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I thought I had the longest waite for a loan in history, I was wrong.

By
Real Estate Agent with Alaskan Homes & Properties Realty

I was feeling pretty rightous and feeling strongly put upon that my loan took so long to close, almost two months. I have no reason to complain!!

     a client has broke the record with a whopping three months and not closed yet because of distances, and the banks demands for more and more information, before they  get a loan, some clients would rather go to the dentist and I can't blame them.

I'm a little city person and the big city people are asking some very unframiliar things for land in this small city, now I'm learning the ropes all over again.

  In some ways this is good in others, it causes a long term hold up in the selling process which if you don't know what the banks are asking for ahead of time becomes very confusing when your client is already confused and trying to tell you what they need done but, the banks and mortgage companies can't talk to you about any of this so it becomes a mess that goes back and forthuntill you think the loan won't go through then it does or they ask for more information!! Is that fair??

no!!! Pulling my hair out here, it's a good thing I have so much or I might go bald.

 

Associate Broker Falmouth MA Cape Cod Heath Coker
https://teamcoker.robertpaul.com - Falmouth, MA
Heath Coker Berkshire Hathaway HS Robert Paul Prop

In ourmarket they are waiting for two months to get banks to accept an offer.  The MERS system has screwed up a lot of foreclosures.

Jun 12, 2008 05:47 PM
Tony Bolodar
NEXA Mortgage - Plano, TX
Residential Mortgage Loan Originator, #1320876

As a Mortgage Banker, I do not understand the problem.  I don't know if this is a State or regional thing but my Realtor Partners are not waiting three months on any deal I am working on.  Maybe three weeks.   Three months sounds like a problem with the borrower or a lack of knowledge by the banker.   But then I may not have all the facts right.

Jun 12, 2008 05:59 PM
Brandy Culp-Washburn
Alaskan Homes & Properties Realty - Kenai, AK

yes, it seems like 2 months is long compared to what it was before the mortgage downfall, it's not that I want it to go back to the bad times but, couldn't they give us a list of what they want? thank you for your comments. Best Regards, Brandy

Jun 12, 2008 06:02 PM
Brandy Culp-Washburn
Alaskan Homes & Properties Realty - Kenai, AK

This is construction season in Alaska, on the Kenai River, one of the hottest recreational areas in Alaska, and my client is out of state,  the banks and mortgage companies can't interact with us because of privacy laws and things can get confused for a client waiting for a perk test or a survey to get done then the clients gone then back after 2 weeks and your wondering where they are? they went fishing. Like everyone else in town. Thanks for the comment. Brandy

Jun 12, 2008 06:08 PM
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

Government loans are overloading underwriters and major banks like Navy Federal have 2-3 month waiting line because of so much business.  When that is the case and the underwriters demand more STIPS then you get pushed back to the end of line when you gotten all your stips and have to wait again.

Also keep in mind every loan has different layered risks involved and if the underwriters are asking for more information then either the file is weak in strength or just needs more documentation to clarify certain things.

Just like 3 years ago when Underwriters and Banks got backed up, they hired more staff to help ease the turn time, right now I think most lenders are just realizing the increase in business and will be making decisions in increasing staff soon.

 

Jun 12, 2008 06:16 PM