Freedom Mortgage not closing loans?

[Anonymous]

I have an amazing refi offer on the table. Starting to hear whispers about Freedom Mortgage tho...that they aren't closing loans and letting them languish. Anyone 

[Anonymous]

Saw this on their website. 

Can I expect any delays in my mortgage application and closing due to the pandemic?

We are committed to meeting our customers' needs while ensuring everyone's health and safety during the COVID-19 pandemic. Our Loan Advisors and Processors are working from their homes, and we are maintaining our current schedules and hours. Please be aware, however, that many state, county, and local governments have closed their offices, including property recording offices, or have limited the number of people who may visit those offices. These closures and restrictions may cause delays in the closing of your loan. We will keep you informed of any updates as your loan progresses through our standard process.

If my loan won't close on time due to delays, will my rate expire?

We are addressing every customer situation individually. If your loan is at risk of not closing on time or your rate is set to expire before your scheduled closing date, your Customer Advocate will communicate with you directly to discuss options regarding your closing and/or rate.

[VALoanMaster]

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@Anonymous wrote:

I have an amazing refi offer on the table. Starting to hear whispers about Freedom Mortgage tho...that they aren't closing loans and letting them languish. Anyone 

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Hi @Anonymous,

There are a lot of things that contribute to lender turn times.

Here are a couple:

1) Volume. Given how low rates have been this year a lot of big lenders simply do not have enough support staff to properly service the volume of loan applications coming in. NFCU was telling people that it would take 90+ days to close on a refi at one point.

2) Capacity issues. With so much volume coming, the larger lenders are basically running out of money.

You may want to find a smaller mortgage bank to work with.

[MauiMan85297]

They're definitely slow than other non-bank direct lenders and that's due largely to volume, they were one of the first lenders giving a very low interest rate with lender credit months after COVID (in March) hit as most lenders were scared to put out a figures as the 10 year bond was plummeting to a record low.  In addition to the volume their staff was mostly working from home that slowed down turn times.

[wife2froggy]

I know this is a few months old now - I did a refi in June ish - 2020. They were super fast to respond, closed in a couple weeks. The rates dropped again, I tried to reach out for a second refi end of 2020, never heard back. I chalked it up to not being eligible, but it could be overwhelming number of requests and ongoing forebearance requests due to COVID.

[MauiMan85297]

You're eligible to re-fi after 6 payments made on old loan (210 days), depending on the date it looks like you would be able to close early March as the earliest you could close would be Feb 27th.

[JVille]

Good catch