2 Days to Close and no CTC yet. Please Help!

Home Forums Purchase Program 2 Days to Close and no CTC yet. Please Help!

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  • #67910

    Hi All,

    I’m really close to closing my new construction home and I cannot get any updates from the lender. I was hoping I can get a good advise here. Here is little bit of background

    I’m scheduled to close on my new construction home on Friday May 15th. Extending the closing date might not be an option since the builders are charging me about $500 per day if I don’t close by Friday (this is written into contract). I finished the bank application and got initial closing disclosures in December last year and my file was put on hold since then as I waited for the construction to be finished. I got a solid closing date of May 15th last month and my file started to move again once I submitted the home insurance and updated documents. The home appraisal was scheduled on May 4th and the appraisal report was uploaded to my web-file on May 7th. I also addressed all conditions on may 7th and no new conditions came up since then.

    However, after this point there are no more updates from the lender. I cannot call my CC directly since the offices are closed due to the pandemic. I tried calling the member services directly and I get a message saying “All representatives are busy. Please call again later”. I was able to connect to member services a couple of times and I started with caller number 100. After waiting for a while, the call gets automatically dropped. There’s absolutely no one I can talk to right now.

    Considering the fact that I still need to get my final UW CTC, closing disclosures and CTC I’m not positive that I will be able to close by Friday and thus I’ll have to incur the fines.

    Does anyone have any advise for me? Anything helps at this point.

    @ttrumble
    , I also sent you an email with this information and it would be really helpful if you can find the status of the application.

    Thank you everyone.

    #67911
    Nelsont
    Member

    It is quite common to receive the CTC at the earliest 2 days prior to closing and in many cases maybe even the night before, after business hours. There are people on this forum who received the CTC the same day. Even if Friday comes and goes with no word this is typical; you likely will hear nothing since they pretty much only contact you if you actually need to know something. In any event you are in the stage of close to closing crazies where you have to realize you will not be denied a loan (unless your financial picture changes) and you will probably receive no word of anything until all of a sudden everything happens at once.

    With that all said this is exactly why it is suggested in writing in your workbook not to agree to a contract that has a per diem penalty. In most cases the delays are out of your control and nacas and lie completely in the hands of bank of america who is going to approve your loan anyway.

    Just hang in there. You still might close this week. Builders sometimes even waive the per diem if you can convince them it had nothing to do with trouble obtaining the loan or anything on your part, which is usually what a per diem penalty is for. Good luck! And congratulations!

    #67912

    @nelsont

    Thanks for your assuring response. Initially I thought CTC is the only step remaining and wasn’t very worried until I read that there is a mandatory 3 day cooling period after I receive my Closing Disclosures. Considering that, shouldn’t I receive them already?

    #67913
    Nelsont
    Member

    So I did not buy a new construction home but, my timeline was as follows:

    Contract closing date 7/11
    Initial CD issued 7/11 closing scheduled for 7/18
    CTC issued 630pm 7/17 (via email)
    Final CD and CTC-Final issued 7pm 7/17 (via email)
    Confirmation of exact cash to close via 7pm email with final CD and CTC-final
    9am 7/18 run to the bank to get a certified check for cash to close amount
    10am 7/18 title company email confirming cash to close and time and location to close
    1pm 7/18 closed

    #67914

    @Nelsont

    Thanks for that. Hopefully everything works out by the closing date. I will try to stay positive and I will update this post on Friday hopefully with a good news.

    Thanks

    #67939

    UPDATE: I see conditions pop up on my web-file. All of them look like internal including “UW to do a second review of purchase contract” and one condition for the title company. Also my CC emailed me saying the file has been escalated.

    Still staying hopeful 🙂

    #67972

    Update: I woke up early and emailed my CC for an update first thing in the morning. I also copied 2 others. I’m not sure who they are but they were copied in an email sent from my CC before. So to be sure, I copied them.

