topic Re: Anybody (Quicken Loans) in Mortgage Loans

Anybody (Quicken Loans)

BGinVA — Sat, 17 Dec 2011 01:07:18 GMT

Does anybody know how long Quicken Loans normally takes after satisfying any conditions on an approval? I have a conditional approval, they only needed a few things, I got the last thing in Wednesday morning and was told Thursday afternoon that it was on the desk to be looked at by the final underwriter that day. I was hoping to hear something before the weekend, either that we are cleared to close or if they needed something else to give me the weekend to get it together. They haven't asked for anything more after 2 days and have my tentative close date for December 21st, is this a no news is good news? Or could they still throw me for a loop?

Re: Anybody (Quicken Loans)

IOBA — Sat, 17 Dec 2011 01:48:46 GMT

Anything is possible, but usually no news is good news.

Come sit next to me. I have coffee, tea, and hot chocolate. Which do you prefer? We can wait this out together.

Re: Anybody (Quicken Loans)

BGinVA — Sat, 17 Dec 2011 01:54:48 GMT

"Like"

Re: Anybody (Quicken Loans)

BGinVA — Sat, 17 Dec 2011 02:41:31 GMT

They just posted updated closing numbers in the last 30 minutes, do you all think that means that underwriting is done? Or do the departments work independantly of one another?

Re: Anybody (Quicken Loans)

BGinVA — Sat, 17 Dec 2011 02:43:11 GMT

Wanted to add, but I'm still stuck on Step 3 (Conditional Approval). I WANT to see stop 4 (Cleared to Close). UGHHHHHHH!!!!

Re: Anybody (Quicken Loans)

IOBA — Sat, 17 Dec 2011 21:49:41 GMT

I understand the frustration! We aren't even that far along in the process. Had done app, was approved, got the letter.

Fast forward, sellers signed the contract, had ratified contract.

Fast forward, sellers and their mortgage company had a disagreement/dispute/problem and we are at a stop. Just waiting for the air to clear. Who will come out the winner? The sellers? Their mortgage company? Dunno!

Will have to re-app when the dust clears (too much time in between first app and potential go-ahead with the sale).

BUT - if you have closing numbers, yeah!! Do you have to provide anything else for Conditional Approval? Everything else is done - to include the appraisal and the inspection?

Re: Anybody (Quicken Loans)

Anonymous — Wed, 28 Dec 2011 21:12:05 GMT

I closed with Quicken. Sometimes they take alittle longer to update their website. I swear I was a stalker this whole process and called their office constantly and they had more updated information when I called.

Re: Anybody (Quicken Loans)

BGinVA — Wed, 28 Dec 2011 22:52:17 GMT

Well, I've been sitting at the exact same spot for over 2 weeks now (Step 3 of 6, they don't need anything from me, nothing under review), every time I call they say they should be getting the final sign off tomorrow. We've already missed the first estimated close date by a week, the second estimated close date was tomorrow, yet I still don't have a "clear to close" at this point. Its unlikely even if I get it that I'll be able to close before my interest rate lock expires on January 2nd, as Tomorrow, Friday, Sunday and Monday are already booked on my schedule, unless they want to come to my house on New Year's eve. They definately have not lived up to their name, while the process has not been cumbersome at this point, it has by far been the slowest mortgage process I've ever been through with 2 FHA purchase mortgages, this would be about my 5th refinance in 25 years, and 3 HELOC's. With my very first mortgage it was back in the 80's when everything had to be hand delivered or overnight mailed rather than uploaded within minutes and I still closed quicker than this.

Re: Anybody (Quicken Loans)

Anonymous — Thu, 29 Dec 2011 00:29:49 GMT

BGinVA so sorry to hear about your delay. I am sending good luck vibes your way for a speedy approval and closing.

