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Updated almost 5 years ago on . Most recent reply

User Stats

136
Posts
42
Votes
Arthur Schwartz
  • Investor
42
Votes |
136
Posts

Answer the latest refinance questions or apply to a new lender?

Arthur Schwartz
  • Investor
Posted

I reinstated a mortgage on my cousin's estate in July 2019 (6.125%), paying all past due mortgage payments plus paying off three liens. In September 2019, the deed was recorded officially in my name. I began a refinance in October 2019 and have an email message from Omar Santoyo, a NMLS, on October 14 2019 that my application was complete. Since then, the file has passed back & forth to a Crystal Monteagudo ("Loan Processor") with a series of document requests which seems unending. The two most recent requests: they want the HOA to complete a 3 page questionnaire with about 50 questions plus they want a VOD with average bank balances for the last two months. About the VOD= about 3 weeks ago, I sent them a Proof of Funds (POF) letter from a Wells Fargo banker with about TEN TIMES the six month PITI on this rental property. They responded by asking for the average two months previous balances. I asked WF; they said that they do not issue letters with average balance (only actual balance on a specific date). To offer Caliber Home Loans something, I emailed two photos of my bank account balance in December, January, and February (preceding the March POF letter). After six months, should I comply with the latest two document requests OR find another mortgage lender? If the latter, can you recommend a speedy re-financer? I don't want another six months to go by. PS: should I complain to the Consumer Financial Protection Bureau? Or NMLS? Thank you for your advice.

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