I have followed your comments since your first post and I am deeply saddened to see how your loan process has gone. It can be complicated, but you shouldn’t have felt that you were kept out of the loop. First, I fund lots of new construction homes and I can assure you we can lock as far as 90 days out, longer is possible but it's expensive.
It sounds like the LO either moved to another company or was terminated so someone else picked up the ball and ran. Most of us LO are very conscientious and nurture our files from start to finish. The good news is you’re almost done and after a few months, when your celebrating the holidays with your family and friends, this will be a distant memory.
Best wishes to you and congratulations on your new home!
Sounds like a Loan Processer has the loan. This is the person who actually does the work of putting it all together and submitting your file.
In many big Lending Models the Loan Officer is an intake Agent. You deal with them upfront and they get the ball rolling but have little to do with the file/transaction after it’s turned over to processing. Sounds like they didn’t tell you how their system worked.
That's exactly what I'm thinking, a production assistant is a processor and definitely not a LLO. Sometimes an original processor is out for a few days, had vacation time set aside and someone else would take over rather than have your file sit. I don't think there's nothing to be overly concerned unless they have in the past showed you cause for concern.
Update: This morning, received a message from realtor and an email from my LO. (it is the same one - phew). Anyway, on Fri. we went into underwriting. Messages today from realtor and the lender were congratulations on our loan approval / with conditions. I am super excited inside, but now another blanket of fear has come over me that I wont be able to meet the conditions or there will be a problem. How worried should I be at this point? I can't believe we have gotten this far. I want to celebrate but know we are not done yet.
I don't believe so. The email from the realtor was a congrats on the approval and the lender was a congrats just said they will be in touch soon. The congrats milestone (video) said it was with conditions and then a reminder not to do anything crazy credit-wise, how to prepare utilities for our new home, etc. but I don't know what the conditions are. Assuming I will know more tomorrow.
So far, so good! Only other condition thus far was a request for homeowner insurance info which has been taken care of and now we are waiting on the appraisal to come back. Bracing myself that there are no other conditions. Closing is still scheduled for the 27th. I know things can change, but I asked for an estimate on when we might get our clear to close, and was told I should have it 3-4 days prior to our closing date. I am super excited, but nervous at the same time...
Also, I have a question... We did get our policy in place for our home owner insurance, but my husband and father are adamant on me purchasing a flood policy and the premium was not as bad as we expected. It is not required by our lender and we are not in a flood zone. However, my agent said if I purchase now, it can go into effect on our closing date since we are purchasing our home and there won't be a 30 day wait period...My question...Will they do a hard or soft pull for this policy on our credit for this flood policy and could this affect anything as far as our scores, inquiries, etc. prior to closing? I know my LO said to be careful with our credit at this point, etc. and I don't want a new optional policy to affect anything. Also, will my lender need to see evidence of the flood policy even though it is optional, or would this delay things? Thanks everyone!
You'd have to ask the insurance company if it'll be a hard or soft inquiry, but I haven't seen a loan where a credit inquiry from an insurance company has caused any issues or has even asked to be explained, which makes me think it's probably a soft inquiry. The flood insurance will be added to your DTI, will it still qualify with the added premium?