November 19, 2019 at 7:24 am #62279
We’ve been under contract since 09/11 and are now on our 3rd extension with no movement on our file. We’ve been stuck at “ACA Send to UW” for weeks now. We’re scheduled to close tomorrow but I highly doubt it as we’ve only received our initial closing disclosure last week. It wouldn’t be such a big deal if we didn’t have to be out of our rental by the end of the month. Not to mention Thanksgiving is next week so I highly doubt we’d get to close next week. That whole “trust the process” notion is not comforting with this program. If I were a seller I would not sell to a NACA member sorry. This program is way too frustrating. Extension after extension with no end in sight.November 19, 2019 at 8:08 am #62280
Your experience is unfortunate but, does not resemble the vast majority of members who close on houses through naca with little or no delays every day. For what it’s worth your delay as evidenced by your file status and your receipt of CD is 100% with bank of america and has absolutely nothing to do with naca or the naca process. Bank of america is notorious for this and always has been. My agent had never worked with naca before – I was his first naca client. The first thing he said to me about the process is that he has never had a bank of america loan close on time in any situation. Even buyers putting up 50% cash down payment get delayed with BOA. 2-3 months is typical for a BOA loan to close during the spring and summer (contracts starting in october/november will see a shorter time frame) so you are well within the banks MO.
With that all said ACA is “all conditions addressed” and send to UW means your file was sent by naca to bank of america for underwriting where it has been sitting. Once your MC sends your file they and naca become nothing more than liaisons between you and the bank. BOA has indeed been backed up causing delays. BOA will be working at least 3 possibly 4 days next week. So this is the long way of saying if you did not go through naca you would still be in the same situation with BOA.
I would expect to close soon. Just be patient. You will get this house.
November 19, 2019 at 9:08 am #62282
- This reply was modified 2 years, 5 months ago by Nelsont.
@Nelsont thanks for your input. Hearing that the holdup is with BOA and not NACA does ease the stress just a little bit. I’ve been reading some of the threads on this forum as well as watched a few videos about people going through NACA and it seems to be a stressful process all around. I’m just hoping the sellers will be understanding and allow another extension if need be. Hopefully we can close this week or next week so I won’t have to move our belongings into a storage somewhere or pay for another increase on a month’s rent after our lease expires.
So are we to be expecting another closing disclosure that we will have to sign before getting the CTC? Seems like it’s a different timeline from region to region.November 19, 2019 at 9:21 am #62283
You shouldn’t have to sign anything. Your initial CD might come a week out. Then you get your CTC and Final CD. Then you get your Final CTC. The latter 2 will be probably in the same day and possibly even the day before or night before closing.
I agree the process is nerve wracking and above all I feel the reason is because the communication is lacking. At this point though we have to live with the fact that your MC will not reach out to you unless they have direct communication from the bank.
Have you tried calling the mortgage processing center?
November 19, 2019 at 9:48 am #62286
- This reply was modified 2 years, 5 months ago by Nelsont.
Yeah, only communication we get from our MC is just them saying we’re close to closing. Apparently we’ve been “close to closing” for the past month and a half. We get any “closer” then we’ll be close to being homeless. We have called the mortgage processing center in the past during a previous phase but were just forwarded to the HAND department for that particular issue. Getting our file’s HAND department person on the phone is a battle in itself. Maybe I’ll give mortgage processing another call. I noticed on another thread that some person that apparently works for NACA keeps saying something to the effect of “let them do their jobs” and “interfering will just slow the process”. I’m trying. Trying hard not to give up on homeownership. Or at least with this method. Maybe wait a few years and save up some more. Then not have to worry about being a non priority member and be able to move wherever I choose.November 19, 2019 at 10:00 am #62287
That would have been Tim Trumble. He is correct.
The mortgage processing center is very helpful and is part of the changes naca implemented this summer to increase communication. They will not have information if the bank hasn’t provided anything for them but, in the stage you are at now they may be able to offer some insight. When you were forwarded to HAND earlier in the process it was because the MPC is generally for members who are in your stage now who have already been cleared by HAND. HAND also will operate like your MC in that they pretty much only talk to you if they need to.November 19, 2019 at 10:10 am #62290
@Nelsont thanks again. I’m currently on the phone with mortgage processing and I hope to have an update soon. I’m praying for keys in hand by FridayNovember 19, 2019 at 10:11 am #62291Peapod0609Member
@JackNapier when it comes to this whole mortgage process with the bank you should be calling the mortgage processing center often. I called them about every day. If nobody picks up and it transfers you to customer service, hang up and call back until you get someone on the line.
You really should have been calling them often because they can requests updates from the bank and push your file along. After the bank app, they are like your best friends!November 19, 2019 at 10:17 am #62293
@Peapod0609 yeah, I definitely should’ve been calling them. I was just told that my file was escalated and to call back if I don’t see any changes. One of the reasons I didn’t call was because my MC already stated she was gonna try to get our file escalated. Which apparently she didn’t. Thanks again you guysNovember 19, 2019 at 10:31 am #62296NACA CommunicationsMember
We’ve reached out to you by email to get your Member ID and further information that would allow us to escalate your file. We’re working to get your concerns resolved and to get your file moving with the bank. Thank you for understanding.November 19, 2019 at 11:45 am #62299
Thanks for all your help guys. Got our final CTC and set for closing tomorrow. Praise godNovember 22, 2019 at 5:09 pm #62436Peapod0609MemberNovember 22, 2019 at 9:22 pm #62439
We closed on our house this morning. Thanks to everyone in the forums for their help. Apparently naca has a lot of members trying to close before the holidays which is causing a backup with BOA. Definitely should’ve been calling mortgage processing earlier. They got the ball rolling in the right direction.November 22, 2019 at 9:45 pm #62442Tara585Member
@JackNapier…Congrats on your closing!!!God willing I will be able to close before the holidays!!!November 22, 2019 at 10:54 pm #62443
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