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Still suffering. I'm being held up due to large down payment. This sucks. I have the income.. Zero debt. And I still can't get a yes or no from lender.
My then lender sent a flyer with the mortgage coupon offering a fixed to replace my adjustable which has been great!
I took the bait and wanted to pay down my 300k balance by 100k too.
Anyway, after 6 weeks of NOTHING BUT GRIEF I pulled my application and took it to my Credit Union and the difference was night and day... Credit Union funded as agreed and as promised and I traded my adjustable for a 2.75% fixed and have not looked back.
Never in my wildest imagination would I believe my then current lender with 7 years of payment history and paying down 100k would have been anything but a walk in the park...
We just made our application today........3 hours and we still didn't have everything they demanded. Bank statements had to have ALL pages, even the blank ones. And the explanations of every "large" deposit is stupid. etc. etc. etc. We sold a bunch of collectibles last July for $6000 cash........no receipt. Can't wait to hear what they say about that.
Your appointment could have been whittled down to 30 minutes or less had you completed an online application and provided information to your loan officer in advance. Every appointment I have requires about 1 hours prep work, sometimes more with multiple income streams; and it definitely takes more the 5 minutes to review 2 years of tax returns accurately. If this was the first time for the loan officer to see anything about you (and recently - this still applies if it's a LO you haven't seen in a couple years), three hours is about right for a thorough "come in from the street" loan application.
As for those missing pages, most banks and practically all credit unions put the debt (car loans, home equity lines) on the final pages of the bank statement. Sure, some are blank and some have reconciliation worksheets, but not having those pages make that loan worthless on the secondary market.
And that pesky deposit requirement? I've written ad nauseum about this in City-Data, but here's the Reader's Digest version: it's the law. Educate yourself on The Bank Secrecy Act (as amended by The Patriot Act) and Anti-Money Laundering Act. Anti-Money Laundering - CFTC
Now, how to fix that deposit. First, you must show the collectibles existed. Were they insured and appearing in an insurance policy? Did you have an appraisal? Most valuables of collectible nature have an appraisal. Then you need to show they were sold. How did you sell them? Was there a 3rd party? Did you advertise them? Was the buyer someone you know that can assist with the documentation of payment on their end? If you cannot make a case for the deposit, it's a problem if you need undocumentable funds for the transaction.
Your pain and suffering could have been greatly reduced had you contacted a loan officer in advance of your purchase......but a thought occurred while typing.....you must be applying with a builder's mortgage company. Anywhere else, this would have been explained better and you would have been better prepared for both, the pages of the bank statement and the deposit. Do yourself a favor, compare rates 30 days prior to closing and keep them honest (and worth the higher interest rate). But back to the task at hand - maybe a call to your Congress Representative and/or Senator.....the ones that created this mess. This is not the bank, the mortgage company, nor the loan officer's doing.
Your appointment could have been whittled down to 30 minutes or less had you completed an online application and provided information to your loan officer in advance. Every appointment I have requires about 1 hours prep work, sometimes more with multiple income streams; and it definitely takes more the 5 minutes to review 2 years of tax returns accurately. If this was the first time for the loan officer to see anything about you (and recently - this still applies if it's a LO you haven't seen in a couple years), three hours is about right for a thorough "come in from the street" loan application.
As for those missing pages, most banks and practically all credit unions put the debt (car loans, home equity lines) on the final pages of the bank statement. Sure, some are blank and some have reconciliation worksheets, but not having those pages make that loan worthless on the secondary market.
And that pesky deposit requirement? I've written ad nauseum about this in City-Data, but here's the Reader's Digest version: it's the law. Educate yourself on The Bank Secrecy Act (as amended by The Patriot Act) and Anti-Money Laundering Act. Anti-Money Laundering - CFTC
Now, how to fix that deposit. First, you must show the collectibles existed. Were they insured and appearing in an insurance policy? Did you have an appraisal? Most valuables of collectible nature have an appraisal. Then you need to show they were sold. How did you sell them? Was there a 3rd party? Did you advertise them? Was the buyer someone you know that can assist with the documentation of payment on their end? If you cannot make a case for the deposit, it's a problem if you need undocumentable funds for the transaction.
Your pain and suffering could have been greatly reduced had you contacted a loan officer in advance of your purchase......but a thought occurred while typing.....you must be applying with a builder's mortgage company. Anywhere else, this would have been explained better and you would have been better prepared for both, the pages of the bank statement and the deposit. Do yourself a favor, compare rates 30 days prior to closing and keep them honest (and worth the higher interest rate). But back to the task at hand - maybe a call to your Congress Representative and/or Senator.....the ones that created this mess. This is not the bank, the mortgage company, nor the loan officer's doing.
