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

Regular Contributor

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

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!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 11 of 18
Established Member

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

Thank you for your kind words. I am a hot mess now. The lending company has several branches and the last I heard from my LO was the other night when he requested updated docs... after I emailed them the docs, this is when the new person (a production associate from same company, different branch) appeared yesterday saying they will handle my loan from here and prepare me for underwriting and they asked for a few things. I dont know if I should be worried about this or if there was reasoning behind it. My LO is still employed by the co. I specifically chose the other LO because of his great reviews and trusted him after meeting him... I dont even know if he is still my LO. Lol. This other person is an associate....maybe I am getting worked up for nothing....
Message 12 of 18
Established Contributor

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

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.
Message 13 of 18
Established Contributor

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


@JVille wrote:
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.

" EX 689 EQ 691 TU 687 MMS 695"
Message 14 of 18
Established Member

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

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.

Message 15 of 18
Established Contributor

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

Did they share the conditions with you or your Realtor?
Message 16 of 18
Established Member

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

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.

Message 17 of 18
Established Contributor

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

Based on that they are nothing to worry about and may even be internal conditions such as the final verbal call to your employer that you still work there. But nothing to worry about.
Message 18 of 18