We have a broker who we have been dealing with since before xmas. He claims our loan was sent to underwriting 2 weeks ago today, but he can’t give us any idea what the status is. He just keeps saying it is in underwriting and we just need to be patient. But for how long? Does he expect us to wait for an answer indefinitely?
We got tired of waiting, so yesterday we started the process with a lender. The way we see it at least this way we don’t have all our eggs in one basket, as it were.
Yeah, we will incur another $150.00 appraisal fee. But we feel better knowing we are not relying on only 1 possibility. Which at this point we have no idea when we might hear back from. We could end up waiting weeks only to find out it is denied.
There is no reason not to do what you did. The only drawback is the additional cost (appraisal fee). You might notify your original broker that because he is not performing you have taken your business to another lender. This might inspire him to actually do something or you might just ask him to refund your appraisal fee if it has not already been paid to an appraiser. Consumers vote with their feet.
I agree that if your current lender is not performing you should be looking for someone who will get the job done. One month in UW is called stalling. One of two things has probably happened. Either the loan officer did not lock in your rate and now is upside down on your loan because rates have gone up and they are looking elsewhere for better pricing or your loan was not approved by the first UW and the broker is probably scrambling to get the loan approved somewhere else. UW should take MAXIMUM 72 hours and that is if the file is a mess when it is submitted. Any broker worth his salt can look at your loan and know if it is doable or not. UNLESS there is something odd about the file like stated income 100% CLTV with a seller carried second on a non-MLS listed property. Hope this helps.
Ask to see the loan conditions. He has a preliminary underwriting approval from the lender that lists the status. Ask to see it.
If you want to go - contact the appraiser yourself and tell him you want to pay for the appraisal and will be contacting him with the new lenders name so he can modify it. If you have already paid for it, you own it. Just have him reassign to the new lender and GO!
“If you want to go - contact the appraiser yourself and tell him you want to pay for the appraisal and will be contacting him with the new lenders name so he can modify it. If you have already paid for it, you own it. Just have him reassign to the new lender and GO!”
Funny you mention this. That is exactly what I tried to do for the first appraisal. I figured since I am paying for it, it is mine. Wrong. I must pay for it, but I am not the client. The appraisal company informed me that I could get an appraisal done for my own personal use, however lenders now require that they be listed as the client, and it must be in their name. To do so the appraisal company must get an order directly from the lender. They further informed me (which was confirmed by the lenders) that lenders will no longer allow for an existing appraisal to be used with a name and date change. They require that a new appraisal be done specifically for them. No matter if one was done recently or not. Hence I am now having the 3rd appraisal done within a month.
According to the appraisal company I am dealing with, changing the name and date on existing appraisals used to be a common practice. But lenders were getting into trouble allowing this practice, and now require that a new appraisal be done specifically for them in their name.
As for the preliminary underwriting approval, I have asked for it. I am told the loan has received preliminary approval and it is now in the hands of underwriting. But when I ask for the current status I am told it is being reviewed and to be patient. When I ask them how long I should be patient they can only tell me they are busy. In one case I was told they must go thorough the appraisal with a fine tooth comb.
It’s getting so that I don’t know who to believe anymore. I just want my dang loan!
DEMAND to see the approval. If you don’t get it, then get a new lender and like I said have the appraisal reassigned to the new lender. Some appraisers require a formal order from the lender some do not. Yours does.