topic Re: Another Day, another NO CLOSE!!! in Mortgage Loans

Another Day, another NO CLOSE!!!

Ron6262 — Tue, 07 Aug 2012 22:32:16 GMT

Spent the morning waiting for the words we all want to hear, "clear to close." Unfortunately when the call came from the LO he said "UW has a prob with your 30 day bank statements, can you print out another copy and send it to me. They didnt like what we sent in, just want a normal statement." I said "You mean like I sent you the first time?" He replies, "Umm yeah, I guess."

I originally sent him my statement, he said my bank was weird in the way their statements looked, made me drive to the bank and get a letter verifying my balances and get it stamped and signed. I guess now Michigan Mutual also wants 30 days of bank statments, so on hold until tomorrow!!!

This sucks!!!

Re: Another Day, another NO CLOSE!!!

Anonymous — Wed, 08 Aug 2012 02:51:59 GMT

It will all come together. I'm pulling for you. Michigan Mutual came through for me in the end. They just sold my loan to Wells Fargo.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Wed, 08 Aug 2012 03:23:34 GMT

Thanks Hammer, I dont blame MM, I blame my LO, he has been the one to screw things up. Thankfully you gave me MM UW guide, that helped me submit what I needed, I dont think he has ever read it. I think he just does everything the same way for each loan and lets the UW tell him whats wrong.

I am glad I put in my contract 45 day close, I have needed the extra days!!

Re: Another Day, another NO CLOSE!!!

tooleman694 — Wed, 08 Aug 2012 12:57:05 GMT

Looks like you are back to waiting. I still have not heard back from my LO.

Im still waiting, we all want this to close today. If we get the approval this morning we can close today, but if it takes all day then its gonna be tomorrow.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Wed, 08 Aug 2012 20:17:09 GMT

I got a call from LO this morning and he said UW wanted a new full 30 day of my savings acct printed out and faxed. He said we got the processor from HELL! I faxed that in this morning and havent heard a word, LO emailed me a couple hours ago and said he still plans to close thurs or fri. What a nightmare!!

Re: Another Day, another NO CLOSE!!!

tooleman694 — Wed, 08 Aug 2012 20:40:33 GMT

I think they want to see if you got the money to close.

I got the same exact condition today. Looking like we close tomorrow.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Wed, 08 Aug 2012 20:42:45 GMT

I hope that is all it is. Everytime they ask for one thing I worry it will lead to 5 other things. I just want to get this done with, Im sure you know the feeling!!

Re: Another Day, another NO CLOSE!!!

tooleman694 — Wed, 08 Aug 2012 21:55:41 GMT

I already heard back, now they want to see the 401k.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Wed, 08 Aug 2012 22:03:38 GMT

That is what worries me. Thankfully I asked for a 45 day close, so I have until next Thursday, but I dont think I can hang that long. LO said it will happen by Friday, but obviously he has not control. This is all really silly to do all this at the end to people. ONce you commit to loan based on conditions they should be reasonable and hold up their end of the deal.

Re: Another Day, another NO CLOSE!!!

Anonymous — Wed, 08 Aug 2012 22:11:58 GMT

I understand your frustration. My loan came down to about three dozen carpenter ants.

I waited 26 days for USDA to approve my file. They did so with certification that the antsl where dead. All of the realtors got into a huge argument over what would clear the stip. Sellers threatend to pull out (said I was stalling) I told the sellers if they pulled out before the expiration date of our contract I would sue.

We squabbled over $80 to pay for a new WDI inspection (which I had no problem paying). Then the waiting game to see if MMI would accept the new WDI, then a call came in "can you be at the title company in an hour to close?" Seriously, thats how petty it got. It was all really pointless and petty, but its over now.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Wed, 08 Aug 2012 22:37:00 GMT

That is a crazy story Hammer!! Its a shame what this process has come down to. This is my third trip thru the process and the first two were simple compared to this one!!

Re: Another Day, another NO CLOSE!!!

tooleman694 — Wed, 08 Aug 2012 22:56:28 GMT

What bothers me, is the endless new conditions. Why didn't we get them all the first time.

Re: Another Day, another NO CLOSE!!!

tooleman694 — Wed, 08 Aug 2012 23:36:41 GMT

Anyways I think we have the final stuff in. This should be over tomorrow.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Thu, 09 Aug 2012 00:29:16 GMT

I too am hoping this is over tomorrow. I brought some boxes home from work, but dont want to jinx myself!! I hope signing up for Direct TV last night wasnt a mistake!

Re: Another Day, another NO CLOSE!!!

Anonymous — Thu, 09 Aug 2012 01:39:02 GMT

@Anonymous wrote:
I understand your frustration. My loan came down to about three dozen carpenter ants.

I waited 26 days for USDA to approve my file. They did so with certification that the antsl where dead. All of the realtors got into a huge argument over what would clear the stip. Sellers threatend to pull out (said I was stalling) I told the sellers if they pulled out before the expiration date of our contract I would sue.

We squabbled over $80 to pay for a new WDI inspection (which I had no problem paying). Then the waiting game to see if MMI would accept the new WDI, then a call came in "can you be at the title company in an hour to close?" Seriously, thats how petty it got. It was all really pointless and petty, but its over now.

Oh yeah, it was a MESS. I had to move out of my old apartment on 7.5.12 (was supposed to close 6/27) didn't close till July 18th and couldn't take posession till the 19th. Had to live with my inlaws for the interval inbetween (which was really wierd considering I have been seperated for 3 years). Good times, but it is all in the past and my 2 kids and I are setteling in nicley to our new home. Getting ready to make my first payment to Wells Fargo on 9.1.12! TGIO (Thank God its OVER!)

Re: Another Day, another NO CLOSE!!!

tooleman694 — Thu, 09 Aug 2012 12:36:58 GMT

I did not sleep at all last night, but the stress level has gone way way down since they want to see my new bank statements. I would imagine we are closing tonight.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Thu, 09 Aug 2012 13:21:42 GMT

08-09-201205:36 AM

I did not sleep at all last night, but the stress level has gone way way down since they want to see my new bank statements. I would imagine we are closing tonight.

Not much sleep here either tooleman, I am hoping for today or at least tomorrow!!! Waiting for the call now, LO usually calls in the morning.

Re: Another Day, another NO CLOSE!!!

tooleman694 — Thu, 09 Aug 2012 13:27:44 GMT

My Mom used to be a LO. I had a talk with her this morning, she told me if they wanted to see update bank statements you are about ready to close.

They wouldn't even ask to see if you have the money to close if they were going to say no.

Re: Another Day, another NO CLOSE!!!

Ron6262 — Fri, 10 Aug 2012 07:18:34 GMT

BREAKING NEWS LO call this morning, says bad news, because I am trapped in this 620-639 program I have to show two months in reserves. This required me to have $7100 in my acct. When we sent the statements in on Aug 1, I had the money, now they wanted to see it again Aug, 7 and I was down to $6796. I have $2000 at home in my safe that i have not been able to use because of "seasoning", so thats a no-go. LO says, you think your credit has gone up, I said lets try it, it dipped when I had disputes removed. He runs credits and says you are 645 mid, I gotta call the lender, this should work.

This should put me out of the 620-639 program and get me in a normal FHA loan and I would imagine lower my rate. I was at 3.75 for 15, I would expect that to drop to about 3.25.

Re: Another Day, another NO CLOSE!!!

tooleman694 — Thu, 09 Aug 2012 14:12:29 GMT

I dunno what to say but man that sucks, and OMG yes yes congrats dude. hehe.

Close close.