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Vent: Loan Officer Being Sketch
We have applied for a USDA mortgage and our loan officer is all of a sudden being unresponsive and giving us terrible info.
Tuesday, he told DH that the loan was in underwriting already and it should only take 2-3 days to hear back.
Friday, DH called him to find out what the status was and he told us that the loan was approved, they are just waiting for sign off from the USDA, the expect it that day and we will have the commitment in writing by the end of the day, Friday.
Monday, he calls DH saying that the underwriter needs an additional piece of documentation from our accountant in order for the underwriters to approve the loan. We freak out, get said document and it is faxed to the loan officer that afternoon.
Yesterday, loan officer tells DH that the loan didn't even go to their underwriters until today (not last Tuesday) and the document had nothing to do with them being able to approve the loan, they just wanted to make sure they had ALL possible documents for the USDA.
SO WHAT IS THE ACTUAL STATUS OF THE LOAN? We were told it was in underwriting A WEEK AGO! The loan officer now has ZERO credibility in our book, he keeps contradicting himself and giving us wrong info, and the clock is ticking to get this to the sellers by the deadline. This is so frustrating and the home buying process has been a nightmare. I am very grateful that we are in the position to do this right now, but does it really have to be this stressful??
Re: Vent: Loan Officer Being Sketch
This is most likely not even your loan officer. What is likely going on is that whoever your bank is has in house underwriters who approve your loan. After they sign off on everything, the file then goes to USDA to be re-underwritten.
What is the document you sent?
We heard from him, finally and he admitted that he was telling us stuff based on the last mortgage company he worked for. They had a slightly different (faster) process and he was basing all of his information on his experience with his former company, instead of doing the research. We are the only USDA loan he's had since he's been with the new company. We're supposed to know something by the middle of next week. Thanks for your responses! I cannot wait until this whole process is OVER.