Posted on: 25th Jan, 2010 06:55 pm
i was just about to refinance /cashout, i had locked in into a 30 yr fixed and gave 400 towards the closing and of course the appraisal 400. my ex wife and i have made an agreement different than our divorce degree. the underwriter is looking for a copy of our payoff agreement and is putting off the signing. what is the mininum i need to satisfy the underwriter? the lawyer already wanted 275.00 for the quitclaim deed which i thought would satisfy this, but obviously it won't? am i going to have file another divorce degree? they asked for this documentation prior to the lockin and i told them this was all i had and gave them everything. i waited for the rates to backup then locked in and all of a sudden they are looking for this documentation again. key question what will satisfy the underwriter so i don't get cleaned out by the lawyers, should they have accepted the 15 day lockin when they knew i did not have the documetation?
thx,,
jill
thx,,
jill
it's pretty standard for underwriting to seek a copy of the agreed upon buyout (if that's what it is). in all likelihood, the underwriter wasn't apprised of the fact that you lacked the specific documentation requested. if that information had been relayed properly, you'd probably not be in this jam. the underwriter has nothing to do with locking a rate in, so for that move, you'll probably want to speak with the loan officer and the processor on the loan.
are you certain that they're now looking for something that doesn't exist? or, as you said, you and your ex-wife agreed on something other than what the divorce decree stipulated, and that doesn't coincide with what you presented to satisfy the condition.
has your situation truly reached the desk of the underwriter so that person can properly decide what is now needed?
are you certain that they're now looking for something that doesn't exist? or, as you said, you and your ex-wife agreed on something other than what the divorce decree stipulated, and that doesn't coincide with what you presented to satisfy the condition.
has your situation truly reached the desk of the underwriter so that person can properly decide what is now needed?
oh yeah...they're not looking for you to spend more money on this closing - they're looking for documentation backing up what is taking place. that 15 day lock may have been too aggressive, but did the loan officer & processor really understand that you'd given them all you had?
The decree is a 50/50 split of the selling of the house at a later date. The ex and have come to a new agreement in which I would buy her out, prior to the lockin they were looking for something more specific and I told them this is all we've got from the divorce, it appeared they were looking for more but as weeks passed I was told I was all set and as the rates backed down I locked in and I had not heard about this until a day after the lockin and they wanted to close today, 3days after lock, until this came up.I had given them every other thing they needed I guess.The loan officer or broker has not returned my calls. It may be nothing, she may have been out. Obviously the underwriter is going to want something signed by both of us the question is what and how much.
Thx,
George
Thx,
George
guest, i suggest you escalate your phone calls up the ladder. if the loan officer isn't responsive, you need to get someone who will speak to you who will be responsive. as for what precisely the underwriter needs, you need to get to the bottom of it right away, and that won't happen if you can't get return calls. if need be, see if you can speak directly with the underwriter. that's a rarity, i'm going to say, but it's worth asking.