we are waiting for our laon. 2 days past closing date and the bank keeps saying its ready and they will send

Asked by Firien, Sumner, WA Sun Mar 15, 2009

the DOCS but no docs. Are they really ready or what could be going on?? If they werent ready or we werent approved wouldnt they say that?

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Lorian Maddox, Agent, Auburn, WA
Mon Mar 16, 2009
Virtually every lender is experiencing turmoil, some more than than others. If your loan is an FHA loan, the underwriter may have suddenly extended their review times due to the volume of loans they are currently facing. If your loan is being financed by an investor group, they may have suddenly changed their rules and requirements. Even large banks such as Bank of America or Wells Fargo are undergoing tremendous changes right now. Many lenders have drastically cut their workforces and are now overwhelmed.

Lenders are also taking extra steps that had gone by the wayside in past years such as last-minute verification of employment, bank accounts, funds to close, etc. It is frustrating for all involved but there is little to be done. The lender will release docs and send funds when they are good and ready.

In the meantime, avoid spending money for anything other than bills, food and gas until your loan is closed. It goes without saying--now is no time to buy a new car, RV or quit your job. If you need new appliances for your new home, don't buy them until AFTER you've been given your keys.
1 vote
Katie, , Portland, OR
Tue Mar 17, 2009
Are you using a mortgage banker? Is the company national?

There is often a turn around time from when the local mortgage banker submits all the required documents and when the closing docs are sent...usually a week. It could very well be that your mortgage person has submitted the final pieces within the last week and may have a verbal green light while the final steps are still being completed. The folks at the headquarters can be rather unsympathetic to the urgency with which you need/want the docs and lighting a fire under them to expedite the process can be difficult if not impossible.

Until the docs are sent...there is always a chance that something could go south. But if you are being told that nothing further is needed from you and all looks good...it probably is, so I would not panic.
Web Reference:  http://katiecox.net
0 votes
Mission Viejo…, , Mission Viejo, CA
Sun Mar 15, 2009
Sometimes the banks like to hold it up till Monday that way they get the interest for the money in their account for the weekend. It isn't fair and they all deny that they do this.
0 votes
Kary Krismer, Agent, Renton, WA
Sun Mar 15, 2009
Has your agent used this mortgage broker before, or is this one you found? Agents tend to use brokers they know to avoid problems like this.
0 votes
Firien, Home Buyer, Sumner, WA
Sun Mar 15, 2009
He has been and they tell him it is ready and going to be sent and isnt sent..so he keeps calling to see the status and they say its ready and it still doesnt get sent! I dont know whats going on or who to beleive. If a bank says its going to be sent do they just say that or is something wrong maybe??? seems to me if it was ready to send and they said they were going to they would..what would be holding it up? We were supposed to close thursday...we are told it is approved and just needs to be sent..so where is it?
0 votes
SeattleHome.…, Agent, Seattle, WA
Sun Mar 15, 2009
It's hard to say without know the details of the converstation. Do you have an agent? You should really have the agent call the bank and grill them on the details. Keeping customers informed should be their priority.
Web Reference:  http://SeattleHome.com
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