re-submitting a loan
So after 5 weeks of being in escrow I just heard from my LO that the bank declined to fund the loan due to legal issues.I'm supposed to close in 2 weeks and now we have to submit the app to a different lender. Are they going to order another appraisal or can they use the same appraisal from the original bank.My LO is scrambling now to submit and get this all straightened out so I'll find out eventually but judging by the pace of this whole process, it could take like a week before i get any answers.The last appraisal took almost 3 weeks to complete so if they have to re-order this entire process can take like another month+. by gregtu_886_728 from Buffalo, New York. Sep 15th 2011
Chris Corica (chris@myqcfunding.com)
#22 ranked lender in New York - 59 contributions
I am located in the Town of Tonawanda and may be able to help. I can get you closed within a few weeks with a highly motivated individual like yourself and may be able to use the same appraisal. Feel free to contact me with any questions or for a no cost, no obligation fee and rate quote. Chris Corica - chris@myqcfunding.com - 716-799-0846
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are quite a few lenders who will allow the appraisal to transfer... I would cut your Loan Officer some slack... With all the ridiculous guidelines, overlays, and laws, it's becoming more and more difficult to close a loan. Most of the things that pop up last minute are out of the control of your loan officer... My suggestion is to let him work on it... he knows your file, and he's already put in a great deal of work to try to get it done... WilliamAcres.com
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
"Legal Issues?" If there were legal issues that should have been detected in the pre-lim. An appraisal shouldn't take more than 5 days from order to completion.Since you need to start over, you might be better served by someone else. ... Chris is one of the persons that responded to your question. ... I would at least speak with him. .... If you like what you hear I'm sure you will not be disappointed. ... Chris Corica - chris@myqcfunding.com - 716-799-0846...... Happy funding, Rudi
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