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Can’t make this stuff up.
Yeah Erick Exum emailed me directly and said that Bank of America was having “indexing issues” and I can expect a 48 hour delay.
Similar experience. I’m a Realtor/Member and buying a house for myself.
They waited until day of closing (3/25) to tell me they needed something reinspected after I got an all clear via waiver. I have no conditions on my file anymore, got the HAND clear. Can’t get a hold of anyone for an update. I agree, not having direct communication with Bank of America is ridiculous. I don’t even have an MC anymore as my original MC quit, then the local office manager quit, now I’m assigned to the Regional Director and I haven’t heard one word from him. The head of underwriting hasn’t returned any emails or phone calls. Member services is a joke they know nothing past what emails you’ve sent and can provide no answers. Mortgage department doesn’t answer their phone and then it just goes back to Member Services.
Seller is pissed, I’m pissed, listing agent is freaking out. This shouldn’t be a 48 hour process to verify an inspector’s report. Title company knows nothing. I’m very disappointed. I spent near $100 for a reinspection during this outbreak, on the verge of losing my EMD, Sellers are probably going to ask for compensation to stay in contract. @rina-padua if you can help let me know.
- This reply was modified 7 months ago by ehill0520.
@surpriseninja Wow! You’re moving along quite nicely! Congrats! I finally got my qualification pushed through as well. It looks as though we’re all making progress!
@soapflowergirl I’m not sure how your state handles Earnest Money (Due Diligence Money) so I can’t advise you on that. As a Realtor and as a Member I can say that I would NEVER write an offer on a house being sold AS-IS while using NACA, especially on a resale. Inevitably, HAND is going to find something to REQUIRE. In my state we have a form that the Buyer submits to the Seller called “Resolution of Unacceptable Conditions” to fix things that were found in the inspection and Seller typically agrees to repairs.
Alternatively, you can ask HAND for a Waiver of Repairs form. Sometimes they will let you waive them depending on the severity of the repair. If that does not work, personally, I would cancel to ensure that I didn’t lose $1,200 bucks and have to delay my home buying process to rebuild my Minimum Required Funds again.
I hope this helps!
@surpriseninja I love the optimism in the forum. However, I believe you need a pinch of realism. Here is what I have experienced so far:
Jan 6th – I submitted my file to my MC for qualification.
Jan 16th – I had not heard anything only to find out from Member Services that my file hadn’t even been submitted by my MC.
Jan 17th – With a push from Member Services it was officially submitted on 1/17 and that is when my WebFile changed to “Qualification – Pending”. BE SURE TO LOG IN AND MAKE CERTAIN YOUR TIMELINE SAYS “Qualification – Pending”!!!
Jan 29th – Twelve days later I received conditions that were all addressed within two hours of receiving them and it was resubmitted same day.
Feb 4th – Another condition and I got that within an hour and it was resubmitted
Feb 6th – Still nothing back…
I am someone who comes fully prepared to things. I had every single document I needed and then some but somehow UW still required more. I would just suggest that you be overly prepared and then some. The process has been very frustrating to me but at the end of the day I keep telling myself the benefits are compensation for the headaches. I am fretting the contract process from the war stories I’ve read on here but I’m compiling an arsenal of email addresses for that i.e. Bruce Marks, Erick Exum, my local closer, his assistant, Tim Trumble, etc.
Some tips I can give you:
1. Make sure you get your local office manager’s email to CC them on emails.
2. Always CC your NACA member email (email@example.com). Your NACA ID goes where the 0s are.
3. DO NOT BE AFRAID TO REACH OUT TO MEMBER SERVICES. I will say you should try to speak to Alice with Member Services. She is the kindest and most helpful person I’ve talked to through this entire process. Her extension is 9698. (There are some “don’t give a F” attitude kind of people at Member Services and those kinds of people drive me nuts – especially in this field.)
4. YOU are your biggest advocate. YOU have to stay on top of this. DO NOT rely on your MC to be proactive.
5. Patience is truly a virtue.
NACA is a non-profit but they do get paid off our business and membership fees. Just because it is a program for those of us who don’t necessarily have a down payment or bad credit doesn’t mean we should have to settle for sub par service – especially when it comes to this big of a life event. Please keep us posted on your progress! I like to hear about others having success as it gives me hope but please do be vigilant.
