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Can my lender recall my loan after closing if I don;t provide him with future paystubs?

by tdowling27878 from , California. Feb 17th 2016 Reply


Justin Murray (JustinMurray)
#103 ranked lender in Illinois - 172 contributions

Was this a refinance or a purchase? Are you currently in a rescission period? Is it possible that the end investor / lender is requesting these items so he can sell your loan off? Without knowing any of this it would be hard to answer, but more than likely NO that is not possible if you have closed already.

Feb 18th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

No, they can not come back and undo a closed loan. Obviously in this case they made a mistake in closing a loan that wasn't properly ready to close. That is the only reason to be looking for documents after closing. By not providing the information after closing to correct your application, you are causing serious pain and possible financial loss to the lender. Just be nice and help the lender correct, and properly complete your file.

Feb 18th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

No, but you can be sued... one of the closing documents you signed when you closed your loan was called a "Compliance Agreement".. in this agreement, you're stating that you will help the lender after closing to correct errors in the documents at the lenders request. This is meant to only apply to clerical errors so that the loan will meet requirements from Fannie Mae or FHA, etc. This also includes you providing paperwork or other documents that the lender might have missed during underwriting.. Your lender will try to sell your loan to Fannie Mae, Freddie Mac, or Ginnie Mae, which are clearing houses for mortgage backed securities.. in order for the loan to be sell-able, it must meet a minimum set of conforming guidelines.. Obviously, your lender found something in their QC that did not meet those minimum guidelines.. and they are now coming back to you for the missing document.. If you don't provide it and the lender has to sell the loan at a discount, they could come after you for their losses.. It's best if you just provide them with the pay stub.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 18th 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Make it easy on yourself and everyone else, provide the stubs

Feb 19th 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

In the mortgage closing paperwork list information on what the lender can do. I would contact a manager at the bank to get a better insight of what's going on. I hope this helps.Jesse Stroup | Mortgage Banker | California NMLS# 6229 | 510-704-3445 Please contact me for more information.

Mar 14th 2016
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