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How Using an Out of Town Lender Can Slow Down the Loan Approval Process
Recently, I listed and sold a condo in New Orleans. Now, the entire condo buying and selling experience has changed from years past, with fewer lenders willing to step up and do the necessary work to get a complex approved by FHA. It used to be that by answering a few quick questions a lender could get what was called a “spot approval”. Those days are gone and while the rule changes may have been made for valid reasons (although I’m not quite sure what they are), they have served to make the entire process a little more cumbersome, especially for the seller and the condo association.
Jumping through all of the FHA hoops was tiring enough, but dealing with an out of state Wells Fargo underwriter served to make almost everyone involved in the process want to scream…including the loan originator who worked for the same company.

Lapses in communication by the underwriter, repeated requests for documents and information that had already been provided and an apparent inability to actually review the documents they had in hand all served to draw out a closing a full 30 days past the date set in the original purchase agreement. Keeping the ... more

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