@ttrumble had said in a post you’re supposed to get credits if you referred people.
My file had has already been submitted and it came back as a condition. So if I’m signed up will underwriting approve it?
Update: Finally received word on my file. 11 conditions all addressed in an hour and MC has resubmitted already. I feel much better knowing that the process is finally starting to move. However, I’m worried about the ADT event from 1/30-2/2 is going to effect hearing back within 72 hours.
At any rate I see the gears turning now and I can breathe a little! Wish me luck.
Don’t get me wrong I’m not saying turn them away – just saying they should get a “rubber stamp” for those who are ready to go go and send them through ASAP to help free up their workload for those who do need the help.
I understand and am probably just venting more than anything. Not trying to be a grouch but my first appointment was over 5 months ago so I’m chomping at the bit as you can imagine.
@nelsont Yes, fortunately, I do have contingencies in place for overlap. Still, that would increase my DTI ratio as my rent would increase for any extra time I would have to spend at my current place. I don’t have to be out until mid-May. I’ve allotted 60 days for qualification and home search. If I get under contract by March 1 that will give me 61 days to close by May 1st. These are extreme timelines and, being in the Real Estate industry, I feel like should be more than enough to accommodate even the slowest process. My biggest issue is that I shouldn’t be penalized because my MC took his sweet time on submission.
NACA needs an overhaul from top to bottom. This program does offer great benefits but they’re almost negated by lackadaisical workmanship and no sense of urgency. NACA needs to stop focusing on bringing in anyone and everyone they can get their hands on and set a realistic number of READY applicants per region per year that they can effectively manage…OR bring in admins to their offices to help with the workloads of the MCs. I understand the counseling part of the program but let’s face it…the majority of intakes are people who want someone to tell them what to do, are NOWHERE near ready, and just want to reap the benefits. If NACA would focus more on those who’ve already positioned themselves for success I think they would have a higher approval rating and a much more efficient workflow.
When you have, what seems like, over half of your customers complaining about the same things across the country that should be a huge red flag to the leadership. The first step in helping others is making sure you can first help yourself. MC turnover rate, constant hang ups on files, the amount of similar complaints from NACA members are all astounding.
On Jan 6th all of my documents were “supposedly” submitted by my MC. I called Member Services on the 15th looking for an update and Alice w/ MS told me my MC HADN’T EVEN SUBMITTED MY FILE and was basically sitting on it for 10 days. Finally, my file was submitted on the 16th of this month and I STILL have not heard anything.
22 days since I turned everything in, 13 days since it’s been submitted and I can’t get an answer from anyone. I’m incredibly upset as I have a lease expiring in a couple months and God only knows I’m going to need every bit of the 45 day closing window to get closed. I’m unsure what the hold up is but it’s unsettling to say the least.
Congrats on getting your qualification tho! Hoping I hear something soon.
ALICE IS A SAINT AND SHOULD BE PROTECTED AT ALL COSTS. She is hands down the nicest person from NACA I’ve experienced so far. I love talking to her.
Thanks @Peapod0609. I fully agree with you that they need to get more help in these offices. I also think that they need to convert one day a week to a “light appointment load” day where they may only have 1-2 intakes and the rest of the day is spent on active files that need attention. My current lease is coming up soon and I want to be able to have enough time to close and not have to switch to month-to-month. Not to mention the spring housing market is upon us and competing with standard 30 day conventional loans and cash buyers doesn’t sound like a battle I will win often.
Alice (the Member Services person I spoke with yesterday) called me back this morning to inform me that my MC still hadn’t submitted my file so she reached out to the Regional Director to escalate my file. While as a regular person I’m happy to hear that, as a professional it makes me feel bad for my MC. I may take your advice and reach out to the RD and explain what I’ve noticed in the office and that they need to potentially bring in someone who manage the office better. I can’t fathom having such a great program ran so poorly. It truly is a shame and I do hope it gets an overhaul. At this rate I will need to be intercepting people who are at least 6mo away from home purchase to ensure they are qualified and ready to go by the time their leases are up.
I will update this thread as I progress to help others get solutions if they are in the same boat.
I would be interested in seeing the answer to this!