Shane the Mortgage Man ? 4 U REFI time frame

[dukeboy633]

Shane or anyone out there whom knows the Mortgage industry.....We have been dealing with a Broker (3rd time with him)...We had to lock in our loan with one bank by end of May....somewhere down the line July 18th the Broker said that they wouldn't do the loan, but from all the way from end of May till the Morning of he said it would go thru....The reason why is the child support my wife gets from ex didnt have 12 mo history even tho the child support lady wrote letter saying ex is paying now...So I asked what his next move was..he said he would submit it to a few more...Notified us this week Monday that he found a guy.  Wednesday he Needed us to fax banking account balance, IRA , recent stubs.  Which we gave to him within 30 mins of him asking...Didnt hear anything from him...My wife is at the point of not trusting him....I think he is ok not the best, but he got us done when other Brokers told us NO from day one...when he did our last refi it was with Countrywide, but he said that CW isnt working with anyone now days and he dont go with them anymore....So according to my Broker Thursday by 9 am (responce from email) he claimed he had everything into the bank...My question is when should I honestly hear a responce from him?

[ShanetheMortgageMan]

It would depend on how long the lenders turntimes are.  Each lender gives the broker a timeframe on when to expect to hear back on things (initial underwriting, conditions being signed off, ordering the final docs to get them to the title company, etc.)... your broker can easily ask what the lenders turntimes are, should get a response immediately, and then he would contact you to let you know.

You don't always need 12 months of cancelled checks for the child support, sometimes automated underwriting will only call for 3 months, you never know ahead of time though, the loan always needs to be submitted to automated underwriting before you'd find out... but within 20 seconds of submitting the loan to automated underwriting it'll let you know.

Here's what FHA says on child support:

Income in this category may be considered as effective if such payments are likely to be consistently received for the first three years of the mortgage. The borrower must provide a copy of the final divorce decree, legal separation agreement, or voluntary payment agreement, as well as evidence that payments have been received during the last twelve months. Acceptable evidence of payment regularity includes cancelled checks, deposit slips, tax returns, and court records. Periods less than twelve months may be acceptable, provided the payer’s ability and willingness to make timely payments is adequately documented by the lender. Automated underwriting approval findings may also indicate less than 12 months also acceptable.

Here is what Freddie Mac's conforming guidelines say on child support:

When the applicant has requested that we consider income from child support, the income must be expected to continue for a period of three years from the date of closing. Payments must be received regularly. The full amount of support ordered or agreed upon will be considered as stable income, when written proof is provided, such as a copy of a divorce decree with support agreements, legal separation agreement, court order for child support, or other documents together with 3 months history of payments (if the automated findings do not call for any specified time frame for receipt). The 3 monthly payments may be confirmed through court records, tax returns, canceled checks, bank statements or deposit slips.

Countrywide still works with brokers but they usually aren't the easiest to work with.

I'd give your loan officer until the end of the day on Monday to give you a game plan, if you like it, stick with him, if you don't like it or he doesn't get back to you, might want to start sniffing out other loan officers.