So I applied for a FHA loan with a local credit union I belong to. I didn't hear anything for a week, even after sending a couple emails directly to the loan officer. I had emailed the loan officer last winter about my situation (CH13 discharged Aug 2014) and she said it was not a problem. So my Realtor suggested PrimeLending. The loan officer quickly replied, no, I have towait 12 months post discharge. He said go ahead and apply now and he can work on some stuff so we are ready to go in August. So I applied and uploaded financial documents because I had not heard anything from credit union in over a week.
Well, the credit union responds later that day for me to upload some documents and to sign a bunch of disclosures, She sent a GFE and a Truth in Lending doc and some HUD documents. It was about 60 pages plus a nice booklet about financing your first home and all that. Interest rate is 3.375%.
Meanwhile a day or so later, guy from PrimeLending emails that he has good news. He researched some stuff and I can go ahead now with loan and not have to wait the 12 months. But he says there is a mortgage on my credit report but I'm ok as long as it was not foreclosed on. I tell him it was a 2nd mortgage and it was foreclosed on. He asks if I am sure because he thinks I reaffirmed it. I tell him no, it was foreclosed in June, 2011. I send him a snap shot of the court record. He proceeds to look it up for himself. Well, he replies that it was foreclosed on June, 2011 (duh). So I ask if he could send me a GFE. He replies that he cannot because of some HUD paper. He tells me the payment and roughly the total closing costs. I ask about the interest rate because I was given a GFE from another lender for 3.375%.
He replies that he does not know how anyone could offer me that rate and that he is happy to help me but he has spent considerable time already and I need to make my mind up. That kind of honked me off. First off, my realtor already knew I applied at credit union. He said he spoke with his guy at PrimeLending about me. Second, he initially told me he couldn't even work with me until 12 months post discharge. Maybe he should have a better understanding of the FHA program. And I told him when the foreclosure was. I have the document but it takes 5 minutes to look it up, if that.
I don't understand how he expects me to make up my mind if he can't send me the Truth in Lending docs. I did a full application. Gave paystubs, W-2's, tax forms, rent payments, copy of driver's license, and all my bank statements. And he pulled my credit.
Primelending is 4%. Both 30 year. No lender assists with the credit union. I thought I was being more fiscally responsible by checking more than one lender.
Was it wrong for me to request the Truth in Lending doc?
Ok, rant over. 
He was kicking himself...but he shouldn't take it out on you. Some LOs just can't handle competition 
@Its_Me wrote:
@StartingOver10 wrote:You did the right thing by asking for the TIL docs now, up front.
My daughter and her husband went through Prime Lending in AZ and I wasn't very impressed with the LO at all...Ultimately they got a decent loan, but it was like pulling teeth to get information and any response from the LO during the entire process.
I think you should shop around for a mortgage. The fact that he was completely unaware that you could finance with a Ch 13 tells you about this particular LOs experience.
Try getting a quote from other lenders and if you are happy with your CU - then stick with them.
Thanks - I feel better now. I was starting to doubt myself and feel like I was in the wrong for asking or shopping around. The loan officer made me feel like I wasn't being truthful about the other interest rate but all the docs have 3.375% on them. I understand that the rate isn't locked in and can change, but I was not lying.
It is *never* wrong to shop around, it's even right there built into the FICO algorithm and virtually every talking head suggests one should do that.
Don't let a LO bully you into something, not only is life too short but it doesn't need to be tolerated in this instance. There's likely hundreds if not thousands of lenders out there, 90+% will be gone when rates go up, but for now there's plenty to choose from.
Doesn't take that much in the way of rate shopping to keep everyone honest, and given there's no score or even financial penalty for doing so (since you don't make the application fee until game time seemingly but I'm not at that point yet so might be slightly off). Maybe can even use them to hedge: I have two lenders neither of which I feel that strongly about (though I'd give the nod to Chase on this one for my situation), one of which I'll wind up rate locking near immediately other I may let float and see if we get a last gasp refinance wave mortgage rate swing assuming there's some time before I make an offer with the way I'm approaching this.
It's_not_you this time, it's_them.
