Posted on: 02nd Oct, 2009 07:20 pm
It's now 60 days after I first enterend into contract and my realtor is trying to write up another extension. From bits and pieces, I know the loan finally went to underwriting 30 days ago... manually. This past two weeks, I'm being asked to submit newer bank statements, pay history, another clarification of a deposit in my checking account 3 months ago, appraiser sent out again this week to check repairs on the minor hail damage... and suddenly, my closing cost jumped from $5k to $7k. The loan processor thinks there is a mistake somewhere and now I'm being asked to verify if I have that amount....
Is this unusual? It's a 2 year old house and my realtor is at lost as to what to extend the contract to. The loan processor doesn't seem to have much of a clue and I feel like the extra paper work is just more rif raff for dropping the ball somewhere.
I'm so fustrated. Any advice would help. My apartment lease is up and I will have no where to live soon.
Is this unusual? It's a 2 year old house and my realtor is at lost as to what to extend the contract to. The loan processor doesn't seem to have much of a clue and I feel like the extra paper work is just more rif raff for dropping the ball somewhere.
I'm so fustrated. Any advice would help. My apartment lease is up and I will have no where to live soon.
and i am surprised also. however, we have to recognize that there are always going to be exceptions to the rule, that there are always going to be those who'll simply break the rules for the sake of so doing, and that "program" guidelines are established (in this case by fha) for all lenders. lenders on an individual basis can accept those guidelines or make necessary changes for their own sakes. in most cases, the reason lenders are at 620 instead of the lower scores is that investors require it.
mortgages are all about investors.
mortgages are all about investors.
George,
I like your last line. mortgages are all about investors
it is a fact. Money makes money.
I like your last line. mortgages are all about investors
it is a fact. Money makes money.
that wasn't how i meant it. the investors who purchase mortgages these days have specific requirements about the paper they're purchasing. they don't want to see, for the most part, troubled borrowers with poor credit scores.
the 620 credit score that i am forced to work with is not the result of our corporate folk getting together and making an arbitrary decision. the investor(s) who purchase our loans are setting the rules. they want quality loans, and they obviously feel that they won't get quality loans if our borrowers are sub-600 types.
the 620 credit score that i am forced to work with is not the result of our corporate folk getting together and making an arbitrary decision. the investor(s) who purchase our loans are setting the rules. they want quality loans, and they obviously feel that they won't get quality loans if our borrowers are sub-600 types.
Post Your Comment