Progress!

[Torvy]

Setback! We were supposed to close yesterday. Drove out the 2.5 hours from here. We were a few miles from the property when the rep from the bank called. Despite "final" approval and setting the closing, they did another employment verification. It seems my retired wife is unemployed. She told him that months ago. She also told him to use the equity in our current house and she was happy to share her investment portfolio info if needed. Seems that he neglected to share that info with the underwriters. Now they have to go back and review for a retired person...I worked in a bank and my last few years were managing a loan processing group. This should never happen. Unfortunately, we are over a barrel as it would take longer to switch lenders.

 

[Raul-02]

sounds like you have incompetent idiots to contend with. Either that or they want the newer higher interest rates and games like this are how they position themselves to demand them.

In the 1980s I had a mortgage at 13%.

 

[Torvy]

The rate is locked. I'm no fan of lawyers, but I would win that case if needed.

 

[ultrarunner]

When I was set to close the Seller called me and said very sorry it did not work out for you?

She said my loan denied in underwriting???

First, Wells Fargo never communicated with me and neither did Broker or Title Company.

This was 45 day closing and happened on day 42.

Underwriter said property is over 5 acres??? Well yes it is at 5.9 acres!

Over a month since appraisal and never brought up???

How does seller know and I don't?

Anyway I said still closing and was told no... not enough time and property is being withdrawn from market.

I said close as scheduled, paying cash.

Really found out who my friends were at the time... was able to pull it off and refi my existing home to pay everyone back...

 

[Torvy]

When I was set to close the Seller called me and said very sorry it did not work out for you?

She said my loan denied in underwriting???

First, Wells Fargo never communicated with me and neither did Broker or Title Company.

This was 45 day closing and happened on day 42.

Underwriter said property is over 5 acres??? Well yes it is at 5.9 acres!

Over a month since appraisal and never brought up???

How does seller know and I don't?

Anyway I said still closing and was told no... not enough time and property is being withdrawn from market.

I said close as scheduled, paying cash.

Really found out who my friends were at the time... was able to pull it off and refi my existing home to pay everyone back...

That is awful. Having been in the business, Wells is one big bank I with whom I will not work. Not a fan of BofA either. This particular thing is with a small CU that did the land deal a year ago. We thought it would go more easily. We think the rep is just too green. Same guy did the land, but small banks often have under-experienced staff for non-standard transactions.

 

[EddieWalker]

I haven't done very much financing with the local banks in awhile, but when I was building spec homes and flipping houses, I had very good luck with Citizens State Bank and Austin Bank. Some of the other banks where really difficult to deal with, they would change their minds, constantly ask for something else weeks after everything was already done, and then do it again at the last minute.

 

[WM75Guy]

Sorry for what happened. I can feel for you. Had a similar situation when we built. First State Bank in Athens forgot to include the $100,000 stable in the details for our construction loan, was denied by underwriting as they said house would not appraise at what we were asking for. They re-submitted with the stable plans, underwriting denied it again, said we were trying to pull a fast one over them to get the money for just the house. Our stable cost us $60/square foot to build. Their appraiser said all outbuildings were worth $20/square foot regardless of use or cost of construction.

Went down the street to the Athens Bank, talked to Bob Spears who is the VP, and was approved and closed withing days with no problems. Still banking with them to this day. Rolled our construction loan over to a fixed rate mortgage after the house and stable was built with a phone call and coming in a few days later to sign the papers.

 

[Raul-02]

DutcheBank lost the documents they were supposed to file when they sold my mortgage. So they were a cloud on my title and the idiots wouldn't listen to me when I called 'em and tried to get 'em to straighten it out

I had to get the CEO's private office line. That took some doing. That got their attention~!! The CEO's secretary answered it. She couldn't believe the trouble I was having. She worked it out by end of next day.

 

[Torvy]

DutcheBank lost the documents they were supposed to file when they sold my mortgage. So they were a cloud on my title and the idiots wouldn't listen to me when I called 'em and tried to get 'em to straighten it out

I had to get the CEO's private office line. That took some doing. That got their attention~!! The CEO's secretary answered it. She couldn't believe the trouble I was having. She worked it out by end of next day.

Wow. That is unusual. Deutschebank is a banker's bank. They lend a lot of money to the names most Americans know better. They have a great reputation.

 

[Larry Caldwell]

That is awful. Having been in the business, Wells is one big bank I with whom I will not work. Not a fan of BofA either. This particular thing is with a small CU that did the land deal a year ago. We thought it would go more easily. We think the rep is just too green. Same guy did the land, but small banks often have under-experienced staff for non-standard transactions.

We refinanced years ago and went to Wells Fargo. They wanted us to jump through all sorts of hoops, despite having 50% equity and both of us long term employed. We went to a mortgage broker instead. One look at our financial statement and we got the mortgage, in less than 24 hours, with no inspections. Six months later, Wells Fargo bought the loan, so we made payments to them. Within a year they offered to drop another % off the interest rate to prevent churn. We paid off the note and haven't done business with them since.