Need a fast close, Countrywide loan shot down on omger review, can someone take this file and get it approved?

Asked by Jay, 94538 Sun Apr 5, 2009

Need a fast close, Countrywide loan shot down on final step by exception review by Op. Manager after going through the entire process with no issues getting approved, less then 5 days til COE, can someone take this Countrywide file and get it approved with all the existing appraisals, credit reports etc?

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Patti Philli…, , Carlsbad, CA
Sun Apr 5, 2009
Jay, I would agree that you try to get an extension. Be forthright about what has happened, and that you are doing your best to get it closed. I have seen lots of similar problems in the past few months- right at the 11th hour! If you were originally approved, there is probably SOMEONE else who can approve you. Check with a few lenders. Let them know that you can't fool around with this- you need to move quickly and know ASAP if you can REALLY qualify.

I have a lender who has pulled a few from the fire for me in just the past month. Don Formiller 760-686-3481. He know which lenders might accept one item a bit differently from other lenders- and if it is possible for it to work- he will find the way!

Patti Phillips
"Advice You Need, Attention You Deserve"
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Dennie Ravara, , 94587
Tue Apr 7, 2009
Jay, I have the same opinion to most of the people who answered your question. But most of all you need to work with your agent to get an extension of time if this is not too late and let your agent explain to the listing agent what is going on with your current lender. Have you try applying with other lenders such as mortgage brokers...most of the mortgage brokers have one or two lenders who can perform in spite of the involvedness of obtaining a new loan. Again...most of the sellers particularly REO they do understand that is very difficult to get a new loan not unless the seller (REO) is willing to help you. Please let me know.

Dennie Ravara
0 votes
Sunil Sethi, Agent, Fremont, CA
Sun Apr 5, 2009
Don't know what an omger review is as well. Try calling Pat O'Brien at Bank of America (650) 846-4748.

I think anyone you go to will require a new appraisal & credit report. Ask for an extension to close, I've been finding sellers are pretty accomadating as long as you keep them aware of what you're doing and the reasons for the delay are surmountable.
0 votes
Jay, Home Buyer, 94538
Sun Apr 5, 2009
Omger was me squeezing in Office Manager, he shot it down just before loan funding on this "layered risk" even though we cleared everything up to this very last step.

Hoping someone who out there who deals with Countrywide as a 3rd party can take our file with existing credit report, appraisal etc (Our lender willing to transfer as she is distraught by this result as well, as she has never seen this happen at this late stage on the last step, and wants to help us get the loan somehow or another).
0 votes
Nina Daruwal…, Agent, Cupertino, CA
Sun Apr 5, 2009
Hi Jay,
Please explain, what is the Omger Review, applies to what?? i would like to know more about it too, for my own knowledge, thanks.
Please CALL my Lender Kevin Lyon with The Loan SOurce, on 408-390-7044, and discuss your situation.....see if he can help you.
Another Lender I have is Sia Zahraie ph: 408-482-5553 as a second opinion.
All the Best,
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