loan approval: "Loan Approval's Been Delayed." 4 Questions to Ask... - 08/06/15 08:55 AM
Oh, the dreaded statement I shudder to hear from a loan officer!
If you've been given this notice, immediately ask these 4 questions;
1-What specifically is the problem?
This is important because the problem could be minor (Need a document from the buyer) or major (Loan was denied and they are looking at other loan options)! Knowing what the problem is helps you determine A-how serious it is and B-if it will delay your closing date. If you don’t understand, tell the loan officer! This is not the time to soft-step the issue. You need to know what’s going on so you can explain it to … (2 comments)

loan approval: TMI on a Contract May Cause Delays in Loan Approval! - 07/16/10 07:04 AM
Too Much Information on a contract can create a nightmare for you and your clients. when trying to obtain loan approval. As I have mentioned before, things are different in real estate land today.
An example of this is the California Association of REALTORS® Seller Property Questionnaire Disclosure.
Underwriters (the person who reviews the loan package the buyer has submitted to the bank) are catching this when it's included in the contract, then requesting to see a copy. If they see any red flags on the disclosure, they'll make it a condition (an item that needs to be repaired/replaced, etc. prior … (3 comments)

loan approval: The Mysterious Loan Contingency - 05/15/08 06:24 AM

This post is Part 2 of my Contingency Removal lesson and research I'm doing for my upcoming one hour webinar Understanding Contingency Removals
 I actually went through the California Association of Realtor's purchase agreement contract and could not find anything specific other than the buyer has "obtained a loan." But what does this mean? When has the buyer actually obtained a loan?
 First let's try and define a loan contingency removal. Most buyers and sellers agree that when the buyer has loan approval from a bank with acceptable terms, the buyer then removes the loan contingency. In essence, the buyer … (4 comments)

loan approval: Loan Officer Requires Review of Seller Disclosures??!! - 03/26/08 07:49 AM
Made with free image tools @ TXT2PIC.com As the transaction coordinator for my office, I am working on a pending real estate sale we opened a week ago. When I emailed the loan officer to find out if she had ordered the appraisal yet, she replied she was waiting for the buyer's signature on the seller disclosures!
Well, this is a new one for me! Perhaps a new "Prior to Appraisal Condition?"  Being cautious of banks now days, I immediately responded back asking her if this was a new bank condition OR if the buyers simply wanted to wait to order and pay … (3 comments)

 
Diana Turnbloom, The Leading Expert in TC Services & Education (Escrowcoord.com)

Diana Turnbloom

The Leading Expert in TC Services & Education

Martinez, CA

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Escrowcoord.com

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