DId I just screw everything up? Refi- Closed Monday 8/25..

[HucksMomma]

We closed on our cash out Refi on Monday 8/25. After closing we went to an auto dealership to purchase a vehicle in CASH.... The dealer appearently pulled my husbands credit . They claimed it was for the "patriot act"  to verify identity and we were not concerned at the time... Yesterday morning (Tuesday 8/26) I got a call from our Loan officer about multiple new credit inquiries on the CBR.... He said that that the loan was not funded and therefore could be in jeopardy... OMG WHAT HAVE WE DONE???? I explained to him that we were not financing a new loan, we were trading in vehicles that were free and clear and using some of the cash from the refi to pay the differance.  He emailed over a form that stated what I told him and we had to sign it and send it back. Im on pins and needles now thinking  that everything is going to fall thru . Does anyone have any experiance with this? I have not heard anything since I sent it back. Is no news good news? The loan is due to fund on Friday... We would have never gone to the delearship had we known all this. The bad part is, we are paying cash.. We are not even financing anything. There were 9 new inquiries on the CBR... Appearently they "shopped" us as my LO calls it, even though we were not looking to finance....

[ShanetheMortgageMan]

Sounds like the auto dealership fed you a load of BS.  Patriot Act requires proper verification, but it is just reviewing information to confirm you are you ... such as your photo ID & social security card are the two most common items.  If a social security card isn't available then a W-2 can be provided instead (pretty much anything that lists your SS# from a 3rd party).  They may have been trying to get you approved for real good financing terms in hopes you'd choose to finance instead of purchase with cash (either way the dealer gets their money for the car, but if you choose to finance then they can make some additional money too).

As long as no new debt was taken out, it shouldn't be an issue.  But the underwriter will need your written explanation.  If it was me I'd go back to the dealer and chew out the financing manager as well.  After your refinance is complete, you may be able to dispute those inquiries as unauthorized to get them removed.

[HucksMomma]

Thanks Shane! Needless to say the dealership got an earfull & we def will not be purchasing from them. I should have known better when they asked for all the info but I wasnt even thinking about it because there was never a discussion about financing with them. I did sign the inquiry explanation form & I just hope that satisfies the lender. Keeping my fingers crossed until Friday

[ShanetheMortgageMan]

I have a feeling everything will turn out OK.