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We closed on our home on January 4. Mortgage co now says loan might not go through because co borrower retired. Can they do this?

by Melissalong200837 from Davenport, Florida. Feb 8th 2018 Reply


Ryan Brandenburger (Bocamortgage)
#172 ranked lender in Florida - 2 contributions

Hi Melissa, Please call me to discuss in detail. 954-394-9005Thank youRyan Brandenburgernmls- 358278

Feb 8th 2018
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,754 contributions

If you 'closed' on your loan, you closed. Done, over, finished. If the lender made a mistake and closed a loan they should not have, that is their problem, not yours. They can not come back and say 'nevermind'.

Feb 8th 2018
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Lorne Harvey (lorneharvey)
#2 ranked lender in Washington - 428 contributions

Joe is correct, once the loan is funded and deed recorded; there is nothing the lender can do. They may not be able to get the loan sold to investor, but should not impact you.

Feb 8th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,426 contributions

Closing on a loan means the loan has funded, and the proceeds were disbursed, and the deed has recorded.. if this was the case then the loan is closed and unless you committed loan fraud, then the loan cannot be undone.. (not disclosing your retirement can be considered loan fraud).. However, if you signed the paperwork, but the loan did not actually close and fund, then yes.. the lender can withdraw their approval at any time.. It's also possible that your retirement income will be sufficient to keep you within the qualifying ratios.. Understand that you have an contractual obligation to provide the lender with additional information and documents even after you close.. so if they request something, you have to comply.. but you might want to sit down with an attorney to discuss your options prior to handing over any documents that might incriminate 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

Feb 12th 2018
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