Although I would recommend VUHL to friends and family, I do believe there is room for improvement in the process. I feel that my loan officer was knowledgeable and helpful, however I also feel that he and his processor were disorganized. I understand that as the process unfolds, items that were not originally requested are then requested. However, certain items such as child support documents which is known about at the beginning of the process should be requested up front instead of waiting until last minute. I feel that the loan officer and processor are there to lead us through the process and we should be notified of ANYTHING that COULD be requested in the future so we can have it ready if needed. I'd rather be gathering too much information that may not be needed than asked for additional information at last minute that may take a week to receive - yes this happened. Additionally, I understand that we were purchasing our home and working with VU during perhaps peak season and our loan team was busy balancing other customers and vacation schedules. But, I feel that precious time was lost because of vacation schedules and our file bouncing from desk to desk. We were asked for documents time and again that we had already sent. I recommend a better document flow between the team we were working with. This process was extremely stressful and although we made it through, we were ready to throw our hands up multiple times. It would be helpful if the team would better explain to the client up front how the process works, why documents are continuly being requested and how time frame (range) so that expectations are realistic.
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The underwriting process was very stressful for myself and my family as we only had one shot to close on time. This was due to waiting for a pest inspection being ordered late (not vuhl's fault) which prevented my loan officer from sending it to underwriting. When it finally did get sent to underwriting we had several "hoops" we had to jump thru at the last minute, in order to close on time. Mostly these were letters of explanation, bank statements which had already been collected and sent in, and various small items. Our loan officer did do an outstanding job trying to make sure absolutely every base was covered before hand. But underwriting still asked for more at the last minute. This was very stressful, as not closing on time would cause some major planning issues.
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No Comment
It would be nice to fill out the necessary documents all at once.
Do not wait until the eleventh hour to request information. Make sure that information to one person is passed on to the other. Check that faxes sent have been received. Lousy communication between parties!
