AboutJim Hoepf Expertise I have a diverse background that allows me to answer questions regarding underwriting, collections and industry changes.
Experience I have 18 years of experience in the industry. I have an extensive underwriting background that allows me to have a greater understanding of how to properly structure a loan for approval. I have been cohost of the local radio show Real Estate Matters for the last four years. I have owned and operated my own brokerage firm for the last 10 years. Along with originating and underwriting I have also handled mortgage delinquency and the foreclosure process.
Education/Credentials BS in Business Administration from Bluffton University. I have also participated in numerous underwriting workshops put on by Fannie Mae and lenders in the Phoenix area.
Awards and Honors Broker of the year for Arizona with Homeside Lending.
Question I applied for a $144,000 mortgage with Countrywide on March 18, 2009 now Bank of America. The purchase price of the Coop is 180,000, and I'm putting 20% down. I have a credit score of 820, paid $18,000 with the contract and have $40,000 to cover the remaining cost. This is the chronology of events leading to my question
1. The loan application was signed and returned on March 25, 2009. The Coop was appraised for $10.000 more than the purchase and the coop has been approved by the bank for mortgages.
2. The Bank generated a loan commitment letter on April 18 in order for me to obtain Coop Board Approval. On April 20, I faxed the signed commitment accompanied by all requested documents for underwriting with the exception of details on a $2140.00 bank deposit I had to request from my bank.
3. On May 13, I was accepted by the coop board and informed the broker and my lawyer. The closing date was scheduled on May 20 for May 28. I called the processor to inform her that I had the document she requested. She did not reply, so I informed the broker, The broker informed me a couple of days later that the processor had been out due to an injury and no one knew when she would return so no work was done on the loan. The broker said that she would see what she can do to get the loan ready for closing.
4. On May 26, I was informed by my lawyer (not the broker) that the closing could not be done, because the bank had not processed the loan. The bank told my lawyer that the delay is due the Bank's change in ownership creating a bottleneck in processing and underwriting of the countrywide loans. The Broker and bank said they would do everything possible to remedy the situation.
5. On June 5, I was contacted by a different loan processor, requesting documentation on the bank deposit and some of the documents I had provided to the previous processor. I faxed all requested documents on June 7, The processor confirmed receipt and informed me that it had been submitted to the underwriter.
6. As of today 6/26) the loan has yet to be underwritten. And since May 22, I have been attempting to lock in a rate but my broker has not returned my calls. She has sent brief replies to e-mail but never answers my questions about locking in at this time. Since I've started this process interest rate keep going up. HELP.
What are my rights here?
Is this normal?
Why can't I lock in a rate?
What do you suggest?
Is there anything I can do?
NY
Answer Eddie,
WOW! Unfortunately you are not the only person I have heard receiving this kind of treatment from banks like Bank of American and Chase.
I have several questions that may help me give you some direction in all of this. Did you apply for the loan directly with Bank of America? You also mention your broker....is this a mortgage broker that you are going through that sent your file to Bank of America or is this possibly a loan officer that works for Bank of America? Finally, is the processor work directly for Bank of America?
If you can give me a few answers, I can guide you through these rough waters.
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
