Haven't heard from lender, closing in a few weeks

[Anonymous]

My husband and I have struggled to even get pre-approval for a home because of my self-employment. Finally, we met with a lender back in Feb. who "pre-approved" us. I have been going through this ordeal since Dec. of last year of communication with lenders and finally found one we liked. We are also working with a realtor and found a home that is currently being built. We were sent some docusigns on the address by our lender as soon as we made the offer on the new build, filled out permission for tax return pulls (I am self-employed), looked over closing costs, etc. But since then....nothing. I was last told a month ago our loan was still in processing when I emailed them for a follow-up. My realtor said a week ago that he also spoke with the lender as well and that they cannot lock in our rate until we are 30 days out to closing...Well, now I am nervous because our builder called yesterday, and our home is going to be completely finished in about 2-3 weeks and we were set to close the end of July and I still have not heard anything from my lender. Is this common or reason for concern, or should I assume it is still in "processing"? Everyone keeps telling me to be patient (husband, parents, in-laws) but the fact that we do not have clear to close, they haven't requested anything from me, etc. has me a bit concerned and I am freaking out in the inside....I was under the impression this would be more "stressful" I guess. Thanks.

[Anonymous]

Have you tried contacting them for status updates especially since you know how a closing date?

[Anonymous]

---

@Anonymous wrote:

My husband and I have struggled to even get pre-approval for a home because of my self-employment. Finally, we met with a lender back in Feb. who "pre-approved" us. I have been going through this ordeal since Dec. of last year of communication with lenders and finally found one we liked. We are also working with a realtor and found a home that is currently being built. We were sent some docusigns on the address by our lender as soon as we made the offer on the new build, filled out permission for tax return pulls (I am self-employed), looked over closing costs, etc. But since then....nothing. I was last told a month ago our loan was still in processing when I emailed them for a follow-up. My realtor said a week ago that he also spoke with the lender as well and that they cannot lock in our rate until we are 30 days out to closing...Well, now I am nervous because our builder called yesterday, and our home is going to be completely finished in about 2-3 weeks and we were set to close the end of July and I still have not heard anything from my lender. Is this common or reason for concern, or should I assume it is still in "processing"? Everyone keeps telling me to be patient (husband, parents, in-laws) but the fact that we do not have clear to close, they haven't requested anything from me, etc. has me a bit concerned and I am freaking out in the inside....I was under the impression this would be more "stressful" I guess. Thanks.

---

Be patient. I closed on a new construction 2 years ago and didn't get the clear to close until 4 hours before closing. Just stay in touch with the loan officer and/or loan processor and ask if there is anything else your file requires and also ask if they can estimate when you'll receive the CTC.

[JVille]

Squeaky wheel gets the grease! Time to call, email and call again and make a pest of yourself. Make sure you tell them multiple times your home will be done in Two weeks (not 3) that should give them motivation to call you back.

Once again make a pest of yourself. They are going to need updated documents, paystubs, Bank stmts. Any money given to builder they will need copies of cancelled checks and proof the funds cleared your acct. Any deposits on bank stmts you give the lender no matter how small will need to be documented and proof provided. If you have not provided lender with your 2017 Federal Tax Returns get those ready.

Good luck!

[Anonymous]

OK, an update: - heard from realtor and lender yesterday. Lender is going to find out more from builder where we are at as far as finishing up the house. Called yesterday and while on the phone, said we could lock in our interest rate since we're 30 days out. He did a re-pull of our credit while I was on phone and well, needless to say I am infuriated with my husband. (but I guess that is for another forum, haha). My credit score went up a few points -- but my husband's (who already has a low score to begin with) dropped about 8 points since the last pull in April. Lender said it would raise cost to a tad to write the loan (but cost was not as bad as I expected) and he did not seem overly-concerned, but I am freaking out in the inside and a bit embarrassed over it.  I have not even ventured into looking at my husband's score to see what the drop is all about (yet) or if I should just sit tight in the meantime. I told my husband the good news that our rate was locked in at 5%, and the bad news of his score dropping. For some odd reason, my husband didn't blink an eye or seem worried. (sigh). I just need to get through this next month. Lender said we will move more quickly on things next week....Tax return permission requests were filled out months ago for 2015-2017 from the IRS. I am assuming they have (hopefully) already reviewed the majority of these, but I am sure I will have much more to be stressed about soon.... haha.

[MauiMan85297]

By now you should have gotten a fully underwritten approval with conditions this late in the game.  Your file should be in UW not in processing and I'd inquire about this as 3-4 weeks is not much time for something to go wrong.

[Anonymous]

Ok, a quick update: Lender locked in interest rate and our house is finished. They are doing the final inspection today or tomorrow...Closing is set for July 27th and lender and builder have spoken about this, but there was some confusion, and now if we go past the 27th, I lose my interest rate lock. I have my Home owner policy in place...But now I am a nervous wreck. Lender called last night to get some updated paystubs from my husband, his 2016 w-2 and both of our recent bank statements so that our loan could go into underwriting this week or this coming Fri. I thought we would have been in underwriting by now, but I guess not. I am so worried this loan will fall through at the last minute in underwriting, that I am starting to get cold feet about this whole thing.

About how long does this torture take in underwriting, haha so I can prepare myself mentally? I believe he said the underwriter was in house, but I could be wrong. Also, is it the underwriter who calls you with more info needed, or is it my LO?

[MauiMan85297]

---

@Anonymous wrote:

Ok, a quick update: Lender locked in interest rate and our house is finished. They are doing the final inspection today or tomorrow...Closing is set for July 27th and lender and builder have spoken about this, but there was some confusion, and now if we go past the 27th, I lose my interest rate lock. I have my Home owner policy in place...But now I am a nervous wreck. Lender called last night to get some updated paystubs from my husband, his 2016 w-2 and both of our recent bank statements so that our loan could go into underwriting this week or this coming Fri. I thought we would have been in underwriting by now, but I guess not. I am so worried this loan will fall through at the last minute in underwriting, that I am starting to get cold feet about this whole thing.

About how long does this torture take in underwriting, haha so I can prepare myself mentally? I believe he said the underwriter was in house, but I could be wrong. Also, is it the underwriter who calls you with more info needed, or is it my LO?

---

The UW would ask for more docs and your processor would reach out to you (you never speak with an UW) and if they can't get hold of you then the processor would email LO to reach out to you.

[JVille]

Fingers crossed! You are nearly there....

[Anonymous]

Okay, another update. Sorry...helps to calm my nerves...Yesterday, we filled out more forms on closing costs, etc., loan estimate. I received an email from a new person called a Production Associate. She said she would be handling our loan until 7.27 closing and sent me a needs list to prepare the loan for underwriting and she needed all items by 2pm today in order for us to close on time. I responded promtly with all items, but I had a question...Is this common for our loan to be handled by a different member of the department? We had been working with our LO on this and all of a sudden, someone new, with a different title is taking over....Which is fine...Just was not sure if this was common. Thanks!