Home Buying in 90006>Question Details

Sspaeth, Home Buyer in Houston, TX

My loan was pulled for a random QC audit and it occurred right before closing, Who can we complain to about the timing?

Asked by Sspaeth, Houston, TX Thu Nov 21, 2013

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7
This is standard procedure, why would you think complaining would be the answer? When would one check for quality if not before closing?

I wish someone would do a QC audit on my fast food drive through order right before they hand it to me through the window. It would cut down on many headaches.
0 votes Thank Flag Link Sat Nov 23, 2013
It just happen to one of my files too, with the new legislation passed by the federal government more & more lenders are doing spot checks & pulling files for Q.A. check .Hopefully it will not delay more than a day or two ! Good Luck !
0 votes Thank Flag Link Sat Nov 23, 2013
Who is the lender? Identifying the lender is the only way something positive can come from this.
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As Richard suggested,
It is time to press forward with the penalty you imposed on the lender, at the time you locked in, if they miss the closing date.
$250 a day is a good baseline.
It still excruciatilngly painful to miss the closing date, but at least you get a token.
Lender won't agree to be held accountable?
Agent who referred lender won't press for your benefit?
Did you use the agent recommended lender?
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Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor FL
727.420.4041
Move to the Front of the Line
(http://FirstLookHomes.us)
0 votes Thank Flag Link Fri Nov 22, 2013
Nothing to worry about if everything is in order, if it is not then it should not close. We review every file before AND after it closes. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri Nov 22, 2013
Sounds like an excuse to not close on time to me.
0 votes Thank Flag Link Fri Nov 22, 2013
Not random. We always do a QC audit right before releasing documents.
What we, the lender, will do is pull an update to your credit from today back to the last time we rean your credit. We are making certain that credit remains consistent from the initila report.
Also, this is the time that the lender will verbally call and verifiy your employment.
Your lender may just pull random audits, but we do it on every file.
No complaints, it is standard.
Your loan officer may have wanted to alert you to this.
It should not take more than a few steps....as long as the credit is the same and you still are employed you should be fine.
0 votes Thank Flag Link Thu Nov 21, 2013
This is the first time he has had to do this. It is random (that is what they said). It is a being done due to new regulations. It is being done by an outside company. They have no control.
Flag Thu Nov 21, 2013
Many lenders are doing a quality control audit before closing which causes delays in closing. That is their right. They want to make sure that everything is in order. You can call the lender and complain, but I don't think that will do any good.

Good luck!

Kat
0 votes Thank Flag Link Thu Nov 21, 2013
It wasn't the lender's idea - they have to. They pull one out of every 35. I have no problem with them doing it but can they give some notice to the lending company? It seems anyone that this happens to gets screwed.
Flag Thu Nov 21, 2013
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