    One of them replied back (not my CC) saying that I need to submit a signed 4506-T in order to close. I received no forms, so I went to IRS website and downloaded the form, filled it and sent it back within 30 mins (my CC sent out a 4506-T during the bank app stage so I used that as an example). I also uploaded the document on my web-file and sent a copy to my CC. Now I go back to waiting state.

    I’m not sure why this came up so late in the process (just a day before closing). And I would be amazed if somehow everything falls into place by tomorrow and if I can close.

    #68098
    NLaw88
    Participant

    @naca_user1709 any update? Did you hear anything on Friday?

    #68106

    @NLaw88

    No. Nothing yet. I missed my closing yesterday and no new closing date is set. Not sure what will happen next. However, all internal conditions in my web-file vanished so I can call that progress. I was emailed by someone at NACA (I previously got emails from them to remind me about outstanding conditions) to send in 4506-t form. So I downloaded that from IRS website filled and sent it. Then I got an email from my MC asking me to sign another 4506-t filled by her. I did as asked. So based on that looks like the lender haven’t verified my tax transcripts yet. Also, I saw a response from @ttrumble in another post saying that IRS stopped processing 4506-t due to the pandemic and I verified that info to be true on the IRS website. So I’m not sure why my lender needs them or if there is any alternative to verify my tax transcript.

    So that is where I stand right now.
    * Passed closing date
    * My VVOE is not done yet
    * I’m not sure if any other conditions relating to my tax transcripts will pop up
    * Not sure when my new closing date will be.
    * Not sure if my builder will waive the fines for me (Once I get a solid closing date, I will request my builders to waive it as @Nelsont suggested)

    #68107
    TTrumble
    Member

    Hello naca_user1709,

    It looks as if they are largely down to the little details that are dealt with just prior to the Clear to Close such as a second (i.e. final) review of the P&S contract. They normally pull the tax transcript as one of the final steps too. Even though the IRS isn’t processing any 4506-T’s right now, they will still go ahead and pull it as soon as possible, even if it’s after closing.

    You’re only a few feet form the finish line. Just keep going.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #68121

    @ttrumble.

    Thanks. That sounds promising. Hopefully I’ll hear good news early next week. I still haven’t done the VVOE so I hope that’s the last step I’ll have to look out for.

    #68149

    Update :

    I talked to someone at the ATD event on Saturday and they said they will escalate my file on Monday since it is hard to do that on a weekend.

    As a reminder I asked my MC to escalate the file today however, the response was that we have to wait 3 days (starting today since 4506-t was submitted to my lender on Friday) before we can escalate the file. Is this true? Based on @ttrumble comments, it seems that I’m very close and it’s disappointing to learn that my file cannot be escalated until Thursday. All that has to happen now is for someone at BOA to look at my file.

    Hopefully they respond before Thursday but since BOA is backed up, there is a good chance that they will take all the time they have before they respond 🙁

    #68155
    FutureHomeownercrew
    Participant

    I came here to read your post because I’m in the same situation. Set to close for Wednesday but haven’t really heard anything so hopefully that’s a good sign. Its assuring to know though that ctc can be sent the day or night before.

    I sent my VOE last month so hopefully they wont need another. I’m just so nervous at this point because the beginning was rocky and I’ve had 3 MCs in the process. So far everything beens going smooth so I’m praying I can close Wednesday. I hope your file is escalated I’m not sure about how true the waiting part is.

    #68156

    @FutureHomeownercrew

    If your last condition was addressed 3 days (business) prior to today, I suggest you ask your MC to escalate your file (If the 3 day wait is true). Also, in the other posts, I read that you will need another VVOE (verbal) just before you receive your CTC (just to make sure your job is still intact).

    #68157
    Nelsont
    Member

    This is correct. There are 2 verification of employment. One is a form that is filled out by your employer. The other is a phone call which is one of the very last steps before getting the CTC issued. It is done to make sure after the underwriting is complete you still work there and they go ahead and approve you. It is also one of the steps that causes a huge delay because the number given cannot go to voicemail. Your employer needs to answer the phone. It’s a computer prompt that asks 2 questions I think which is why you can’t let it go to voicemail and expect to call back. So make sure your employer is aware of this.

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