Bank recalling a loan

[Mark Perea]

What are the questions I should be asking the lenders. I’ve herd of people getting their loans recalled back at a moments notice.I’m just very cautious. I am going too the closing table next week.

[Stephanie P.]

Originally posted by @Mark Perea:

@Stephanie P. I was discussing a deal I just done and a guy had said be careful don’t go too fast. Some banks can just recall your loan at a moments notice. I was like WHAT YOU TALKING BOUT WILLIS!

Your friend is uninformed.  Once your loan is closed, if you're making your payments on time and you didn't commit fraud when the loan was originated, you will not have your loan recalled and even if you aren't making your payments on time, your loan will most certainly not be "recalled" at a "moment's notice."  

Totally ridiculous and patently false. 

Now, if your loan is in process and you're going along as pretty as you please and the underwriter finds something is not right or the loan falls outside their guidelines, the underwriter can issue an adverse action action lender and kill it.  Having said that, once it's closed, it's done.