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Gigi143
LIF Toddler
Member since 6/12 435 total posts
Name:
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Once the bank has the title -- UPDATE
***UPDATE***
So late last night I got an email from the lender telling me we are clear to close, which is super exciting. I am not getting too excited yet though.
I contacted my broker she said the bank will get in touch with the attorney, and then they will pick the closing date. She said not to get the Homeowners until we get a closing date.
I called my lawyer to let him know my situation, that the sooner we close the better, of course no one in his office answered the phone. I left a message, if they don't call me back by 2:00, I am calling again.
I am happy to see some movement, just so frustrated with this lack of communication!
Is there a general time that you close in, or is it still up in the air. As far as my broker said everything has been satisfied with the bank. I am just getting so fed up with this! We have 12 days until we have to be out of our apartment, there is a lot of clean up that has to be done at the house. I am getting so stressed and I just can't wait to get this whole process over with. We got our commitment a month ago. I have given them every piece of paper within 20 minutes of asking for it. I think my broker is just not on top of things. She forwarded me an email, she sent it to the bank at 340, he responded at 346, she didn't send it to me until 1056 that night!!
I spoke to me REA today, she said "legally your landlord can't kick you out" I understand that, but I am not that type of person who is going to stay somewhere where I am not wanted. I think it was such a crappy statement to make.
I asked the broker yesterday if she had heard anything about when we were closing her email response "soon"
I can't wait to not recommend them to everyone!!
Sorry this is so long, if you made it this far, sorry for the rant, I am just so fed up!
Message edited 3/20/2013 11:40:29 AM.
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Posted 3/19/13 1:54 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Once the bank has the title
you are using a mortgage broker or a the broker you are refering to is the loan officer?
where is your loan? are you clear to close? are you in underwriting? was the title the last thing you needed
did you get home owners insurance yet?- that's usually one of the last things you do
where is your lawyer in all this?
isn't this lender your Real estate agents connection? why is she not raising some hell on your behalf?
I would be all over these people!
do you think your landlord would give you some extra time?
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| Posted 3/19/13 2:02 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Once the bank has the title
I have been having a terrible time with my bank. My mortgage processor is an idiot and we have had our commitment since 1/18. Stay on top of the bank and if you do not like what you hear ask to talk to the manager. I am hoping to get my clear to close today. Any chance you are applying for an FHA loan?
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| Posted 3/19/13 2:09 PM |
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Gigi143
LIF Toddler
Member since 6/12 435 total posts
Name:
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Re: Once the bank has the title
Posted by Beth
you are using a mortgage broker or a the broker you are refering to is the loan officer?
where is your loan? are you clear to close? are you in underwriting? was the title the last thing you needed
did you get home owners insurance yet?- that's usually one of the last things you do
where is your lawyer in all this?
isn't this lender your Real estate agents connection? why is she not raising some hell on your behalf?
I would be all over these people!
do you think your landlord would give you some extra time?
We went through a mortgage broker, first mistake.
Used a friend for a REA, scond mistake.
Another issue is that the REA is telling me she is calling the mortgage broker and the broker isn't calling her back!! Which I know may be true because the broker said something along the lines that she has to call her back, just hasn't.
I have no idea where my lawyer is. I called him three times and left messages, I haven't heard a thing. THe only reason I know that he has the title is because the REA closed on a house this past week and she mentioned us and he said he sent the title today to the broker.
I am sure he would, I just didn't want to put out another month's rent, especially I can't see us staying there the whole month. I also know that he has contractors coming in to measure and stuff because he's taking over the upstairs, so while I am sure he will, it won't be the ideal situation.
I feel bad emailing the broker like everyday, but I don't know what else to do. Everyone in the situation knew that we were on a short time span. We agreed on the price of the house in December, it's not a short sale, but well on it's way because the owner died and the owner's son hasn't paid anything towards the house since then. So it's sitting there, still full of her stuff, her car is literally still in the driveway. I know the sellers agent is calling the broker to see what is going on because he just wants out of the house as well.
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| Posted 3/19/13 2:11 PM |
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Gigi143
LIF Toddler
Member since 6/12 435 total posts
Name:
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Re: Once the bank has the title
Posted by MrsG823
I have been having a terrible time with my bank. My mortgage processor is an idiot and we have had our commitment since 1/18. Stay on top of the bank and if you do not like what you hear ask to talk to the manager. I am hoping to get my clear to close today. Any chance you are applying for an FHA loan?
I am doing an FHA, I know it takes longer, and I know that really it hasn't been that long in real estate terms, but I am so annoyed at the lack of communication, and the delays that are just her not being on top of things. I wish we had dealt with the bank directly. I know who the broker is using, I don't want to overstep and call them though and see what is going on. I don't know how that looks or even what I would say!
I'll send clear to close vibes for you, if you send them for me!!!!
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| Posted 3/19/13 2:12 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Once the bank has the title
it sounds like the main issue is with the mortgage broker-
Can you agent speak to their boss? if this is someone she recommends she needs to step in and do more then call at this point
that's what I would do if I couldn't get answers
if you cleared your conditons a month ago you should be cleared to close FHA or not
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| Posted 3/19/13 2:26 PM |
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Gigi143
LIF Toddler
Member since 6/12 435 total posts
Name:
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Re: Once the bank has the title
Posted by Beth
it sounds like the main issue is with the mortgage broker-
Can you agent speak to their boss? if this is someone she recommends she needs to step in and do more then call at this point
that's what I would do if I couldn't get answers
if you cleared your conditons a month ago you should be cleared to close FHA or not
I asked her if she had spoken to her, she said she hasn't.
