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CAN A REFI COMPANY NOT FUND WHAT YUO REQUESTED TO PULL OUT IF YOU CLOSED THE DEAL AND SIGNED ALL DOCUMENTS?

by MARISLEAJTORRES5754 from , California. Dec 15th 2017 Reply


SO I STARTED THE PROCESS OF REFI WITH CARDINAL FINANCIAL ON OCT 10. EVERYTHING WENT THROUGH WAS FINE. A PERSON CAME TO MY HOUSE WHICH WE HAD CLOSED THE DEAL AND SIGNED ALL DOCUMENTS NOV 26 NOW THEY HAVE STATED SINCE THEY CANNOT GET AHOLD OF MY HUSBANDS EMPLOYER TO DO A VERBAL VERIFICATION OF EMPLOYMENT BEFORE FUNDING THE MONEY WE GOT BACK WITH THE REFI. NOW THERE STATING SINCE THEY CANNOT GET AHOL DOF THEM THEY CANNOT FUND THE LOAN AND HAS REQUESTED FOR ME TO BE ON THE LOAN SO THE PROCESS GOES THROUGH.SO I PUT MY NAME ON THE LOAN AND I HAVE NO DEBT GET PAID TWICE AS MUCH AS MY HUSBAND HAVE CREDIT SCORE OF 696 AND THEY ARE STATING THE LOAN WILL MORE AND WILL GIVE US LESS MONEY??? I NEED HELP PLEASE

Dec 15th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,092 contributions

It's hard to address your scenario without looking at all the documents.. but the short answer is that the lender can withhold funding if they cannot verify your husbands employment if he's on the loan.. What's confusing, is they are saying that you now need to be on the loan, which means that the entire process is starting from new.. Something isn't right.. If you would like, give me a call.. if I can see your complete loan scenario, i'd be happy to advise you.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Dec 15th 2017
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Korene Clopine-Seaman (korene)
#70 ranked lender in Arizona - 84 contributions

This sounds very weird. Once the CD is signed, the loan should fund. THE VOE should have been done before the CD was issued. When did the loan docs get signed? This is not the way we do the process. If they are looking to add you to the loan at this point, there is something not a clear cut and you are basically starting from scratch which doesn't make sense. I cannot address specific issues as I do not have all the information. I would have to review everything which I would do.

Dec 15th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,599 contributions

The quick answer is YES, then can not fund a refinance after closing if it is within three business days of signing. There are big reasons why we constantly talk about the lender and loan officer you choose to handle your largest financial transactions. I smell all sorts of issues with the quality of the lender by what you describe. One of which is closing a loan that clearly wasn't really 'Clear-to-Close.' I strongly suggest you contact another lender for a second opinion.

Dec 18th 2017
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