I found this Loan Approval Process to be overly byzantine and repetitive. The requests for information were numerous (sometimes requiring me to provide information I had already submitted), and at times as a minority applicant I did feel that I was being submitted to a litmus test from the Underwriters that was not what a typical borrower would experience (most specifically a last minute request for 12 copies of my last 12 rent checks in order to verify that I had paid rent on time; after the owner of our home was called to verify and confirmed that I paid rent on time). The last request for rent checks would have been a deal breaker because I was not going to provide said information given the owner had been called and verified that rent had been paid on time. I was very dissappointed at this point and called my sales agent and explained that I was going no further in providing more information.
The process was drudging. It seemed at least every week if not twice a week there was some other form or document I needed to provide. Definitely would have liked that to have been done within the first couple weeks. I was asked for income docs for my wife whose income was not suppose to be considered for the loan the day prior to closing. Then the underwriters did not receive one of our forms from the loan officer and he calls me late in the afternoon prior to closing to see if we could wait until Monday. That could not happen for a myriad of reasons. Bottom line the process was painful but we got it done. The loan officer was very apologetic and did what he had to make sure we closed on the day we intended to.
Daily updates throughout the process via email or phone call, so that the veteran/purchaser is better informed on what to expect next and can provide any information to speed the process along.
The estimated total payment on the GFE WAS $865.34 BUT THE final total monthly paymentis $1024.04 a deference of $161.70. The estimated payment on The GFE for taxes and insurancewere lower than the actual payments on the contract something may have been omitted on the GFE.IN THE FUTURE MORE ACCURATE ESTIMATES FOR TAXES AND INSURANCE SHOULD BE INCLUDED ON THE GFE
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