topic Re: Sitting on pins and needles.... in Mortgage Loans

Sitting on pins and needles....

Anonymous — Mon, 19 Oct 2009 18:59:07 GMT

Here's the story: Put in a bid on an REO on 8/17 it was accepted on 8/19. We were supposed to close on 9/25, the paperwork from the owner/bank was pending. It took a long time to get the correct POA from the seller. That is finally taken care of. Then it went back into UW and another condition was found. We needed confirmation of the minimum amount of hours that I work. Did that and gave the info to the broker by 9:30am 10/16. As of the end of the month I have no home. My question: Why am I getting hit with another condition? Supposedly it was only the POA they were waiting on nothing else. That was satisfied and now the verification of hours, now it's back in UW again. Doesn't make sense that it would take this long. HELP! Is my broker just not doing a good job. He works out of his home. I am afraid that he isn't as effeicient as I would hope for.

Re: Sitting on pins and needles....

Anonymous — Mon, 19 Oct 2009 19:22:29 GMT

no wat to tell from here, but lists of conditions are never final until the keys are in your hand. 60 days to close on a REo is farily common since the seller (the bank) tends to take awhile to get things moving. As far as the additional condition (employment stuff), this type of stuff is fairly common right at the end as the UW id dotting the I's and crossing the T's.

Re: Sitting on pins and needles....

Anonymous — Mon, 19 Oct 2009 19:33:30 GMT

So glad to hear your response. I really hope that this is close to the end. What I don't understand is why it takes so long in between satisfying each condition?

Re: Sitting on pins and needles....

Anonymous — Mon, 19 Oct 2009 19:37:58 GMT

Because the UW has a big pile of files sitting on his/her desk. Each time your file goes back to them it goes to the bottom of the pile. What takes so long is waiting in the UW que. Actually going over your file is probably less than an hour.

Re: Sitting on pins and needles....

DallasLoanGuy — Mon, 19 Oct 2009 21:14:33 GMT

this might be the broker doing a good job or not.

some files just go this way....

Re: Sitting on pins and needles....

Anonymous — Tue, 20 Oct 2009 17:15:59 GMT

Still no word on a clear to close. It has been over 48 business hours and nothing! I am going nuts trying to get through this. I really don't know how anyone manages. Is no news good news???

Re: Sitting on pins and needles....

Anonymous — Tue, 20 Oct 2009 17:23:25 GMT

No news probably just means the UW has'nt looked at your file yet. Have you tried sending an email to your LO asking when they expect to hear something back?

Getting a mortgage is very stressful, some times more than others. Everytime we have got a mortgage I have said "thats it I am never going to go thru this again, I can't take it!" Yet...here we go again.

Re: Sitting on pins and needles....

Anonymous — Tue, 20 Oct 2009 17:25:53 GMT

They just keep saying that they are confident that they will get the CTC today. That if no questions have been posed to them we are in the clear. I just can't stand the waiting.

Re: Sitting on pins and needles....

Anonymous — Tue, 20 Oct 2009 17:29:43 GMT

I understand...my loan is in UW as well and am expecting to hear something today or tomorrow.

Re: Sitting on pins and needles....

Anonymous — Thu, 22 Oct 2009 16:45:05 GMT

I am in desparation mode. I have 1 week before I have no home. Everytime I satisfy a condition another one comes back. Why is that happening? Can anyone shed any light on this? Should I switch brokers? I am desparate! I don't know who to believe.

Re: Sitting on pins and needles....

Anonymous — Thu, 22 Oct 2009 16:51:35 GMT

your broker has little control over conditions for closing. Once the file is at that point, all they can do is make some calls to keep track of what is going on.

Re: Sitting on pins and needles....

Anonymous — Thu, 22 Oct 2009 20:37:49 GMT

I know what your going through.. been there, done that.. All you can do is wait..

You should get a contingency plan in place if this goes past closing or takes even several months longer, which can and does happen. Dont panic, remain calm and start getting Options B, C and D put together so you dont lose a roof over your head.

Re: Sitting on pins and needles....

hawkeye33 — Sat, 24 Oct 2009 19:09:21 GMT

As has been stated previously, it's difficult to say, but your broker may or may not be doing a good job. From my experience (and I am still in UW), my LO and the UW were pretty good in the back and forth and actually gave me a feeling like I was the only client for whom they were reviewing information. That said, I have had several rounds of conditions that have gone back and forth. I have been lucky in that I have never had to wait more than 24 hours in between. I have been told that I have seen the last of the requests, and we're just waiting for the appraisal now, but again, as has been stated previously, there can always be conditions up until close.

At this point, I would suggest you just keep (nicely) prodding your broker/LO for information. That will keep you in their mind and hopefully making sure they stay on top of the UW. If you're desperate about the end of month, the answer is probably not switching brokers as that would be more likely to delay the finalization of the process rather than expedite. Good luck!