'm really thinking it's incompetence from the loan officer.
I suppose after closing, the best thing to do is go over her head and over her boss's head and complain. I'm glad it sounds like I'm not being completely unreasonable.
1) it's my regular bank for checking/savings
2) they matched the lowest rate I got when shopping around
3) they committed (but again, verbally) to meeting the close date
I'm really thinking it's incompetence from the loan officer.
I suppose after closing, the best thing to do is go over her head and over her boss's head and complain. I'm glad it sounds like I'm not being completely unreasonable.
Posted on 7/1/11 at 4:41 pm to GFunk
If the closing had been pushed to today then I could buy #2. LO is probably a ruhtard.
Posted on 7/1/11 at 5:04 pm to Vrai
quote:
If the closing had been pushed to today then I could buy #2. LO is probably a ruhtard.
You think they wanted to close right before a Holiday? Half the folks in the Underwriting Department are probably gone, and the Title Company's probably on auto-pilot today, as well.
Posted on 7/1/11 at 5:50 pm to Vrai
quote:
it's probably a combination of the loan officer not moving their arse quickly
there are no words to capture how lazy some loan officers are...
Posted on 7/1/11 at 5:53 pm to GFunk
Crazier things have happened when buying a home....or selling. This sounds like you were put on the back burner for a bit...I would just get it done and move on.
Posted on 7/1/11 at 6:54 pm to Gutterman81
I was given the loan officer's home phone number today after going up the corporate ladder enough. Talk about a lack of professionalism at all levels.
I have the day off, spend it doing nothing but chasing people down on the phone, and all I get is my closing date verbally moved up 1-2 days to the 6th or 7th. Such is life...
I have the day off, spend it doing nothing but chasing people down on the phone, and all I get is my closing date verbally moved up 1-2 days to the 6th or 7th. Such is life...
Posted on 7/1/11 at 7:10 pm to Gutterman81
quote:
Crazier things have happened when buying a home....or selling. This sounds like you were put on the back burner for a bit...I would just get it done and move on.
This is the correct answer. It's annoying but your planned vacation time is pretty close to the expected closing, and the LO doesn't have day to day control over the entire process.
What it really boils down to is whether it is worth it in terms of time and money to stir up a fuss. It probably isn't. If you need to, just move your stuff into storage for a week or so while you're gone, that may make your departure a little less rushed and a storage box is pretty cheap.
Posted on 7/1/11 at 8:34 pm to 1336
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?
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 on 7/1/11 at 9:23 pm to Weazel77
Not trying to hijack this thread, but its a related topic.
A few years ago my ex gf buys a $150K condo, puts 50K down and she goes all through the hassles some of you describe with the mortage. Takes 6 weeks.
A week after she closes on her 100K mortage she goes to Infiniti and buys a 50K car with 10 K down and drives out with the car in 2 hours.
Her an I talked about how it didn't make sense. They grug her over the coals on a loan for a immovable object and then just basically signed her name and drove away a movable object.
Granted, one was for 100K and the other was for 40 K, but can you see the point of her arguement?
A few years ago my ex gf buys a $150K condo, puts 50K down and she goes all through the hassles some of you describe with the mortage. Takes 6 weeks.
A week after she closes on her 100K mortage she goes to Infiniti and buys a 50K car with 10 K down and drives out with the car in 2 hours.
Her an I talked about how it didn't make sense. They grug her over the coals on a loan for a immovable object and then just basically signed her name and drove away a movable object.
Granted, one was for 100K and the other was for 40 K, but can you see the point of her arguement?
This post was edited on 7/1/11 at 9:29 pm
Posted on 7/2/11 at 8:27 am to 1336
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!
Posted on 7/2/11 at 8:52 pm to jpbTiger
I agree it sucks, however isn't FHA run by the feds?
If so I bet dealing with the feds is part of the holdup. They are workig on your nickel, so why would they be in a hurry?
If so I bet dealing with the feds is part of the holdup. They are workig on your nickel, so why would they be in a hurry?
Posted on 7/2/11 at 8:58 pm to doublecutter
I think they are harder on home loans because most states have special protection for your residence. If you don't keep payments on your car, most times they can just take it out of your drive way.
Posted on 7/3/11 at 2:38 am to Da Hammer
quote:
I agree it sucks, however isn't FHA run by the feds? If so I bet dealing with the feds is part of the holdup. They are workig on your nickel, so why would they be in a hurry?
True, there's a lot of bureaucratic BS and regulatory red tape to get through, but at the end of the day, they don't make money unless they make loans..... I'd think competition for people who can still afford home loans would have resulted in better service across the board. -
Posted on 7/3/11 at 8:38 am to jpbTiger
idiots. FHA mortgages are INSURED by the Feds. You deal with a private lender the whole time. A private lender underwrites, closes, funds, and services the loan.
Posted on 7/3/11 at 8:45 am to prplhze2000
That was kind of my point..... That private lender needs clients like the OP, who can afford to buy what they're selling..... (I'm assuming he's not a deadbeat - he's on the TD Money board after all!)
Posted on 7/4/11 at 2:04 pm to jpbTiger
you have got to read How to Win Friends...Dale Carnigee
these things always take longer than they are supposed to.
if you went somewhere else you would just start from square one, and prob get no better service. grin and bear it.
but I feel your pain!!!!
these things always take longer than they are supposed to.
if you went somewhere else you would just start from square one, and prob get no better service. grin and bear it.
but I feel your pain!!!!
Posted on 7/4/11 at 2:41 pm to 1336
$100 bucks that its Whitney Bank...sounds like the same shite I dealt with.
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