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Beating a dead horse

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Services for Real Estate Pros with Transactions Made Easy 573085

Beating a dead horse

I have an unbelievably great example of a Lender snafoo (snafu - depending on your preference of spelling). Here's how it went -

I received the contract 3 1/2 weeks ago. I called and introduced myself to the Lender on that same day. My question to the Lender, which is the same question I always ask on Day 1, was, (after introducing myself) "How do these Buyer's look on their loan app? Is this one that we should watch closely, or do you think they are good to go?" I was assured at this point that the loan was a "breeze." Wind definitely had something to do with it.

My next question in the course of this same conversation was, "That's great. Do they have everything to you already or are you still missing items that you need?"

His response to me was, "Nope - I don't need anything at all. This one is an open and shut deal." Reallllllllllly?

No really - I'm serious - it's the truth! Three and a half weeks later, on the DAY OF CLOSING, one hour before our Seller walks through the door, I get a call from the Title Co saying, "We don't have docs yet." Don't have docs yet? Now that is severely odd since I called the Lender on Friday and was told that the docs were already on their way to the Title Co. I rested easy over the weekend knowing that our Tuesday closing would be a...breeze!

The reason for the hold up - an updated credit report!

Whaaaaaaaaat? Um, are you serious? Is this a Lender, processor, or underwriter condition? And if I were to talk with the processor, would the processor say it was the underwriter; and if I spoke with the underwriter, would the underwriter say it was the Lender; and if I spoke with the Lender, would the Lender say it was the Buyer; and if I spoke with the Buyer, would the Buyer be just as shocked as I was? Seriously! This is just beyond belief.

So now an "updated credit report" has held up our closing. We had to reschedule our client to a 1:30 closing - which we all know could very well be altered based upon another...um, "updated verification of breath" report to ensure the Buyer is alive.

Dustin...

Maria Couto
RE/MAX Premier - Berkeley Heights, NJ
Realtor with "Results That "MOVE" You'

Hi Dustin, I've been in the same situation. Check and double check and still...Luckily were still able to close, some have not been so lucky.

By the way you have an interesting bio picture. Get a lot of comments?

Jan 22, 2008 03:24 AM
Joe Adams
Major Mortgage USA/Branch Manager - Montrose, CO
I have had lenders that re verify employment the morning of closing, but credit reports are good from 45 to 120 days depneding on loan type, etc etc
Jan 22, 2008 03:30 AM
Dustin Curlee
Transactions Made Easy - San Antonio, TX

Maria,

Yes, it seems as though the double, triple, whatever'll, checking doesn't matter, does it? Gosh! There's just no accountability or system to the madness that is the lending/processing/underwriting debauchle.

I do get a lot of comments on my picture. Some people say I resemble Brad Pitt. ;)

Dustin...

Jan 22, 2008 07:13 AM
Dustin Curlee
Transactions Made Easy - San Antonio, TX

Joe,

It's just unbelievable! It really is. There are times when I don't even know what to say. I'm going to blog tomorrow about a whole new situation that arose today.

Dustin...

Jan 22, 2008 07:14 AM