Day of closing and getting wishywashy vibes from my lender -- should I sign?
I'm scheduled to close today. Everything was fine until 24 hours ago when my lender asked for a document from my employer that is against my company's policy to provide. I literally cannot comply. My lender has removed the outstanding task from my list of todos and from the web my mortgage is "good to go" with "no outstanding tasks" however over the phone my lender will not affirm that they will fund. They aren't asking for more time either. I provided funds to close and asked my title company if I should sign. They say I should or I'm in breech of contract. But what happens if my lender won't fund after all of this? It's like a nightmare and I don't even understand how this is legal. Help! What happens to me if I sign and they don't fund? They will not disclose to me that I have any outstanding conditions, but won't affirm funding. Thanks- by Thiamichelle267 from Portland, Oregon. Oct 31st 2019
Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions
You failed to state whether this transaction is for a purchase or refinance. For a purchase your lender can state in the closing package the document from your employer be also handed in at closing. Technically if you did not receive the closing disclosure according to TRID guidelines, the closing could not happen today. With a refinance you have three days after signing the closing papers to change your mind with no penalty. Both refinance and purchase closing paperwork has at least one page that includes verbiage that the borrower(s) agree to provide additional documentation that might have been previously overlooked during the loan process or when signing the closing papers.
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