I have been an outspoken critic of too big to fail banks (just wait until you meet the soon to arrive 'too big to fail healthcare insurance companies) and a real advocate of local lenders.
Local lenders are those who support the area economy through small business loans and local mortgages. Many of these lenders have their own underwriters. Find an "A" or "B" graded local lender by entering your city name or zip code.
Be sure to tell them 'Annette' sent you.
Real friends won't allow their friends to do business with Chase, Citi, Wells Fargo or Bank of America.
Wishing you success in your home purchase,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727. 420. 4041
PS: Don't overlook local credit unions. They are the all-time winner of low cost loan origination fee.
Then they went way overboard (according to FHA guidelines) with the income verification. Mind you, I already have an FHA mortgage with Chase since May 2003 with excellent payment history. Excellent. Yet this FHA loan re-fi is designed specifically to minimize the verification and underwriting done as well as give people a break on the higher PMI rates.
STill, I found the loan officer asked for what was probably way way way too much of mhy private personal fiancial info at least according to wht the FHA states. A simple income verification shoujl have been adequate
Now the underwriting is going on a toot. I don't see any rhyme or reason to her conditions. They won't improve my score, they won't prove me more worthy of the re-fi, in fact, they are contrary to what the FHA guidelines state. I feel this is discrimination against me based on age -- I'm 54, seeking a re-fi. No older borrowers, please. And also because I am a woman. I doubt they'd have the chuztpah to pull this on a man. They bully those they think they can.
I am disgusted with them. Chase took bail out money because Chase screwed up giving loans they shoud not have now they are getting ridiculous INSTEAD OF generating goodwill by being reasonable and fair. Now their boss, Jamie Dimon and waste billions on a hedge fund and what do they think? If I jump hoops that will help THAT situation?
Chase should have gone down.
Underwriter is gate keeper for you obtain a loan, keep in mind there has been holidays delay for many closings.
30 day close is thing of past most closings are now approx. 45 days.
Buyers Agent have an amended contract for ext. for close date.
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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