Posted on: 21st Jun, 2010 01:43 pm
i am currently in process for a first mortgage on a property i purchased cash two years ago. I want to borrow 100k on a property that just appraised at 185k. I will pay off existing debts at about 50k, and retain the remainder of the loan in cash. initially the process moved very quickly and I supplied all documents required, even additional ones asked for later. good credit score, plenty of income, and also a trust in my name valued at over 4 times the loan amount. Its been two weeks after I was told we would close ( I applied on 6/1) and the one time I could get the broker to call me back, he told me the underwriter was "sick last week" and that we should close this week. They used their "in house" underwriter saying I qualified for this and it would make the process quicker. But here I am....waiting and with no response or action from the broker. I am very frustrated...what can I do?
You can take your business elsewhere. One underwriter out of a whole staff is no excuse. Press for answers for another day or so and if you're not safisfied with what you hear start looking for a more responsive loan officer to work with.