This is like my 10th question. I was told last Tuesday that the underwriter was giving my loan a final review. I found out yesterday they wanted more information, an old W2 from a job from 05, a bank statement, a pay stub and a letter stating I hadn't paid any rent. I sent them the stuff today and was told I should hear something this afternoon about being clear to close....of course, I did not. Is this normal?
2007-08-22 12:39:12 · 6 answers · asked by buffyfan80 2 in Business & Finance ➔ Renting & Real Estate
Unfortunately, yes.
Hang in there.
2007-08-22 12:46:21 · answer #1 · answered by godged 7 · 1⤊ 0⤋
yes ... unfortunately...
i find the whole process a disgusting lack of customer service.. especially now... my understanding is with the whole subprime disintegration and credit tightening ... all lenders are being especially careful that everything is in order so they can re-sell your loan.
just be sure to follow up that they received everything you sent... dont count on them contacting you..dont count on the agent or broker actually taking 5 minutes out of their day to follow up... don't be embarrased by asking direct questions and expecting direct answers.. even if you are repeating yourself.. ... supply whatever they need asap as the requests roll in.
the only reassuring part of this is no one along the chain will be paid until the process is over... and they dont want to mess that up.. so it will get done .. but they will do the bare minimum to get past the threshold within a reasonable time frame...
2007-08-22 13:01:53 · answer #2 · answered by Ryan S 3 · 0⤊ 0⤋
this means that the LO or AE isnt doing their job. It also depends on what company you're working with...many companies are going out of business....a lot of them didnt fund at closing for over 5000 customers in the last few weeks.
I would recommend that you start looking for another lender in JUST IN CASE. Check my profile if you have any questions
2007-08-22 12:51:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Times right now aren't normal. The mortgage industry is a mess, and getting approved is getting harder and taking longer.
Good luck.
2007-08-22 13:01:15 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
yes it always takes longer than they say. give it until friday then start calling so you get an answer before the long weekend of silence
2007-08-22 12:48:23 · answer #5 · answered by darcymc 6 · 1⤊ 0⤋
yeah. took them that long to get mine done, and they kept asking for a new document each day it seemed.
be patient! and pester them!!
2007-08-22 12:56:52 · answer #6 · answered by Ember Halo 6 · 0⤊ 0⤋