(If this seems personal it was copy and pasted from my facebook wall, I want to share the story but I didn't want to retype it. Forgive me. )
We were pre approved on April 15th. At the time our loan officer Scott was with bank of America. BOA sent us a loan packet for us to fill out. The loan packet had the incorrect lot on it, and it was wanting us to sign up for a ARM. We told them we were not signing those papers because all the info was wrong. And we have never, ever discussed an ARM mortgage with them. Scott said that we would have new paper work in about 30 days. 30 days pass, we get no new paperwork. I call his office number and it's disconnected. So I call his cell phone and he tells me that he now works for a new company (Prime) and that he left our info back with someone at BOA to take care of. He then says that he'll take care of our loan because he wasn't sure they would get to it. He didn't even tell us he was leaving the company!! I had to call him to see what was going on.
So he meets with us, we fill out the application again for the second time. Give him all our info. The home building process begins. So time passes and he tells at the end June that we would need an additional $2,500 (first two months mortgage) when he knew we would need it back in April and before that because we've been working with him since 2010.
He also told us we'd need $1000 for our mcc money. He told us on the week of the 4th, and that he'd tell us where to send it the next week. Our closing date was set for the 20th (today) and the funds needed to close would need to be verified by the 13th. We had the money deposited in our account on the 9th. So I call him on the 11th, and he's on vacation! When he knew the week before that he'd be on vacation. So then I get in touch with Scott's loan processor. She gives us a list of things we need to do or send before we can close. Scott never told us any of these things, and they could have been done months ago.
We give those things to her the same night, staying up to 2 am. She replies back she got everything and she's sent everything to the underwriter. On the 18th I called the title company to find the amount we needed to bring to the close, we were told we needed to do that 48 hours in advance. The title company didn't know who I was and when they found out all they had was stuff from BOA!!!!
I called Lori and she said the appraisal was not done yet, she said they "supposedly" ordered it at the start of July and that it would take 4 days to clear it through underwriting and get the paper work to the title company for us to close. This is on the 18th and they've known our closing date was the 20th for over 6 weeks. Appraisal comes in Monday night and he says it's good and that's all we need. And the closing was being pushed back to Friday.
So he calls me today (7/20) at 4:00pm saying that we don't have enough money to close. We were to call Lori to see how much we needed, so Miranda calls her, and Lori has no idea why we are calling her and tell us to call Scott. So we do...and he says that he told us to call Lori. He said he would find out more info and call us back. We wait, he doesn't call.
So, we call Lori back again and she tells us that we are $3000 short in the funds they needed to verify. On this call, we find out that they didn't verify the funds on July 13th like they told us they would but rather they have a bank statement dated from MARCH for us for an account that we don't even have any longer. Also, we find out on this call that they didn't verify our apartment rental history either, and we gave them the info to do that months ago.
After speaking w/ Lori, Scott calls (my gf) back and basically stutters and has no answers as to why they haven't done everything they should have done, and Scott didn't even know that we needed the rental history still. So, we bust our asses tonight to get to the bank to have statement and current balance printed and rush to the apt office before it closes to get this info.
Now, here we are...waiting....they say they now have everything, and it still a possibility that we will close on Friday. Apparently, they are trying to rush back through underwriting clearing w/ what we sent them today.
The building process with the builder has been smooth as ever. However the loan process it'self has almost ruined it for me. We will get the house. The frustrating part is that we should have been it already. Now we've had to cancel appointments with direct tv/uhaul ect..How do you not have a list of things you know you need in order to close a loan and not check everything off as you go along? Why call me on Monday saying we can close friday then call on Wendsday saying you need more information? It makes no sense at all. Of all the lenders in the world we had to go with the worst one ever.
Wow I am so sorry you had to go through that! I feel like this process is crazy enough without having to deal with the incompetence of some people.
Anyway I hope you get everything that you are waiting for and it hopefully straightens out.
Chase Mortgage is right up there with Prime Lending. I am fast approaching my FIFTH REQUEST for a closing extension and my ELEVENTH week in escrow because of the TOTAL INCOMPETENCE and PLAYING THE FINGER POINTING GAME of the bank and RE agents. I've had to reschedule appliance delivery, floor installation, etc. SIX times because they keep telling me we'll close shortly and someone messes things up. This has been the WORST transaction I have ever experienced in my life and when I FINALLY get my keys...TRUST ME.. HEADS WILL ROLL!!!
I too am in the last throws before closing, but I have to say that it has gone well. I think picking a local credit union has made all of the difference. I feel like I've received very personal attention and had all my many questions answered well and promptly. I just wish they would be the company servicing the loan. They're selling it to PHH mortgage - don't know anything about them.
I'm sorry to hear things haven't gone well. But this will pass and you'll have a new house built just for you!
There is more drama, this is pretty good. We were gifted $2,200 by my Mom in the form of a cashiers check on July 9th. The cashiers check was dated for the 11th because that bank considers any transactions after 4pm to be the following business day. The underwriter is holding up the whole process because she thinks that we deposited two different cashiers checks for the same amount on the 9th and the 11th because the cashiers check was dated for the 11th due to bank policy. How could an underwriter not know that? So now we are looking to close next week. Mind you the 11th was almost two weeks ago and any confusion should have already been cleared up now.
OMG. What a disaster. Just remember, it will all be worth it once this is over.
UPDATE!! My loan funded yesterday and I'm D-O-N-E!! What a freakin' relief!! This was one of the WORST experiences I have ever gone through. Buying a car makes my stomach turn but is a walk in the park compared to getting a mortgage. All I can say now is that it is totally worth it... I have a great home and I can do (almost) anything I want with it. I hope the OP gets through this and shortly their KEYS... it's a GREAT feeling!
DW and I closed on our loan a month ago.
The one point I want to make is that I kept in close contact with everyone (lawyer, Bank, Agent, etc) during the process (I had a large phone bill due to overages).
You're doing the right thing. I never left anything up to chance. I called everyday to check on the status of everything and like you, I gave them what they wanted.
My toughest experience during the process was with my law office. They were slow.
Keep on top of them. Call all parties everyday (even if they tell you that they'll call you when something is ready).
It a tedious process, but the end result is sweet.