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Closing pushed back to next week

By Michelle Way

Real Estate Agent with AVALAR Pro Realty

April 26, 2007 03:03 PM

Got a closing that was suppose to take place today. The lender has assured me over and over again everything is fine....... It's still in underwritting. Good credit scores, Money in the bank, Money in the retirement, Money in hand. Perfect.... Easy check.... Wrong they found this mortgage company that has no idea how to do a FHA loan. So instead of them receiving a Bond Loan for 5.65 with three percent down payment being paid by bond. They're getting a 6.85 with one point on the front, 800 Admin. Fee and a 1000.00 processing fee. Okay the buyers are like we know this is high but we will do whatever we just want the house. Then today the call me can't close to next. Well to be honest by next week with a full package I can have my friend close them going bond. What do you guys suggest...???

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Ray Saenz

Exit Realty Laredo - Laredo, TX

Homes for Sale in Laredo, TX - Texas, Realtor

Michelle, I am sorry to hear that , that happens usually with some loan officers

Apr 26, 2007 03:27 PM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Sounds like a rookie lender.... If the lend can't get them the best deal, se if your friend can help them if they desire the help. Good Luck

Apr 26, 2007 03:31 PM

Michelle Way

AVALAR Pro Realty - Jackson, MS

ABR, GRI, WCR

It just amazes me how people find these people...

Apr 26, 2007 03:38 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

It really is a catch 22. If you have them change lenders, it could take another 3 weeks and teh seller may not like that. At the same time, if you go with the present lender, your clients will ending up paying more per month.

Best of luck

Apr 26, 2007 05:21 PM

David Doerr

David Doerr Mortgage Team @ Axia Home Loans - Spanish Fork, UT

14 Year Mortgage Professional

Close the loan, then have your friend "fix" the mistake and refi them at a lower rate for free.

Apr 26, 2007 05:33 PM

Michelle Dugan

MS Lending, LLC - Madison, MS

Call your friend :) hehe

Apr 27, 2007 03:05 AM

Hi Michelle He He

Apr 27, 2007 04:05 AM

Tonisha Mitchell

Dollar Mortgage and Financial - Ocean Springs, MS

As a voice for the L.O.s out there...it is not always the Loan Officer fault if the Lender screws up. Sometimes we are just as surprised and frustrated as everyone else is. But if you were to change Lender's that could be more time consuming than waiting on the original Lender to fix everything and close the deal. Hopefully everything will (or has) worked out for the customers.

May 02, 2007 03:05 AM

Doug Capps

Guaranty Bank & Trust Co - Hernando, MS

CLO, CRMS, MMS

Hey Michelle,

I was checking for blogs in MS and ran across yours. How did the loan turn out? It sounds like your client got a hold of a loan originator that, although may not have none about FHA, sure knew how to charge them some HIGH fees - not to mention such a high rate for FHA!! It's real disheartening to me when consumers get backed up against a wall by so-called mortgage professionals like this one. I've seen it on both sides, banks and mortgage brokers!

May 05, 2007 02:41 PM

Shelly Capps

Fairway Independent Mortgage Corp - Hernando, MS

Michelle,

Sorry to hear that- I hope everything works itself out. It is amazing to me that you have a client of this caliber allowing someone to give them the runaround, not to mention the fees! When I have clients of this caliber, they are usually very savvy and ask numerous questions to make sure they know what's going on. As Doug said above, 6.875 is outrageous for an FHA loan, but remember, the bond is not going to fit for every person. A buyer can still get a 5.75 with FHA wiithout the bond- there are restrictions on the bond for income, loan amount and debt to income ratios. Again, hope everything works out for your client! If they are in Mississippi and you need to close in 7 business days, send them to me or Doug and we will be more than happy to take care of them:)

May 06, 2007 12:26 AM

Closing pushed back to next week

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Michelle Way

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