Re: Anybody (Quicken Loans)

BGinVA — Thu, 29 Dec 2011 01:15:04 GMT

I will be fair here and say I THINK I know what the delay is. When they sent me the closing statement, it included my December payment, I verified all the payoff balances with my lenders (1st & 2nd), so I waited to pay my mortgage knowing that payment was included in the numbers they gave me. I had the money, could have made it weeks ago, but didn't want to double pay it if it was included in the refinance. Well today I determined I better go ahead and make it because I was not going to risk going 30 days late. Within 2 hours they called me to confirm that I made the December payment. So now they posted a new condition saying that I had to provide evidence that I made that payment before being 30 days late and they had to get new payoff numbers. Had they told me that 2 weeks ago, I'd have made the payment then. So now they have to wait for that to clear, get new payoff numbers, send me a new closing statement and I have to re-verify the numbers on that statement with my lenders before closing. I'm going to assume the banks are taking Monday for the New Year holiday, so they have effectively screwed my locked in rate by waiting to see what I was going to do instead of just asking me what my intentions were and I'd have told them that after verifying the numbers on the closing statement they provided me I didn't want to double pay. Why would I make a payment when they showed that payment being paid at closing? Oh yeah, they can change their numbers 50 times and not tell you a thing, forgot that part.........

Re: Anybody (Quicken Loans)

IOBA — Thu, 29 Dec 2011 14:52:13 GMT

*eye roll* I feel your pain!

I have had lenders say don't make your December payment becuase we are planning to close December 10 or something. Always make sure you make your payment on time, even if there is a plan in action for someone else to pay it. Things happen, things get delayed, and your payoff number is always changing. I'd rather overpay and get a refund than get slapped with a late.

If you aren't going to be able to close today or tomorrow, I'd suggest making your January payment too. You could pay it off tomorrow and get a 10 day pay off letter from the lender. Submit to the refinance people, and close after the holiday.

Good luck!

Re: Anybody (Quicken Loans)

StartingOver10 — Thu, 29 Dec 2011 15:45:19 GMT

Many people forget this because your mortgage payment is due on the first of the month, but you are actually paying for the previous months interest plus a little bit of principal. So when you make your Dec payment, you are paying the Nov interest plus principal. Never rely on any lender to close a refi on time. It happens, but not all that often as many lenders will rush to close purchases before they close refi's. Keep your payments timely even if they say the closing is Jan 10th (for example) make your Jan payment on the first so if there is a delay it does not affect you or your credit.

As an aside, lenders keep track of when your mortgage payments are received. Even though a late fee is not charged until after the 15th of the month in most mortgages, they will use an internal record of your payments when considering refi's with your exisitng lender.

Re: Anybody (Quicken Loans)

BGinVA — Thu, 29 Dec 2011 18:47:27 GMT

Finally got the clear to close this morning and they are going to come to my house Saturday morning to get everything signed. It really was an easy process with Quicken and had I known that we were at a standoff both of us waiting to see what the other one was going to do I probably could have closed 2 weeks ago. So while I would definately recommend Quicken to a friend, for sure take IOBA and StartingOver's advice and just make that current payment knowing that they will update the numbers again before closing.

Re: Anybody (Quicken Loans)

Anonymous — Thu, 29 Dec 2011 19:09:03 GMT

CONGRATULATIONS BGinVA! Enjoy your new home this weekend.

Re: Anybody (Quicken Loans)

IOBA — Fri, 30 Dec 2011 01:57:38 GMT

Congratulations!!!

Re: Anybody (Quicken Loans)

Anonymous — Fri, 16 Aug 2013 20:10:31 GMT

Sorry but this whole thread represents everything that's wrong with this counry. The OP is mad at QL because they didn't call to remind you to pay your existing mortgage on time? Seriously? Until your new loan closes the old mortgage is still intact and in effect and needs to be paid on time. that's common sense and not QL's fault. You pay everything until the loan closes and you won't hit any snags in underwriting.

Re: Anybody (Quicken Loans)

Anonymous — Mon, 19 Aug 2013 20:08:27 GMT

Welcome to the forums BattleSnail. You may not have noticed but this thread is from December of 2011. And the poster was merely expressing frustration with the lack of communication not expressing an unwillingness to meet their obligations. We try to maintain a friendly and respectful decorum around here. Not saying that we don't disagree with each other but we try to be cordial in our responses.

If you find that you have specific questions related to finances or credit scoring then feel free to post your questions in the appropriate forum and we will offer whatever support we can.