Builder Charging $150/day Because Lender Is Slow!
Well doomsday is August 6th. Lender [***Mortgage, ***] has had paperwork for a total of 3 months, and the loan has not funded yet. Loan officer was fired. Lender is blaming Title. Unknown to them, my husband works for "the" Title Company, and Title is not the problem. Property is new construction in Kingman, Arizona, sold by a ***, R** who has offered no help. What are my options! Already sent the Builder RC&K Development $2200 + earnest money to hold property [which I already have or had a renter for] until August 6th.
SIGNED DESPERATE!
[ Edited by BettyHopkins on Date 07/29/2004 ]null :-x
[ Edited by BettyHopkins on Date 07/29/2004 ][ Edited by BettyHopkins on Date 07/30/2004 ]
Is "Connie Wright Mortgage" a lender or broker?
Why should youy expect Remax to help you with the mortgage? That is not what they get paid to do.
Now if you go to a new lender or broker you may not make the Aug, 6 date. I know a very good lender in Arizona but that is a short time frame. But if you go with them it will limit your number of late days.
If you want to stay with your current lender / broker go to the office. I did not say call. Things like this need to be taken care of face to face.
Lay out your case. The loan officer being fired is not your problem. Tell them that the title company is not the problem. Tell them that you want a firm closing date. You will also demand a discount on fees.
But to be honest I would have already changed lenders.
Fell free to PM me if you need the name for the Arizona lender.
If you decide to continue using them, when you go for your face to face have them call the lenders AE. This is the account executive that takes care of this broker.
Have them explain the situation to the AE. The AE should be able to get the loan pushed thru in a short time. If they can not get the AE on the phone within a short time get a new lender.
14 days can be done but ususally will be backed up with Cash. Since I no longer do loans I don't know if the pipelines are backed up. So I don't know the normal time frames.
Sorry to say ... but since your husband works for the title company that you are using ... WHY did YOUR escrow officer allow this to go so long unchecked and did not follow up on the matter !!
I also see the title company that your husband works for messed up for you. Normally escrow officer should be on the ball and follow up ... especially with no loan doc coming to the title company in 3 months !!!
I would have a talk with your escrow officer to help you better and to stay on top of your purchase a lot better or switch to another officer within the title company. Talk to the branch manager at the title company. You should receive better treatment and service from the title company.
Cheryl Lopez [ Edited by cheryllopez on Date 07/29/2004 ]
ALL GREAT ADVICE! I will definitely get answers from husband and "the title company" tomorrow. Escrow company is already on notice. I'm learning that it's a finger pointing industry. Besides the cutting of fees are there any other recourses?
BettyHopkins
Yes ... your agent should have also been following up ... do not close ... no commission for agent.
There is an "error & ommissions insurance" that at close the agents pay for that transaction.
After close go after the broker and agent for your extra costs encurred for their oversites on the purchase of the property.
Detail everything before and start taking notes of phone calls, emails, you follow up with everyone (title, lender, agent, builder).
It will close ... but not when you wanted.
Cheryl Lopez
Thanks Cheryl.