My NACA Update

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  • #76724
    rashad3000
    Participant

    Good afternoon. I hope everyone is doing well.

    I work part-time as a Realtor and I have a client who is going through NACA. That led me back to this forum. The last time my clients used NACA in April 2020, it was definitely an interesting experience. I am hoping that this time is better. It’s such a ridiculously hot market that I am wondering what your success on offers is looking like. In my area (DFW), I know a lot of sellers are getting a ton of offers over asking price and many are particular about using their title companies. So I’m wondering if there has been any push back on this requirement.

    I also noticed that the buydown has changed. When I personally closed in 2015, I bought down .5% for each 1% that I paid up front. I believe that’s now .25% on a 15 year.

    Anyway, here is my update: $214,850 purchase price in 2015. Current balance is around $118,500. Our home is worth around $350,000. So our NACA home has definitely catapulted our net worth like crazy! I am so proud of my loan. If you are on the fence about it, I would suggest you to stick with it. It’s very stressful, but well worth it in the end!

    I did a video on NACA and it’s in my profile. I will also link it here. Good luck on your journeys!

    #76779
    rashad3000
    Participant

    OK. I took my client to a few homes over the weekend. She found a home that she loved. We put an offer of $255,000 on a home listed for $260,000. They countered back at $260,000. My buyer accepted. We all agreed through email.

    We are waiting on the executed contract from the seller. The agent emailed me this morning and asked for the pre-approval letter from the bank. I sent her the PSL for this home. She then asked me for the title company contact person and the person with NACA. I responded that the attached letter was as good as gold. She replied that in the past, she dealt with a NACA mortgage consultant who “dropped the ball” (I’m assuming someone didn’t close after the home had been taken off the market for some time, this making her hesitant about the NACA approval). Again, they were ready to sign and execute until they realized who the broker was.

    Coincidently, my client was contacting her old MC (I guess) who needed to get certified or something. My client is complaining and concerned because her current MC is not “responsive” enough. She feels that she takes too long to address anything. So, the seller’s agent is going to contact my client’s MC to verify that she is competent and my client is good to go. At the same time, my client is complaining about this MC. So it’s now hours later and we are still waiting on the executed contract.

    My assumption is that the seller’s agent has been trying to reach the MC, but can’t (again, my client’s concern). I hope we can keep our tentative inspection for tomorrow morning.

    #76800
    TTrumble
    Member

    Hello rashad3000,

    A NACA representative has reached out to you to help with your concerns. Please keep me updated on your progress.

    Tim Trumble
    Online Operations, NACA

    #76927
    rashad3000
    Participant

    Hey Tim, how’s it going? Thanks for the reply. Here is an update:

    We are now in “pending” status and the closing date is scheduled for November 5. Our financing addendum expires on Monday.

    I received these texts from my client this morning:

    “On the phone with NACA who said *** is out for an extended period of time. I am requesting a new counselor ASAP. I will keep you posted. They need to hire more employees and quit working these people like they do…so frustrating!”

    Then she followed up: “They said they are not allowing mortgage counselor changes and have to wait and keep my file up to date. The person I spoke to was so freaking rude and giving out wrong information so I hung up on her. I will see if I can reach someone else.”

    “I pressed the option for the mortgage department. I will keep calling until I can get answers. This is so ridiculous.”

    So we are really trying to submit the bank application right now.

    Any advice?

    #76933
    rashad3000
    Participant

    Update:

    My client was assigned a new counselor. A few hours later, she had to get assigned a new counselor because the other new counselor is on leave. The new new counselor is out today and will be back tomorrow.

    I’ll provide more updates as I receive them.

    #76950
    rashad3000
    Participant

    I sent out an email “reply all” to a group my client had messaged.

    Person 1 had an automatic reply message that said she would be out of the office from Sept 7 until Nov 15. This is understandable. In her message, she said to contact person 2 with any questions.

    This is person 2’s automated reply:

    Greetings,

    “I will be out of the office Thursday 12/5/19 until Monday 12/9/19. Should you require immediate assistance, please call the Map Department at 281-968-6222 to speak with an availablae person.

    Best Regards,”

    This was sent out 23 minutes ago.

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