No update from Bank

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  • #50847
    Perkins5
    Member

    I submitted my final condition on Monday 08/05. I was told by my CC that the lender has 48hours to 72 hours to provide an update. 72 hours would have been last Thursday. I didn’t hear anything, of course. Friday, i sent an email out to my CC and MC. Another CC sent me my initial CD and advised they would reach out to the lender and get a status update. I still did not get an update after that.

    Today, my agent called the underwriter who advised my file was being reviewed right now and should have an update this afternoon. Of course, I never got an update. My agent told me not too long ago to check for pending conditions.

    I”m getting a bit frustrated because the bank is suppose to give an update within that time frame and there’s nothing that anyone can do about it if they don’t give you an update. There’s no point in having a time frame if they are not held accountable for it.

    Now I might have more conditions, which will take the bank another week to review bc they apparently don’t review within 2-3 days. My contract date is 08/16 so I’ll definitely have to ask for an extension at this point. Really crazy, this process.

    #50849
    Nelsont
    Member

    Boa and the underwriters only communicate to the mortgage counselors who in turn forward the information onto you. Since the atd event ended today there’s a chance that your MC and even entire local office was in Baltimore since last Wednesday and won’t return to the local office until tomorrow or this Wednesday. It’s entirely possible the underwriters submitted a response to your MC last week but the MCs do not have remote access to email or voicemail.

    #50890
    Perkins5
    Member

    Oh ok, thanks that good to know. I know those ATD events can put a hold on the people not participating in the event; which is unfortunate.

    I did hear back about the condition and it was something for the attorney’s office to take care of. I’m hoping to get my file rushed. Tomorrow is the last day i can get the CTC without needing to extend with the seller.

    #50921
    Nelsont
    Member

    Is there a reason your seller wants 3 days notice to close? What is the tentative close date on the CD you just received? Boa will not go by your contract they go by the CD.

    The CTC is not even the last hurdle…

    Your ctc simply is an approval for the settlement to occur. It is possible to receive a new close date at this point but not likely unless boa is delayed.

    From there you get a CTC final and a final CD along with it. This is confirmation that settlement is scheduled and funding is finalized. This could take a couple days but is usually next day or same day.

    In my case I got my CTC 30 minutes before my CTC final which was after business hours the night before settlement.

    #50946
    Perkins5
    Member

    I only have the “initial” closing disclosure and it states 08/16 for closing. I thought we needed at least a 48 hour buffer… Maybe that’s more of a cautionary measure for the seller so they are aware that we might not close on time.

    BOA seems to be delayed. I apparently was suppose to hear from them last week and just today heard back about another condition; and that was after my agent contacted the underwriter. But, we’ll see in the next few days – I’m hoping everything goes as scheduled.

    #50970
    Nelsont
    Member

    Typically yes your title company needs a few days to draw up the paperwork. You can probably talk to the person there who handles naca clients and ask their advice. I did that and the lady said she usually offers closing for the same day as long as she gets the information from boa first thing in the morning.

    Don’t fret it. You are in a good place. Make sure your seller is understanding and you will get this house.

    #58364
    Perkins5
    Member

    Definitely not closing tomorrow. I think the process with the conditions is so silly and inefficient. Why not review the whole file and send all conditions at once. They get addressed and then move on. The lender does not take 2-3 days to review they take 5+ days.

    I’m very much tired of following up with NACA too. My MC is unresponsive – she only responds when I speak to someone else and then tells me absolutely nothing.

    I just don’t think this process should be as stressful as it is… but that’s my last bit of complaining *pinky promise* I’ve got a lot to worry about other than this house and constantly following up isn’t doing me much good so i’m going to let it work it’s self out.

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