Home Buying in 92555>Question Details

Jenny3408, Home Buyer in 92555

hello, We are supossed to close on Friday 5/20/11.We have the final approval from the bank the underwriter is just signing off and hopefully will send

Asked by Jenny3408, 92555 Wed May 18, 2011

the loan docs tomorrow , for us to sign. My question is will it be enough time for the money to be funded and recorded so we can move in by Friday? We are in Riverside County ...CA

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Key questions you need to ask your mortgage broker is the following. Has the mortgage commitment been issued? The mortgage commitment is the piece of paper stating that you have now been awarded the mortgage. Once the bank has issued the commitment, then your attorney should order a title search and have the title company issue a title insurance policy. Once the title insurance is issued, a lot of banks like to have their attorneys review the title search. The easiest way to know if you are closing is to ask your attorney if a closing date and time is set. If not, there are still steps that remain in order to close.
1 vote Thank Flag Link Wed May 18, 2011
Hi Jenny,

Do not panic! Yes these types of delays happen often. There is no set time frame for upper management to officially approve your documentation. Keep following up with your Realtor, Escrow, and your Lender. You're almost done, stay positive!

Matt
1 vote Thank Flag Link Fri May 20, 2011
Hi Jenny,

As Gregorio mentioned below, it typically takes up to 48 hours for the Underwritter to verify the signed loan documents. Another option to this is some Lenders will do what is called "Table Fund" the loan. That means you will not have to wait up to 48 hours for the Underwritter to verify the loan documents. The loan can be funded and escrow can then set up a same day recording. This could make a Friday closing possible. However, if Table Funding is not possible with your loan then a Tuesday or Wednesday of next week recording will be the most likely closing date. Either way, you're close to being done so do not be discouraged. Best wishes and enjoy your new home!

Warmest regards,

Matt
1 vote Thank Flag Link Thu May 19, 2011
Hi Jenny, I am going to have to agree with Gregorio on this one. We do have special recordings on Friday's and the end of the month so there is the slightest of chances it could happen. Do you know if your Lender is a Direct Lender or are they a Broker? That can make a huge difference. If they are a local Direct Lender one of the things I have done for my Buyer's is actually hand deliver the Loan Doc's to the Lender after Buyer has signed them and Escrow has packaged them up. When I have done that less than half of the time it has funded in less than 24 hours. So if you do have a Direct Lender who is local you may want to tell the Escrow Officer you want to hand deliver the Loan Doc's to your Lender and that you'll wait for them to package them up. I think that will probably be about the only way you'll have a chance at closing on Friday. I know that's probably not what you want to hear but if your pro active you at least have a chance :-) so Good Luck and enjoy your new Home!!
Grace
1 vote Thank Flag Link Thu May 19, 2011
Please keep in mind that Brian is in NJ and you are in CA, we don't use attorneys here. If you have not signed loan docs yet, I can tell you that you most likely will not be able to move in on Friday. Even if you signed early Thursday, escrow would still need to get the docs back to the lender for review and even the best will take 24- 48 hours to do so prior to funding. A more realistic time frame would be on Monday. I know it's not what you want to hear, but it is more realistic given the time frames in CA.

Congrats on your new home.
Web Reference: http://WeFixRates.Com
1 vote Thank Flag Link Wed May 18, 2011
Jenny: We do have "Special", recordings in Riverside County in which an escrow can fund and record the same day. Hopefully your docs will come early~
Good Luck!
1 vote Thank Flag Link Wed May 18, 2011
they OFFICIALLY approved today ....loan docs to be signed on monday !!!!!
0 votes Thank Flag Link Fri May 20, 2011
thank you Matthew , I am trying to not freak out ...today was supossed to be the closing date but I know that isn't going to happen obviously because it is still in underwriting ....just nervous ...my L.O. was so nice and called me to tell me not to panic ...they are still working on it and I should have an answer today ...
0 votes Thank Flag Link Fri May 20, 2011
I am really worried now ...still no loan docs ...on Monday , I got the email that my loan was officially approved and that they were just missing all pages of our 2010 tax return. I sent it right away ...which i know I sent already but I sent again anyway,,,that was Monday ...I have been asking everyday if the loan docs are going to be sent and can not get a straight answer...still pending final approval is the answer I get..we were supossed to close tomorrow 5/20 and we know we won't now...I finally got an answer from my L.O. she says the underwriter had an issue with out tax returns and that it had to go to upper management for approval...still no answer ....should I be really worried ??? day before my close date and nothing yet ...is it normal for things to have to go to upper management ...can it be possible for them to turn me down me down now ? I am so upset ...I don't know what to do ...and how long should it take for upper management to say yes or no ? please help ...
0 votes Thank Flag Link Thu May 19, 2011
Gregorio, thank you for being honest ...it is not want I want to hear ...but it is... what it is....I'm just excited to move :-)
0 votes Thank Flag Link Wed May 18, 2011
Thanks Jane ! That makes me feel alot better ....I hope so ...It's so stressful but exciting !
0 votes Thank Flag Link Wed May 18, 2011
she also said after we sign the lender we are using gets emailed and faxed everything and we should be able to fund depending on the time of day ...I heard riverside county in ca only records once per has to be before 2pm ...but I also heard that on Fridays they record 2x for some reason ...but not sure if that is true ,,,,
0 votes Thank Flag Link Wed May 18, 2011
Brian , i don't know ...the lender just told me that they are trying to get the loan docs sent to the escrow co by tomorrow morning , the escrow lady says that it should take her about 2-3 hours to prepare and she will call us to come in with our cashiers check and sign, ,,,,,
0 votes Thank Flag Link Wed May 18, 2011
I suggest that you talk with your agent and mortgage contacts to find out what they think.
Web Reference: http://teamlefebvre.net
0 votes Thank Flag Link Wed May 18, 2011
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