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It is a mortgage broker. For the last 3 weeks I have heard we will "close on friday at the latest"..... Im starting to wonder friday of what month and year. As far as I know - the lender has EVERYTHING they need, and got the title work friday evening or monday morning, and we were "supposed" the hear "clear to close" on monday evening, or tuesday morning "at the latest", this is why I am going nuts. I have talked to him- but he is constantly giving me false hope then getting rude with me when I wonder about things..... Im so done with this. I really am.
Take it into your own hands. There's nothing that can stop you and you may be able to find something out that the broker is trying to hide.
Not sure if your are talking about the Real Estate Broker or the Mortgage Broker. The Mortgage Broker .... Or the Loan Officer is responsible for "processing" your loan. You are ENTITLED to regular updates on the status of your loan. YOU are paying FEES that will pay the Mortgage Broker's salary. (The Real Estate Broker's fee is typically paid out of the Seller's proceeds) Since you say that your Broker likes to avoid you (until) he has something to say .... I suggest that since your Mortgage Broker works for YOU ... then you TELL him that you want weekly updates. (Or you can say daily updates ... whatEVER YOU want) Tell him that if he CAN NOT comply with YOUR requirements .... then you will find someone that can! (If the Broker is NOT the OWNER of the company ... THEN you can ALSO go over his head ... and report him to the Company Owner. If your transaction is WEEKS BEHIND then you need to understand EXACTLY WHY that is. Your Realtor and Your Mortgage Broker ... each should be giving you regular updates such that you are CLEAR & INFORMED on the reason for the delays. There are a multitude of things that can delay a real estate transaction. Including things that have to do with YOU ... your credit score ... documentation that you need to provide. (There are also things like the processing of paperwork or city required repairs .... some of these thing are the responsibility of the Realtor, the Loan Officer .... washington even the Seller) .... But MY big thing is that THOSE professionals that are working for YOU .... should do just THAT!
I can't believe some people are saying you won't be able to get information. If it is your loan so of course you can. Actually, the agent may be the one that has problems getting information other than where the process stands. The lender most likely won't discuss personal details such as your credit rating and possibly the interest rate with the agent. You should be calling them to check the status anyway. The broker should keep up with it too but it is your loan, not theirs. EDIT: I misunderstood your question. Since you are talking about the loan officer, by all means go over his head. Talk to his boss and explain the problems you are having. The same thing happened to one of my clients. Neither of us could get answers and she finally tracked down his boss. After a couple of phone calls, we had what we needed AND they waived the 1% loan origination fee, meaning he didn't get paid on the loan.
Is this a Mortgage Broker that you are talking about or a Real Estate Broker? Either way, you should just go over their head and start making calls. A Realtor (or a RE Broker) is not responsible for your financing - just for finding you a house. A Mortgage Broker should be handling this for you, but if they are not, then I would contact the bank directly and leave a message for the broker telling them that you are doing so. Good luck!
Your broker is one of the many the should hang up their license and go back to used cars. There is a problem somewhere, and if your broker won't even talk to you about it, then you need to go up the chain, so to speak. If he/she is the boss, then call around your area and talk to some other brokers/bankers in your area, explaining the situation. After you have spoken to a few, then go back to your broker and turn the screws on him/her. If no satisfaction from them at this point, demand your file, and go elsewhere.
You will not be able to talk to them more then likely, or get the correct person. I would demand the broker send you the last corrrespondence with the lender and ask for the stip sheet or underwriting determination. It is hard to say how long things take with it depends on the type of loan you are getting.
In all probability, the lender will just refer you to the broker. He is the source of their business and they will want to protect that relationship. Rater, call his boss and compalin about the lack of communication and ask for specific details on the progress of your loan. Obviously, there is a problem and yo have a right ot know what it is.
Yes, but that is odd that with this market your broker should be on you all the time, until the loan is closed.
Your behind, and he is not calling back. that should raise a red flag, normally that means there is a problem. I would hound him and his boss until you get answers.