Although a detail was overlooked in processing our loan that delayed closing, VUHL handled it fairly well and quickly. As soon as the mistake was recognized, it was corrected. No complaints.
The problems I encountered occurred during the change of personnel within my loan officer's network. I believe when the loan officer's assistant abruptly left the company in the middle of the loan processing the entire communication system crumbled. Rates were not locked in, phone calls/e-mails never sent; no follow-up by the new personnel with me, the buyer, and next to no communication with my real estate broker and lawyers. Closing dates were not communicated and numerous phone calls and e-mails went unanswered.
The best thing to note is letting the buyer know right up front the different costs associated with locking in rates, extending them, the time that it takes for appraisals to be completed, and just more upfront information in regard to the documentation of everything regarding costs that the buyer must pay at closing.
Have the appraisal time period shorten from 10 days to five working days.
I am a small business owner, who was trying to purchase a home. Unfortunatly I needed two years of employment to document income for my home loan(I can accept that) I make over 70,000.00 per year and had all the documentation to back it up. HOWEVER, your underwriting department needed the actual transcripts from the IRS, while already having my tax letter, IRS acceptance letter, AND an actual stamped copy of my taxes from the regional office(I drove 4 hours to get this info for your underwriters). Having to wait for this information was ludicrous. I actually lost over 1500.00 in late penalties over the delay in the tax transcripts. Or I guess it was the delay in your policies, that seem very un necessary to me. Danny, was fantastic dealing with me...he is the only reason I stayed with you for the home loan.
A month before we were closing Veterans United knew our closing date. Someone dropped the ball and made us go thru undue stress up until 11:00 oclock on the day we were suppose to close. We had no idea of the amount of money we needed to close. I was very upset. Never before have I heard of such chaos .the closing desk at Veterans knew what date we were closing and I think they just kept putting handling the .paperwork until the very last minute. This put pressure on the title company and a lot of unnecessary stress on my husband and myself. It was not the title companies fault. It was your closing department that dropped the ball. If it hadn't been for Sam Sexauer, our Mortage rep. we would have just threw up our hands and walked away from the whole deal. Your company is in desperate need of orginization. If you are going to close on a certain date you surely can't wait till the morning of the closing to do paperwork. Your mortgage Company knew at the time we signed the papers that we were going to close on June 28th. It was not a last minute descision.Other than the closing I think things went very smoothly. Just a note.The closing is the most important time of the whole deal. If that doesn't go smoothly then it leaves a very sour taste in your mouth. Oh, one more thing. My husband and I both thought it was very strange that your Underwriters would insist on a letter explaining why we wanted to move to Missouri. Don't people move across country everyday????Just my opinion , I thought it was an invasion of our privacy in a way.
The experience was great. i hear of a lot of people going through a hard time when applying for a home loan. At times it was a little hairy, but your guys really pulled it through for me.
To relieve a little bit a stress getting a final approval/commitment in a more timely manner would help better serve future families.
