My first loan they did well with minimal headache, my LTV was below 60s and they had a few hiccups. Tolerable but the incompetence in the loan processing department really shows when you talk to them on the phone, i.E. If you can get them to call you or return your call at all. Usually the processor calls you to tell you if they need additional info or documents, but this processor is clueless asking for documents they already have and would send you an email to call her when she could have easily stated want she needs via email or voicemail. What is even dumber is when you electronically sign the documents, they ask for them again a week later by faxing you a copy to sign. Then it goes to underwriting and it gets better. The underwriters ask about credit purchases that are documented and paid in full by the bank statements that were sent in. Then they ask about where you lived previously and fax you an address statement asking you to sign, mind you they already have this address in the application you filled out two months ago. I truly believe 'underwriting" is a boiler room full of high school dropouts concocting more delay schemes.
The second loan is my mistake. I was a fool to believe that lowering my interest rate 0.5% would benefit me financially, but it caused more headache than the first. All of the above mishaps and boneheaded decisions were repeated the second time around. The icing on the cake is now the loan processor never calls and it is now 3 months past the original loan date. I signed electronically and signed the Disbursement with the Notary Public about a week ago. Still no funds, even though the contract says I get funded the following 2nd workday. 7 workdays have gone by and still no funds.
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