Underwriters are doing a lot of business right now. I'm not excusing it, but times are longer for most lenders than they have been. This is in part due to all the refinancing and part due to some increase in purchases.
Your options would be to wait them out or find a new lender. Finding a new lender would be starting from scratch and likely take another 30-45 days to work through the system, so I doubt you want to do this.
Since your seller has granted you an extension, I would just stay on top of the lender daily, or multiple times a day until you get an update. What you want to know is, "where is my file in the process" and "how soon do you anticipate getting final approval"?
There are a number of possible delays; the most common I hear of is the borrower not getting all the paperwork into the lender. If they don't have a complete file, they don't begin to underwrite. Did you submit your pay stubs, bank statements, W2's and anything else requested in a timely manner? If not, you could be the cause of the delay.
Has the appraiser completed their work? Did the Title Company submit a commitment? Find out where you are, solve whatever part you can and hope for the best. This is one reason I suggest most borrowers deal with a local lender, in cases like this you can walk into their office and ask what's going on. Best of luck.
So, now we are out the 375 for the inspection that THEY told us we needed to do and the 400 earnest money that THEY told we had to pay to go forwards. Awesome.
The woman on the phone even said "time to find a different house! teehee". That's not funny. We were doing ALL of the work ourselves, and this is what you do? You cancel the loan without even talking to us first? Because, YOU cannot finish paperwork in less than 3.5 months? Are you kidding me?
In situations like these it's best to stay calm, and think clearly about all of your options.
I would contact another lender and see what they can do. If you did an FHA loan the appraisal can be transferred. If you didn't, then you may have to do a new one. I do not know of any loan officers in MI off the top of my head but try asking your friends who they used.
As far as your credit, it would only affect your score 5% unless they had run it in the last 30 days and then I believe it will not affect your credit score.
Not getting phone calls back is not a good sign. Try and reach the manager or email Ditech directly and let them know what is happening.
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Usually the FHA loan takes 45 to 60 days to process. The conventional loan takes 30 to 45 days to process. Considering the holiday season, the this time might extended by another week.
Talk to the superior in Quicken to ensure the person is in town or on vacation out of country where they dont have email or cell phone access.
As long as the seller is patient enough you should be fine.
You need to ask for your loan officers supervisor or ask to speak with the loan processor to find out what the hold up is. If you have to rant and rave do so until someone will give you answers.
Karen Paytas, GRI, CMS
Real Living Kee Realty
What does your agent or the Escrow company say? Escrow, or your closing attorney (I'm not sure how you do this in MI) should have been in touch with Quicken for pre-doc preparations. Contact one or both to see what they may have heard.
Good job getting your stuff in on time. That has been one of the most common reasons for a delay.