Needing lender advice Pleaseeee

lessismore2014 · ‎08-24-2008

I applied with Sterling National Mortgage in NYC over a month ago, loan officer is [Edited], to this day I haven't closed or not even a sign that I will close. Don't hear from them in days and when I do it's to request additional info and then some more days go by. I don't know what to do. I have no credit except 5 collections so I understand the paperwork to establish credit. According to the processer I was to close last week but guess what? they needed better comparables because the ones given weren't good enough. This is one of the top appraisers in my area he took great comparables. I don't know what to think of this lender. Anyone delt with [Edited]? he has ads all over the net that he can get you approved with even low scores?

Edited to remove personal information. Please do not share personal information that belongs to yourself or of another on the forums. See the myFICO Forums TOS for more information.

-sidwinder

Message Edited by sidewinder on 08-24-2008 02:08 PM

Anonymous · ‎08-24-2008

Anyone that is out there continually advertising to get you approved with low scores and stuff is shady. Not to say that there is anything wrong with getting these people houses if they can afford it, but a reliable and established broker does this when someone comes to him with a problem. You don;t go out looking for a bunch of problem cases. Also, if it is a borderline loan ap, closing will be a up an down process. The broker and underwriters are probably also delaing with a backlog of apps since the DPA programs are going away and people are trying to get in before they are gone.

I would call and talk to him and demand once per day (mon - Fri) updates via either phone or email just to make sure he is keeping up on the account. Also, maybe tell him the seller is getting antsy on the slow closing as there is usually a end date for the seller as well. Tell him he needs to get it done quickly or both you and the seller may end up walking. In the end, he wants to write the loan.

As far as the comps go, it may be that the comps are nto recent enough, or in finding "recent" ones he did not pull ones that really compare. Either way, that is the undewriter, not the broker.

lessismore2014 · ‎08-24-2008

thanks for replying, this is for a refinance. My first thought was "shady" too. I have told him that I was going to go elsewhere and that's when I get another request for information. My appraiser said he has had maybe a dozen requests like this but he did get good comparables. I live in the city. I emailed the lender on Friday asking what the next hold up will be and I received no reply. The only thing that makes me think this is a legit lender is the GFE I received from them. I just don't know what to do if I should continue with this lender or not.

Anonymous · ‎08-24-2008

the GFE means nothing about them being legit, it just means that someone is putting your info into the computer. By legit, I mean totally clear and upfront of what is happening in the process. I would tell the lender/underwriter/broker that at a minimum I need an estimated clsoing date and that you need at least 48 hour updates (3 days per week) so you now they are still working on it adn the file is moving.