Home Buying in Philadelphia>Question Details

Bee, Other/Just Looking in Philadelphia, PA

Well working with quicken was a complete waste of time; they at the end claimed the could not do the loan

Asked by Bee, Philadelphia, PA Tue Jul 17, 2007

because "PA has too many restrictions". I make it all the way to underwriting & all of sudden the can't do the loan-what a crock. Before loan documents are even considered you should know what that state the buyer is purchasing in restricts if any? I think I raised alot of questions about the loan docs & their terms. 1) my offer was for $52, but they can only loan 90%. $50K-pls explain

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Bee, so sorry to hear they bailed on you so far into the game. I have a few good local people I refer my customers to in the Miami area. It's important to me that I use someone local who knows the restrictions, if any and the way things work in our local markets. Yes, out-of-state lenders can close a deal, but I feel better knowing that someone who knows the local ropes has been entrusted with such a huge repsonsibility. After all, if there's no financing, there's no deal. Have you tried asking a reputable REALTOR in your area for a recommendation to a good mortgage broker? They're usually happy to provide at least 2 names. Good luck!
3 votes Thank Flag Link Tue Jul 17, 2007
I have heard of a handful of people having problems with Quicken. I have not ever had an acitve buyer try to obtain financing through Quicken, so I have never walked through a transaction personally with Quicken. I have acquired buyers who had failed purchase attempts through Quicken with another Realtor, and we started them over in their new search for property. (They are now happy home owners, and used a loan officer from Chase that we recommended.)

Having an experienced mortgage rep or loan officer is important in seeing through the loan to closing. An experienced loan rep knows their underwriting dept, can better foresee how underwriting will view the loan package, will better understand the materials presented outlining the guidelines and be able to resolve problems if and when they arise in underwriting. A loan officer is following the guidelines for the loan and making recommendations to buyers based on what loans the property and buyer will qualify. We don't know if the info provided in guidelines was complete and understandable for the Quicken rep, or if the rep overlooked something. You don't get the $$ until underwriting reviews and approves.

I have a few loan reps that I recommend and wholeheartedly believe that when they tell me they can close a loan and property, it will happen. My faith in them is based on experience...their experience, as well as my past experiences with them.

I think you mentioned in another post that you had a Realtor. Can he/she help you with mortgage referrals?

My mortgage referrals are in NJ, and most likely able to write loans in PA. But, they would not be in a position to attend closing with you. If you want a mortgage rep to help and attend closing, perhaps you can find a few referrals through Trulia Voices.

It seems that you are encountering a good handful of struggles, and I am sorry to hear that.

Best of luck to you.
Web Reference: http://PeninsulaFirst.com
2 votes Thank Flag Link Tue Jul 17, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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My experience with Quicken has been positive. They're the only online lender I've had a good experience with. They actually had pretty good fees, delivered what they promised and on time. I feel your pain though. I don't understand why if they can't tell us sometimes there is a problem in the beginning so if they don't want to do the loan or can't do the loan then we could use someone else who can. Unfortunately that's just the way it works until we demand it changes. Good Faith Estimates or GFEs should emphasize ESTIMATE as they can and do change. Now I never count it closed until it is closed and FUNDED. Too many times the lender comes back to say there is some kind of problem. I've tried too many times to figure out a way if the loan is really on track but it is tough if not impossible. Unfortunately you are at the mercy of the person with the money and so is the loan officer. When I first started in Real Estate they used to say " He who has the GOLD makes the rules," and that seems to be holding true today more than ever.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Tue Jul 17, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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I think that this is evidence that it is difficult to get service online. While people may search for homes online they will not buy a house online. Likewise, I don't see how anyone would be successful in getting a mortgage online. Refinance maybe, but a new purchase mortgage is so much more difficult without the use of professionals. Now more than ever with stricterr underwriting guidelines it is important to use experienced knowledgeable mortgage brokers. I have several that I refer and will refer 2-3 depending upon a personalty match.
Web Reference: http://www.simonsaysso.com
1 vote Thank Flag Link Tue Jul 17, 2007
On most occasions, buyers are issued a prequalification from a mortgage company or bank. Although valuable when submitting an offer, it really isn't a commitment from the lender. Buyers are always encouraged to go further in the process, while looking for a home, to secure a commitment. This usually entails completing a full application and providing supporting documentation.
0 votes Thank Flag Link Fri Jul 20, 2007
bee, i am pasting your response below as you opened a new question to respond to this thread. I have removed the associated question (link below) from the landing pages on voices:
Already contacted FTC about Quicken and Consumer Affairs
0 votes Thank Flag Link Tue Jul 17, 2007
Dear Bee,
I've had a similar experience about 10 years ago. An online company told me that they could give me a loan without having any equity reserves. My understanding was (correctly) that you must retain 80% equity in the home in the state of Texas when refinancing. The lender told me that laws had been changed. I told her that, if that were the case then we would have a deal. I also explained to them what my understanding was and that I needed an answer from underwriting up front. You can guess the result.

Bottom line is that a local lender knows about the regulations in your state first hand without a doubt. I have not and never would personally go with a lender like that since then. BTW-this does not apply to national banks such as B of A. They have local reps to run their questions through.

Sorry you got burned on this!
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Tue Jul 17, 2007
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