In the process of trying to obtain an FHA loan through Prospect Mortgage. We are buying out my brother in law in the sale of my deceased mother in laws house. Basically paying off her small mortgage ($110,000) and splitting the remaining equity of the home (house appraised for $180,000). Basically he will walk away with $35,000 and we will have that much in equity (approx). I began this process on Feb 9 which is when I completed the initial application with the broker. He was wonderful at first. Answered every call/email within an hour. I turned in all documents right when asked for them. Received a pre-approval, completed disclosures and then had the appraisal done. And then....nothing. The processor sent me the appraisal, I confirmed I got it and then heard nothing for about 10 days. On Mar 30 processor finally told me she had everything and everything had been submitted to underwriting.
I asked then how long that should be expected to take. It took 6 or 7 days to hear an answer and when I did, they didn't really answer me, they had a question about my assets which I answered immediately. Another 10 days or so went by, I again asked for a status from the processor AND broker. Heard nothing. Several unanswered emails and phone calls later, I finally had my husband stop into the brokers office. He said there was a hold up in compliance regarding the fact that it was a none arms length sale but it had been resolved. Still had no idea when we could expect a response. Yesterday I got a call from Equifax credit asking me to verify some accounts which I did. I emailed the broker and asked if I could get an idea of a closing date should we be approved. No answer. Today I called. No answer. This is extremely frustrating. Its been 2 and a half months and as most of you know, it is a huge hold up on the rest of your life to be locked into this process. Also, it stresses me out not to get a response at all.
Does anyone know what I should do? Should I just wait it out? Is it normal for a pretty straight forward loan to be in underwriting this long? Is it normal for a mortgage broker not to return phone calls EVER???
