topic Re: Conditions in Mortgage Loans

Conditions

Anonymous — Wed, 20 Apr 2016 21:11:00 GMT

Last thurs I received conditions which I now assume were from the LO,spit out from the automated approval. Those were explanations of inquiries, car lease, etc, stupid stuff. Sent that over the next morning, Friday. I get an email from the "transaction coordinator" on Monday asking for proof of my wife's earnest money deposit, I already sent them the cleared check, but whatever, I send that 15 minutes later, and a homeowner insurance document she asked me to sign and date. Since my first LO was a complete failure, the new company has zipped through everything so far, conditional approval in 2 1/2 days, appraisal received in a little over 1 business day, title work is done, so I figure ok, how long will it take them to look at 2 pieces of paper I sent them on Monday, right? I emailed her today and she said we will touch base on Friday?? **bleep**?? I know, they have files in front of mine, but I find it hard to believe this ENTIRE industry is like this, complaints across the board are the same, why does it take so long?? I read through 25 pages of the same stuff in the forums last night and I'm just venting like everyone else, still don't know if I will close !!

Re: Conditions

Anonymous — Wed, 20 Apr 2016 21:30:52 GMT

I think they need more underwriters.

Re: Conditions

Anonymous — Wed, 20 Apr 2016 22:21:19 GMT

I have been around the block several times and I honestly do not think underwriters, LOs, etc are excessively over loaded, I think this is a game they play. They all want to dangle the carrot in front of the buyer and keep them on edge the entire time. The reasons I believe this is true are because we are borrowing a lot of money, so we deserve some mental anguish because of it, and I believe they want to keep you hanging until the end so you feel close enough that you would not want to attempt the process with another broker, i.e. they keep your business. I really wish someone would chime in and just tell me I am correct.

Re: Conditions

Anonymous — Thu, 21 Apr 2016 00:13:48 GMT

Mmmmmm, I'm not sure if I agree that somehow the UW process is purposefully slowed. There is a ton of detail in these files, and multiple files in the UW process in front of the same person at the same time. I like to think that maybe they're just being cautious and thorough. =0) Positive thoughts, positive thoughts!!

Re: Conditions

Anonymous — Thu, 21 Apr 2016 00:57:30 GMT

They went through my initial file that had a lot more info in a day, now 2 pcs of paper as conditions takes 5 days, it sits on their desk until they get to it, the prob takes them 10 mins to ok it. Even if they had to look through everything again, which they already did in 1 day, it doesn't take 5 times as long. This entire process is definitely flawed if it truly works like this, it's part of the game.

Re: Conditions

krielly — Thu, 21 Apr 2016 11:08:11 GMT

Just breathe.........lol! Sounds like the majority of your processing has happened very quickly. Don't let a few days wait get you all wound up!

I'm sure they are pretty busy with other files and working to meet deadlines for closings scheduled prior to the end of the month.

Patience grasshopper!

Re: Conditions

Sassy_Taurus — Thu, 21 Apr 2016 19:14:16 GMT

I understand your frustration. My conditions were sent back Tuesday. I don't understand why it's Thursday and nothing. My LO called me yesterday and said that they're going to fund the loan. But that's verbal I need to see docs. He said he would put pressure on them to send the closing disclosure by today so we can draw docs by Wednesday (closing is suppose to be Tuesday). Realtor just emailed and said she has been working with the LO this morning. Said we should have docs by Wednesday and hopefully fund by Friday. We requested an extension just to to be on the safe side. I'm ready for this to be over.

Re: Conditions

Anonymous — Thu, 21 Apr 2016 22:56:28 GMT

I've missed 1 closing date so far, might miss another but at least they asked for something else today which I sent over in 30 seconds. I hope I don't have to pull my hair out for another weekend.

Re: Conditions

Anonymous — Thu, 21 Apr 2016 23:21:20 GMT

I finally got my clear today. Closing Monday.

Re: Conditions

Anonymous — Thu, 21 Apr 2016 23:53:07 GMT

Congrats, do you need a closing disclosure before you get a clear to close? I don't have either yet.

Re: Conditions

Anonymous — Fri, 22 Apr 2016 00:09:12 GMT

Just fyi, I did get a closing disclosure on the day I got the email saying I was cleared for closing (closing scheduled on April 29.)

But he told me it was still an estimate - but should not be too far off the actual amounts

The actual amounts apparently will not be available for me until the title company does it's stuff - no idea when that will be.

He said he sent me the estimate just to start the 3 day clock...

Re: Conditions

Anonymous — Fri, 22 Apr 2016 00:47:46 GMT

I got my disclosure last Friday, also to start my 3 day clock. They didn't want me held up by it.

Re: Conditions

Sassy_Taurus — Fri, 22 Apr 2016 00:54:07 GMT

Congrats you guys. I'm still waiting with hope that I get the disclosure tomorrow to start the clock. I did not know that Sunday's do not count

Re: Conditions

Anonymous — Fri, 22 Apr 2016 01:06:57 GMT

But Saturday does count?

Re: Conditions

Anonymous — Fri, 22 Apr 2016 01:14:48 GMT

My loan folk said three business days.

Re: Conditions

Sassy_Taurus — Fri, 22 Apr 2016 01:35:15 GMT

Yes Saturday count. I was told today by Escrow and my realtor that Sunday's do not count.

Re: Conditions

Sassy_Taurus — Fri, 22 Apr 2016 01:36:37 GMT

It's all confusing

Re: Conditions

Sassy_Taurus — Fri, 22 Apr 2016 22:48:28 GMT

Any update Obxlover?

Re: Conditions

Anonymous — Sat, 23 Apr 2016 11:39:51 GMT

Kinda sorta? Since I took my wife off the loan but she is splitting the property with me, the mortgage company is being anal with her money portion. We already sent 2 separate EMD checks that were cashed, they wanted a gift letter signed for that, easy but stupid, it already cleared and is in the attorneys account. I was pretty much begging them for an answer yesterday because I didnt want to pull my hair out again for another weekend so the LO assistant called me and said its pretty much a done deal, they were just waiting for the homeowner insurance binder. Then she called me back and said they needed my wife's bank account 60 day transaction statement stamped and signed from the branch, no online print out. That was after 5 on Friday so of course this goes on longer, we will get this done today. This is stupid at this point, if you go to closing and they see the money came from that account then close, if it doesn't come from that account, then don't close. The assistant did tell me we should be able to close by next Friday 4/29 but I have my doubts, I don't have the CTC or CD yet so we will see.

Re: Conditions

Sassy_Taurus — Sat, 23 Apr 2016 13:20:53 GMT

I really hope that she's right and you do close by next Friday. I know it's easier said than done but try and relax this weekend. Sending good luck vibes your way.