Progress today, only to run into yet another blocker…
I was able to “persuade” the fine gent at the lender that he should go ahead and “unstick” my loan post haste. I think he cried a bit, but I’m not sure. The mortgage broker has gotten verbal approval and the signed deal is fed-exing its way to his office.
All is good right?
Not so much.
Since the house we are buying was a foreclosure there is yet another hoop to hop through. Guess what? They can’t even start the process of this hoop jumping until the financial part is complete and the paper in the hands of the title company.
Best guess is “Late Thursday, possibly Friday”.
I still wonder how this sector got into so much trouble. THEY NEVER SEEM TO DO ANYTHING.
Feh
I gotta say that my diagnosis is that the mortgage industry needed too many people too fast, and when they ran out of competent people, they had to hire stupid ones. And now that the industry is collapsing, the employees are exiting in order — the ones who can find other jobs the easiest are the first out the door. They queue up virtually perfectly in order from most to least competent.
My trick was to stay away from mortgage brokers and deal directly with large banks that I’d heard of. NationsBank, then Citibank, then when I refinanced, back to Bank of America. The specialization of mortgage brokers was lying about borrowers and conning banks into making loans that they never would have made without the fraudulent paperwork. You guys going to a mortgage broker is like Michael Jordan playing baseball — you are out of their field of specialization.
Comment by cathyf — May 6, 2008 @ 9:18 pm