No, this is not a builder mortgage company. The builder is small and doesn't have one, unlike Pulte with whom we dealt on this home. He was someone that several people in the community had dealt with and were happy.
We did not receive any online application from him. We met with him originally when we were considering the house, and then called him once we signed for the construction last September. We only got 1 email with the tentative information on various loans and rates until we contacted him 2 weeks ago to set up this appointment. He sent me an email with a list of things to bring, which we did, but when we got there apparently he had not be specific enough on his list as to what he REALLY needed. Luckily I had all my ID and password stuff with me so I could pull it up.
As for the collectibles, other than the ads still on my account on Craigslist, that's it. We never had them insured (were going to but never did it.....we are talking hundreds of figurines, not worth a lot each) and they were all purchased with credit cards over the course of about 30 years and there are no records. The listing on Craigslist is about all I have. And no, we don't need it for money to close.
Lastly........guess it doesn't matter now. We got an email from the financial guy saying our loan was approved and that someone would be in touch with us with any other thing they might require. Hopefully not much more. We shall see. I'm just really sick and tired of the feds continuing to punish all the honest, hardworking people for what a few crooks do. Much like the restrictions on allergy and cold meds. Everyone with allergies and colds have to jump through hoops just because of a few druggies.
No, this is not a builder mortgage company. The builder is small and doesn't have one, unlike Pulte with whom we dealt on this home. He was someone that several people in the community had dealt with and were happy.
We did not receive any online application from him. We met with him originally when we were considering the house, and then called him once we signed for the construction last September. We only got 1 email with the tentative information on various loans and rates until we contacted him 2 weeks ago to set up this appointment. He sent me an email with a list of things to bring, which we did, but when we got there apparently he had not be specific enough on his list as to what he REALLY needed. Luckily I had all my ID and password stuff with me so I could pull it up.
As for the collectibles, other than the ads still on my account on Craigslist, that's it. We never had them insured (were going to but never did it.....we are talking hundreds of figurines, not worth a lot each) and they were all purchased with credit cards over the course of about 30 years and there are no records. The listing on Craigslist is about all I have. And no, we don't need it for money to close.
Lastly........guess it doesn't matter now. We got an email from the financial guy saying our loan was approved and that someone would be in touch with us with any other thing they might require. Hopefully not much more. We shall see. I'm just really sick and tired of the feds continuing to punish all the honest, hardworking people for what a few crooks do. Much like the restrictions on allergy and cold meds. Everyone with allergies and colds have to jump through hoops just because of a few druggies.
Don't be surprised or offended if they ask for the same docs over again. Hope it turns out to be a boring and smooth closing!
Just remember it's not over until Escrow closes...
Share your pain about over the counter meds that are no longer over the counter.
I help out a couple of my elderly neighbors that no longer drive... you would think picking up a box of Advil Cold and Sinus is the same as putting yourself on America's most wanted... more than once I was not able to help because I had reached my limit for the month helping someone else!
Don't be surprised or offended if they ask for the same docs over again. Hope it turns out to be a boring and smooth closing!
Hopefully! Although I can't imagine that they would have approved it if they didn't have at least the minimum of what they needed. I'm sure I will have to send a few statements for this month yet once the end of the month comes around. We shall see.
Quote:
Originally Posted by Ultrarunner
Glad to hear things are coming together!
Just remember it's not over until Escrow closes...
Share your pain about over the counter meds that are no longer over the counter.
I help out a couple of my elderly neighbors that no longer drive... you would think picking up a box of Advil Cold and Sinus is the same as putting yourself on America's most wanted... more than once I was not able to help because I had reached my limit for the month helping someone else!
Ugh! I hate that. I started having my DH also get a box as well so that I didn't have to run up every few weeks. Much like the Oxy that I had to take after my hip surgery. Doc had to hand us a written prescription and DH had to take it in even though everything else had been called in. Glad I'm almost done with it. Just one more day of 1/2 a pill and that's it.
I closed!!!! soooo exhausted. Thanks for all the info. Thank goodness for my Realtor. He made some phone calls and all of a sudden I was approved. Bank closed in 2 days after his call.
Sometimes it is the squeaky wheel that gets greased...
Glad it worked out and thanks for the feedback.
Enjoy you new home!
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soooo exhausted. Thanks for all the info. Thank goodness for my Realtor. He made some phone calls and all of a sudden I was approved. Bank closed in 2 days after his call.
