Stuck in underwritting after closing????

Asked by beincarnation, Waterford, MI Wed Feb 13, 2013

I closed on a refinance on 1/31/13. Two days before closing the loan officer told me that underwriting wanted a roof inspection performed. He stated that it did not need to be done prior to closing, but at least had to be scheduled to move forward. I scheduled an inspection for the same day as closing and sent the inspection report 4 hours before closing (this was the best I could do). I went through closing and was told verbally that the underwriter should be able to look at it during the period that I had the legal write to cancel the loan. Now 13 days later I am still stuck in underwriting. I have contacted my loan officer several times and he will not return my calls/emails. His assistent did call and tell me that I should be through underwriting "anytime". I asked when anytime was and he stated "soon". My disbursement date was supposed to be 2/5/2013. What are my legal options as this point? Is my closing even valid?

Help the community by answering this question:

+ web reference
Web reference:


Bev West, Agent, Greeley, CO
Sat Jun 15, 2013
I know this was posted in February and hopefully you came out ok on this refinance. As a Realtor, I have no tolerance for lenders that don't respond to personal inquiries. There is no excuse for things like this happening. They should have kept you informed throughout the whole process until the deal was closed and funds transferred. Again, I hope this worked out for the best for you.
0 votes
Jeff and Kaye…, Agent, Colorado Springs, CO
Wed Feb 13, 2013
Agreed, the loan is not valid until everything is signed. I'm sorry to hear that first, you were given last minute problems and secondly, your Loan Officer won't repsond to you. That's just bad service. I would be inclined to call the company and cancel completely and start with someone who will actually do it the right way. Before doing that you might try calling the company and asking to talk to the manager and see if they can give you more insight. Best of Luck!
0 votes
Gracie Mooney, Agent, Ann Arbor, MI
Wed Feb 13, 2013
No, your closing was not valid and all the figures that were used for 1/31 need to be revised. The closing should have been canceled, until it was completely through underwriting. I would like to know who the loan officer is, as it was not handled properly. If there was no money disbursement than I am guessing that you are not out any money and you can just start over with someone else who can take you through a successful refinance.
0 votes
Thank you Gracie. The company I used was Third Financial. The problem with starting over is that interest rates have gone up. So they have no legal obligation to fund at this point? The money I spent on the appraisal and roof inspection would be the only costs I have incurred at this point.
Flag Wed Feb 13, 2013
Search Advice
Ask our community a question

Email me when…

Learn more