Clear to Close! Then....QC Audit

[Anonymous]

It was a great morning. LO called with the "clear to close" after being under contract 45 days. I had a week extension granted by seller. I was able to have a 3 hour period of anxiety relief, then I got a email from the LO stating that we had to delay closing by a few extra days because my file was selected for a QC Audit. I am curious what this really is and should I worry?

[RadioRob]

QC Audit = Quality Control audit. It’s more about the people who have been helping you than you. They’re job is to check a percentage of loans to ensure proper paperwork and process has been followed. It’s another control around dotting I’s and crossing T’s. I would not worry.

Good luck!

[Anonymous]

So can I expect more conditions or something to come from this? My extension expires Thursday and that is now my scheduled day to close. I was supposed to close Tuesday, then this came up.

[RadioRob]

Nah. It should not mean anything is changing unless the people supporting you have skipped steps or applied them wrong etc.

[Anonymous]

I guess I will hope that everyone did their due diligence. It certainly appeared that they did. I appreciate the feedback.

[JVille]

You might inquire with you LO (in writing) if they will reimburse all your expenses in this transaction if the deal goes down the drain because you missed you extension to close and the seller had a better offer in the wings?

Note: sorry new poster here, retired Mtg Originator of 30 yrs and all my kids & friends are Realtors. QC Audits are normally pulled after COE

[Anonymous]

My LO said he will have closing docs to me on Monday. I guess I am just really wondering if these things generally cause issues for the borrowers? And what to expect in regards to this process?

To top it off, my rental has been sold so I have 17 days to move. Been trying to pack, dealing with all the visitors because of my rental sale, working 10 hours a day, on-call 24/7, and I am a mom. Wondering where I am going to live if this falls apart. My nerves are shot!

[JVille]

So I’m assuming Monday as in the 16th. I’m sure it will be fine but your lender has put your transaction at risk. Will something go wrong, NO not likely, but you are the one at risk and your lender is clueless about the consequences of missing a closing date. Go pack boxes, have a glass of wine and get ready for a signing marathon at your closing!