yb.normal asked:
I began the refinance process on my home two months ago. I have been prompt in providing all the necessary paperwork. I even signed the loan docs 10 days ago but my loan has not funded. The loan officer and lender seem to be dragging their feet by asking me to sign several forms over and over—”the dates aren’t written right.” I’ve talked to my loan officer, the loan processor and the Title Co escrow officer without any satisfactory answers. Where do I go next?
FREDRICK
I began the refinance process on my home two months ago. I have been prompt in providing all the necessary paperwork. I even signed the loan docs 10 days ago but my loan has not funded. The loan officer and lender seem to be dragging their feet by asking me to sign several forms over and over—”the dates aren’t written right.” I’ve talked to my loan officer, the loan processor and the Title Co escrow officer without any satisfactory answers. Where do I go next?
FREDRICK
SYDNEY
find out who regulates the bank. It might be the Office of Thrift or the Federal Reserve. File a complaint with that agency and your state attorney general’s office. Your state probably has a division that also deals with discrimination and unfair treatment. Sometimes this kind of thing is due to incompetence but sometimes it’s racial or based on greed. I had a bank do a similar thing to me because they were trying to stick me with a less desirable loan that netted them more profit.
Let your feet do the walking and find another lender. You will be paying these jerks thousands of dollars in interest over the years…don’t you want someone who treats you with some respect? Give your business to the company that earns it. Good luck!
Comment by sunshine_today — January 14, 2009 @ 12:37 pm
RONNIE
This may be no fault of the lender. It could be that title company messed up the loan documents and the lender will not release the funds until all required documents are signed properly, with correct dates and such. See about contacting the lender directly if you are dealing with a broker before you contact anyone else. Some lenders that deal with brokers are not licensed to speak to borrowers but if you speak with a branch manager or someone else higher in the organization you may get some better answers. I used to work for a lender just like that. You are more than welcome to contact me for further information about the process flow.
Also, there are Federal regulations in place that require a lender to fund a loan in a certain time frame once the loan documents have been signed and the lender may have required title to get the documents re-signed to ensure they are still in compliance with those regulations. You can contact your states consumer affairs division to find out what your rights are as well as the federal governments’ consumer affairs division!!!
Comment by frogee100179 — January 15, 2009 @ 12:03 am
JORGE
When interest rates are rising such as the last 2 months, lender find ways to stretch the process so that they can get you in a higher rate.
Comment by daddyq17 — January 17, 2009 @ 11:10 pm
RUDOLPH
Talk to your state’s banking department.
Comment by mycornerofbrickheaven — January 18, 2009 @ 9:34 pm
LONNIE
I am a real estate agent and I have been through this before. First of all your loan will not fund until you after you close. The lender is your probably your problem. Lenders usually try to sell your loan before they make it. They will stall as much as possible until they have sold your loan, especially if you have less than perfect credit. This went on for two months with me once. I would find another lender, someone you trust.
Comment by americanbygodd — January 20, 2009 @ 1:36 am