I am telling her she shouldn't recommend her anymore, I can't believe how out of touch this woman is. It's really unbelievable.
I understand she does this everyday, but I don't, I like to be informed. We cleared the conditions probably a week to ten days ago. We got the mortgage commitment 2/20, I sent all the papers they needed that day.
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| Posted 3/19/13 2:57 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Once the bank has the title
I do this every day
I expect answers when I ask for them
I expect my clients to be treated them same way
I don't think you are asking for anything out of line
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| Posted 3/19/13 3:04 PM |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Once the bank has the title
You should reek havoc. Call the main number for the mortgage broker's company, ask to speak to the supervisors, make a big deal out of it otherwise they will keep chasing you around. We had similar situation before and until I just took full control over it, it never got done.
Sucks they're making your home buying experience so painful! 
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| Posted 3/19/13 4:06 PM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: Once the bank has the title
I would be calling/emailing every day!!! Actually, I used to email several times a day to get updates when I thought things were moving too slowly. From the day I signed the mortgage application to the day we closed was slightly over 30 days. And it was an FHA loan as well. I usually got answers back from my broker/processor within 2 hours. There is no justification for your broker to just not be returning calls.
Start raising hell!! If you let them they will put you on the back burner to work on files for people who are annoying the crap out of them. So don't feel bad being one of those people!!!
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| Posted 3/19/13 4:18 PM |
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Gigi143
LIF Toddler
Member since 6/12 435 total posts
Name:
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Re: Once the bank has the title
Posted by Pomegranate5
I would be calling/emailing every day!!! Actually, I used to email several times a day to get updates when I thought things were moving too slowly. From the day I signed the mortgage application to the day we closed was slightly over 30 days. And it was an FHA loan as well. I usually got answers back from my broker/processor within 2 hours. There is no justification for your broker to just not be returning calls.
Start raising hell!! If you let them they will put you on the back burner to work on files for people who are annoying the crap out of them. So don't feel bad being one of those people!!!
So it's not weird if I email the broker again today? Do I just say "Any news?" I am so bad at this stuff!!!
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| Posted 3/19/13 5:19 PM |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Once the bank has the title
Nope, keep e-mailing. Don't feel bad. They're not doing their job - so you need to remind them. The more oyu bother them, the quicker they will want to get rid of you. Sad, but I found to be true.
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| Posted 3/19/13 5:22 PM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: Once the bank has the title
Posted by Gigi143
Posted by Pomegranate5
I would be calling/emailing every day!!! Actually, I used to email several times a day to get updates when I thought things were moving too slowly. From the day I signed the mortgage application to the day we closed was slightly over 30 days. And it was an FHA loan as well. I usually got answers back from my broker/processor within 2 hours. There is no justification for your broker to just not be returning calls.
Start raising hell!! If you let them they will put you on the back burner to work on files for people who are annoying the crap out of them. So don't feel bad being one of those people!!!
So it's not weird if I email the broker again today? Do I just say "Any news?" I am so bad at this stuff!!!
No it is not weird at all. This is their job.....stop feeling bad about asking them to do it!
And if they don't have any updates this afternoon, let them know you'll be following up again tomorrow morning, etc, etc. Do it politely, but make it obvious that you are not letting it go. If they find you annoying they will move faster to make you happy and get you off their back.
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| Posted 3/19/13 5:28 PM |
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Re: Once the bank has the title
Yes, I agree that it sounds like the mortgage broker is the issue. You need to know if the lender has given the clear to close, and if not, why not? What is left to be done? What conditions need to be met?
An FHA loan doesn't really take any longer than a conventional loan, these days. If it's a 203(k) loan, it would, but it doesn't sound like you are doing a rehab loan.
I think the issue with mortgage brokers are that they often don't have knowledge of what is really going on at the direct lender they've placed the loan with. They have less contact and pull with the underwriters. In contrast, the loan officers at the direct lenders I work with KNOW the underwriters, can stay on top of the loan process, and can put pressure on colleagues as needed. Your mortgage broker may be in the dark at this point and just covering.
If your agent, who recommended the broker, doesn't want to get to the bottom of this for you by staying on top of the broker (which she should, since this was her contact), then I would definitely keep calling. But don't just ask when you will close. Find out why isn't the file cleared to close yet. What are they waiting on and how long will that take? Press for specifics.
If you didn't have your commitment, I would be worried, but at least you have that. When does it expire? Did you lock your rate? Usually, the mortgage professionals I deal with push to close a loan asap once the commitment is given. You never want to risk something happening that could prevent the loan from closing. Always better to close asap!
But given how things have been going, I would have a plan b in case you can't close during the timeframe you anticipated and need to be out of your apartment before you can be in the house.
Hang in there! 
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| Posted 3/19/13 5:41 PM |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Once the bank has the title -- UPDATE
Yayyyy, glad to hear of the update!
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| Posted 3/20/13 2:05 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Once the bank has the title -- UPDATE
you can get excited!
they just need to get the 3 lawyers to pick a day- I am sure it will be next week!
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| Posted 3/20/13 2:23 PM |
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Re: Once the bank has the title -- UPDATE
Yay to the update! Now it's just a scheduling issue. I am sure you will be posting that you have your date soon.
These things usually have a way of working themselves out in the end. I am glad that was the case for you!
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| Posted 3/20/13 2:36 PM |
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