Update -- Closing date tomorrow and still in underwriting

[Anonymous]

I'm supposed to close on a house tomorrow.  The original closing date was 1/31, then 2/9, then 2/16 now it is 2/21.  We had loan approval with conditions.  Sent paperwork in for all conditions by 2/16, then it went back then we got more conditions.  Some of them were totally bogus because they asked for documents we already gave to our lender.  Our lender just didn't pass them on.  Still in underwriting today.  Lender says he will give us an update later.  And yes, we realized after the fact that we have an incompetent lending company.  We have pruchased homes before and never had a lender ask for the same things over and over because they could not be located.  Anyone still been in underwriting and been able to close the next day.  We received our closing disclosure 2 weeks ago.  I'm so frustrated

[JVille]

If your closing was to be Jan 31st why did you wait until Feb 16th to supply the loan conditions? You have just come off a Holiday weekend and that slows things down. Needless to say you aren’t closing tomorrow. If your file gets approved without additional conditions and goes straight to Closing for Doc’s then it’s reasonable to expect Doc’s out by Friday and closing towards the end of next week. The delay of due to legally required Loan Disclosures.
And yes it’s typical for documents to be requested multiple times, incompetence seems to be rampant with Mortgage Lenders 😉

[Anonymous]

I recently sold my Mom's home, as executor of her estate. The buyer was still in underwriting the day before closing... We did close as planned. 

We, nor our real estate agent, had never seen buyer/lender issues like the ones that kept delaying closing. From first offer to actual closing, almost three months, with four closing dates. Issues from very, very odd requests from buyer to their "preferred" inspector's report showing "inspection issues" that were totally ridiculous... "hot water heater didn't fire correctly when he ran hot water." We had turned temperature down to save utility costs, nobody was living in the house. But we had to pay a plumber to prove to the lender that the 11mo old water heater worked properly. 

The last request for "up to a week extension" was a "lender underwriting issue."  We did close as planned, even though they had requested the extension "to be safe." 

btw... The lender agent came to closing with the buyer. She, had to check all documents before she told him it was ok to sign. It was a very odd closing. 

[Anonymous]

The underwriter didn't come back with any conditions until 2/15, that is why it took me until 2/16 to turn them in.  24 hour turnaround for conditions isn't so bad.

[Anonymous]

Well since today is our closing date, I'm pretty sure we aren't closing since we don't have a clear to close yet.  My realtor said the seller's agent is going to submit a 3-day Cure.  I guess that gives us 3 days to get a loan or hit the road.

[JVille]

Is your file out of UW yet? Once you file is in closing the other agent will back off. Unless of course they have a buyer in the wings and they are looking for an out

[Anonymous]

Yesterday evening the loan officer forwarded a comment from the underwriter saying all conditions are cleared, except they want us to pay down the loan on our other home.  We did that yesterday.  And today the loan officer called me and said the underwriter needs to now deal with "minor conditions". What are "minor conditions" and how could we have been cleared if there are "minor conditions"?

[JVille]

Did you provide proof of the “pay down” and the source of those funds? Minor conditions would be fixes on Title Report or question to Appraiser.
Did your LO say WHEN your file will go to closing?

[JVille]

Tell LO your deal is blowing up and seller won’t extend. Your file needs to go to closing or you will loose the house.

[Anonymous]

We provided email from mortgage company, Quicken, that shows we paid down the loan along with the new principal balance sent by Quicken.  That email also says payement has been applied but it may take 3 business days to post to my bank.  Now, LO says underwriter wants to see it come out of my bank.  Said that will be a "trailing document".  Asked LO if that means we can't close for minimum 3 business days.  She said that the underwriter just needs an out and most likely that will be a prior to funding condition.