Post # 1
Hi Bee’s –
My FI and I are getting really fed up with our mortgage lender. We are using a credit union that offer rates and terms that no local lender in the area can even come close to comping. We are under contract, seller accepted contract, inspection is done, now we need the lender to do there job!!!
We put in the “official” loan application 11 days ago. They have done NOTHING. We were finally told that they “input” the contract into the system yesterday. We have been begging them to order the apprasial but they keep saying “we will get to it…we are swamped” blah blah blah. I am starting to get really stressed because I am worried we won’t be done in time for our June 25th closing.
We asked them to AT LEAST send us an email to let us know what documents they need from us…still nothing. My realtor is really fed up with them as well, but because no one else can offer us these rates we feel stuck.
Any advice? I think this is so unfair and not how you should treat customers!!
Post # 3
Squeky wheel! I would call each day to follow up. Hopefully they will get so annoyed by you they will proess everything to just to stop you from calling
Post # 4
i have no advice but our bank gave us a timeline as soon as we put in our offer. 35 days and we didnt really have to deal with them at all after that. They usually order the appraisal and get all the paperwork done without letting you know.
Post # 5
We had the same issue with our lender, and almost lost our house because they moved so very slowly and were unresponsive. So, I called everyday. Sometimes several times a day. And when the person I was working with ignored my calls, I called his boss. Was I annoying? Yup! But everything finally got taken care of and we were able to close in time.
Post # 6
@Meant2Bee: It will all work out….I find that being irritatingly pleasant and totally annoying by calling every day gets things like this handled in short order.
Post # 7
First of, that sucks! Been there before and it’s awful. My advice is to have any documents you might need to show them ready and scanned (or in pdf form from online) so you can easily upload them when they ask. This means bank statements, any evidence of transfers you need (if you transfered money for your downpayment/closing costs into your checking account), your current debt (car payments, student loans, that type of thing), etc. You’ll need around 26 documents total, but I cannot remember them all. Just make sure your rate is LOCKED, sometimes they mess with you and take a long time to start the process then oops, different rate. GOOD LUCK!!! (we close on June 21st, so excited)
Post # 8
@Schatzie821: Thanks! I have all our documents together, but it’s a good idea to go ahead and scan them into PDF so there are all set to go, thanks!
@Bostongrl25: My FI and I are taking turns calling…I haven’t called today yet. Itching to do so.
Post # 9
@ThreeMeers: +1. Be polite, but make consistant calls and emails until you get answers. This is definitely not a credit union thing, because my FI and I got our mortgage through a credit union and thought they were very attentive.
Post # 10
What lender is it? Is it a large bank? (Bank of America, Wells Fargo, Chase, etc) They are notorious for being slow/awful. We had a wonderful experience, but it was with a much smaller bank – Everbank.
Post # 11
@Meant2Bee: I read your post title and thought “Wow! I guess I’m not alone!” I was so fed up and frustrated with my mortgage processor today that I was crying and feeling sick to my stomach. She just had me so damn MAD! We were supposed to close tomorrow. We have not been able to get in touch with her or get information from her associates for TWO WEEKS! We had to do an extension on the closing, so now it is set for next Tuesday. She finally calls me back today and gives me a mile long list of things that they need, including a second test on the water supply (well). The last one took 5 days after the time it was collected. Seriously!!!! I really felt like flipping out and now I am going to stop typing because I am getting worked up again. I feel like this situation of trying to deal with all of this is so unbelievably ridiculous, I feel like I should be waking up from a bad dream soon. But, no, this is my life and the BS that I have to put up with.
Sorry for the vent! I just want to let you know you are not alone and there are others out there that understand your frustrations!
Post # 12
@Meant2Bee: No advice, as we are dealing with the SAME issue. Hope yours works out.
Post # 13
Totally understand, vent away!! I had myself a good cry yesterday. Then my FI suggested I go to the gym and work out my stress, it was the best medicine. I just closed my eyes and worked out all my anger.
As an update, my FI lite a fire in our lender’s ass and they finally got moving. Sent us all the doc’s we are to send them…I already had everything prepared thanks to my parents advice and sent them over to them. I e-signed all the doc’s they had to get things moving, they order the appraisal, and now we wait some more.
My advice, CALL EVERYDAY. Call them, call there boss, but of course be polite. I always started with “I’m sure you are overworked…BUT…” I called, my FI called, our realtor called, our settlement company called…eventually they got the hint.
We are working with Navy Federal FYI. They truly do have amazing rates, but because of they work with SOOO many families they are slow as ever! Also, their lenders make 1/4 of what other mortage lenders make.
Post # 14
You have plenty of time. We didn’t get the appraisal until right before the closing and we didn’t even know about it. I would say go into the office and make them give you a list of documents they need, it should be fairly standard, W2s, tax returns, etc. If they know your closing date they should get everything in order by then, even if it is the last week before closing. Good luck!
Post # 15
@Meant2Bee: We had a similar problem two months ago. I was literally calling and e-mailing everyday and getting no response from our mortgage loan officer. We were also purchasing in RI and living in VA. The date we had set to close on the house was important to keep because we were traveling 10 hours just to close! (We traveled and still didn’t close, but that was the fault of the seller, not the bank.)
If you have a real estate agent, get them involved. In addition to my e-mails and calls, my agent was calling and e-mailing. Eventually, I would get a response. The big break happened when my husband was so fed up and called after hours. He spoke with the supervisor of our loan officer who happened to be there and expressed how ridiculous it was that we were getting NO information at all from anyone! After that, I was getting play by plays of EVERYTHING going on! So, don’t be afraid to go up the ladder, if necessary.
I tried to keep things in perspective and think, “well, I am not the loan officer’s only client – he is probabaly really busy.” But, honestly, I just wanted to be kept up to speed on everything! E-mail me or call me and just keep me updated! I just want to know that it is being worked on! So, don’t be afraid to call and bug them! I am sure they hated me at that office, but now we have our house and I don’t have to speak with them anymore, so no big deal!