CTC Awaiting Final CTC

[Modunk]

What does this statement means:

“A loan may still be delayed while waiting on a final item to move to Clear-to-Close Final (e.g. confirmation is pending that grant funds are received/ready).”

I am 68 days into escrow and I finally receive this update today; i’m not sure what it means and how much longer could I potentially wait before final CTC.

Thank you!

[Nelsont]

Typically the final cones within a day of the CTC and in many cases just matter of hours or less.

But to answer your question it’s passive way of saying conditions may still arise and until you have the keys in your hand anything can happen.

[Modunk]

I have been waiting an unusally long time, is this typical?

Thank you!

[Nelsont]

It can be. Bank of America gets delayed quite easily. When did you receive your CTC? You might want to try calling the mortgage processing department. At this point it is out of nacas hands and they might be able to give you some insight.

While 68 days is longer than necessary it is not unheard of, not too far off from expected and encompasses 3 bank holidays 2 of which incur multiple days of skeleton crews and adds to the delays.

[cjax]

I just got my CTC final today 2 days later after my initial CTC

[Modunk]

I am still waiting Fianl CTC. I checked with the mortgage department and was told they are awaiting the VOE from BOA.

The sellers are so done with me, im now paying a fee for each day we go without closing. I am exhausted!

[Thomasina729]

I’m also waiting for voe….BoA was calling the wrong employer smh smh. Hopefully we get the final on monday.

[Nelsont]

This is actually your employer’s fault and it’s a very common one. It basically means they aren’t answering the phone or returning calls from the bank.

[Modunk]

@Nelsont the company I work for uses the work number. Does this slow the process down?

[Nelsont]

It shouldn’t. Mine did too. It’s actually a service provided by Equifax and is one of the largest most common verifiers. But this might not be what they want. There is a second verification as the last step in the process called voice verification of employment or vvoe. It’s where someone needs to answer the phone, possibly you, and verify your employment. You would just be asked if you work there and you say yes and the call ends.

[TTrumble]

Hello Modunk,

The bank cannot use The Work Number for the final Verbal Verification of Employment (VVOE). That’s because the VVOE is literally the last step before granting the Clear to Close, when they get one-on-one verification from the employer that the source of income you said you would have to pay back the loan still exists. In a case such as this, even your immediate supervisor or department head will suffice if the HR department won’t take phone calls.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

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