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svermillion · Joined: 08 Jun 2009 Posts: 2 1.60 Dollars($)

I was looking to refi my mortgage and working with a lender. First off, it took over a week to get a return on my appraisal. The lender didn't lock in the rate and it went up. The lender led me to believe the rate was finalized. Underwriting has my paperwork/appriasal since May 6th and STILL no loan. This seems like an unfair practice to me, any recourse here?

gmakerley · Posted: Mon Jun 08, 2009 1:23 pm Post subject:

unfortunately, what you are suffering with isn't all that unusual. rates have gone up quite a bit since late april through early to mid-may, and i doubt that anyone was prepared for that. each time they went up, we thought they'd come back down, and that hasn't happened. for the appraisal to be a week out and not back in isn't surprising. many appraisers were swamped with work until very recently. it should get better.
from may 6 to now is not a good turnaround time, but i wish i could tell my clients it would only take a month to close. i've seen much worse, frankly, and i'm not sure what the solution is, but i've been agitated by my underwriters as much as if not more than some borrowers.

i'm not apologizing for anyone...not freeing anyone from guilt, but some of these processes take a bit longer than we might have anticipated originally, and that's just the way it is sometimes.

svermillion · Joined: 08 Jun 2009 Posts: 2 1.60 Dollars($)

thanks for your fast response.

jnoa · Posted: Mon Jun 08, 2009 1:56 pm Post subject: Advice

As gmakerley said, the turnaround time on the appraisal is not uncommon especially over the last few months, as for the interest rate, sorry to hear that your rate was not locked. Remember this is your loan and your mortgage, if you are not comfortable with the loan or the company you are not obligated to go forward with it. That being said if you want the savings you should move forward, no one knows where the rates will go whether it be up or down. If you do decide to hold off you may miss on the savings if rates continue upward. It ultimately comes down to your goals and needs and if your current deal meets those needs. We all are hoping interest rates will go back down but there is no guarantee. Good luck hope that helps.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

If your loan is a conventional then your appraisal fell into this new HVCC guidelines for appraisal ordering. What that means is you will pay more for the appraisal and get much less service and a good likelihood the appraiser selected to value your home was chosen based on how much/little he would accept for the job and not his qualifications or knowledge of your area.....its a great thing

gmakerley · Posted: Thu Jun 11, 2009 8:54 am Post subject:

be careful brian....there are so many who would take your "it's a great thing" literally. as you and i and all the other loan officers in the world know, it's not at all good.

molasses going uphill in winter is quicker than the response time from these new agents that have cropped up to "assist" us in the appraisal process.

it's good for someone - not us, not our customers - but someone's making money.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

George I think anyone reading my full post can clearly see the sarcasm, any client looking to pay more for less send them to wanaloan

gmakerley · Posted: Thu Jun 11, 2009 9:25 am Post subject:

you don't know these folk like i do, brian!

frankly, i wouldn't even send those you described to him.

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