Financing in 08234>Question Details

Frustrated, Home Buyer in 08234

ONCE A BANK HAS APPROVED YOUR REFINACE HOW LONG BY LAW DO THEY HAVE TO CLOSE?

Asked by Frustrated, 08234 Wed May 27, 2009

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I do not believe there is a LAW. There are guidelines though.

We just had a meeting with a banker today about this very thing TODAY. There are stipulations on how long a file sits on the mortgage loan officers desk before it moves on to processing. Then it can sit in processing for 45 days, then your loan can get caught up in what we refer to as the vortex of doom. Your file can go back and forth from your loan officer to processing until ALL the documents that are needed are forwarded on to processing. The processors have this horrible knack of going thru your file and when they find a piece that is missing, they send it back to your officer who retrieves this little piece of information or large piece. The problem is that the processor doesn't continue thru the file to find all the missing pieces at once.

We thought it was just a stall tactic by the bank. But, really it is just BLANK poor training. (pardon my french). I don't think there is any law. But I can tell you. Your loan officer whoever it is, is probably doing their job, it is getting caught up behind the lines, and unfortunately the front line person is getting all the flack. The discussion has come up with the banks because of loans taking so long to close for them to actually have a 90 day lock. We'll see if the banks follow thru on this. Hang in there.
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