Home Buying in 90006>Question Details

KellieKillee…, Both Buyer and Seller in Cape Coral, FL

Our loan was pulled for a random audit after QC, but right before closing, How long does this take why does it take place?

Asked by KellieKilleen14, Cape Coral, FL Thu Jul 19, 2012

My husband and I were supposed to close on our close last Friday, then this past Monday.... and now no one (Mortgage Broker or realtor) can give us an answer? Turns out our loan was pulled for a random audit after QC, but right before closing? How long does this take why does it take place? It's stressing out everyone involved, and my family has to be out of our vacation rental by the end of the week!
As far as appraisal, the report came in WAY under asking price, and the sellers said okay! No problems there. Help!

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Answers

4
If everything in your mortgage application, income, funds, debts, etc. are legitimate, then you should have nothing to worry about. If you have made any purchases on credit, paid off any debt, increased any debt or drew down or deposited into any bank accounts then you may have a problem.

Remember your lender will pull your credit report a few hours prior to closing to make sure nothing has changed.

Your Mortgage Broker shoudl be able to help you find the answer to where your loan is.

Good luck (by coincidence, my nephew and his family live in Cape Coral)

Thom Colby
Broker
Palm Desert and Newport Beach CA
1 vote Thank Flag Link Thu Jul 19, 2012
Kellie,

You have to check with the lender.
- Why was loan pulled for audit?
- How long does process take?
Hopefully, the loan will sail thru but if not the buyers and sellers have to address the lenders requirements for review conditions for approval.

Gail Mercedes Cole
EXP Realty Marina del Rey
310.853.9933
0 votes Thank Flag Link Fri Oct 4, 2013
QC audits are going to be the norm as FNMA just released its requirement for QC prior to fund. This may become more the norm than a random act...I am sorry that your file seems to be one of the first to be affected by this implementation.
0 votes Thank Flag Link Thu Jul 19, 2012
It happens randomly sometimes and other times they say it happens randomly. They say it happens once out of a hundred files. If all goes well 3 business days. If there are issues, who knows. They will dot the i and cross the t. They may re verify a fair amount. Usually a yet another credit pull. Do remember this...
The lender is trying to make sure your loan is packaged to resell to some investor who is willing to lend you on average hundreds of thousands of dollars. now put that into perspective. How much would you be willing to lend me? a person you have not met, based on a credit report some info that shows I work, on a home that may be priced right or not for some reason or another.....
Please send the check to
Harold Sharpe
I work at So Cal Homes
My credit score is 794
You know I'm good for it.
Thanks.
It's a good thing Del Mar just opened, I like to bet the grey horses to come in second.
0 votes Thank Flag Link Thu Jul 19, 2012
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