Posted on: 17th Sep, 2009 06:39 am
i've applied for a refinance loan with a large banking company in april 09, i received correspondence that the loan was approved in june 09 upon approval from underwriting. every since the banking has been asking for paperwork that has already been submitted ie. w2 forms, home insurance paperwork and alike. this has been going on between us every since, now it is september 09 and the bank representative that i'm working with is telling me that it's still with underwriting and that they are having problems with the appraiser's paperwork.
i discussed this issue with the loan representative's supervisor and the supervisor gives me the same excuses as the representative.
what can or should i do at this point?
i discussed this issue with the loan representative's supervisor and the supervisor gives me the same excuses as the representative.
what can or should i do at this point?
honestly, the updated documentation you provided in june was fully appropriate. and if there is a serious issue with the appraisal and the appraiser, then it's logical that the lender needs to update its paperwork from you.
however, that doesn't stand in the way of giving you a reasonable explanation for the delays instead of excuses. perhaps you need to kick your inquiries up a notch. if this is truly a bank, ask for the manager, the president, or whoever it is that won't like to hear about a customer begin given excuses. don't forget you still have a board of directors of that bank that would love to hear about bad business practices.
however, that doesn't stand in the way of giving you a reasonable explanation for the delays instead of excuses. perhaps you need to kick your inquiries up a notch. if this is truly a bank, ask for the manager, the president, or whoever it is that won't like to hear about a customer begin given excuses. don't forget you still have a board of directors of that bank that would love to hear about bad business practices.