Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Sponsored Links
How To Advertise Here
How To Advertise Here

Good Idea!
Realtor Promotion Service

Sponsored Links
(Views)Popular Topics
No new orders today 13162349
Stupid MLS comments. 3385111
What do you know about Froy Candelario, top agent in USA 1250054
Stupid QC comments and BPO requirements. 1115312
New HUD Listing Brokers---Any Update? 1069694
Is there religious content in Buffini class? 858546
Let's talk about our cars 709779
Most common items found at an REO 639428
Name that Flick. Great movie Lines. 632154
Pay it Forward - BPO/REO Tips & Tricks I & II 626268
EML 459238
Main Street 456367
asset val seminar in colorado 428622
assist 2 sell or 1 percent realty? 360278
HOMONYMS - There, Their, and They're 335261
Evalonline 300211
Land America 285053
Mainstreet 261860
Matched Content
Topic Options
Rate This Topic
#405859 - 04/29/12 08:08 PM Loan denied 45 days in, 2 business days before closing?
Chris G. Offline

Registered: 08/02/10
Posts: 15
Loc: Highlands Ranch CO
Loan denied 45 days in, 2 business days before closing?

Client is is purchasing a home we have had under contract since 3/15. Waiting for approval and hearing "we will know tomorrow" "You are in final underwriting" we got denied at 445pm Friday with no answers other than "Employment issues, CO-Borrower" He did take unemployment in late 2010 into mid 2011 but has since regained employment with a year contract and an option to renew in 2013. It was known from the initial meeting with the lender and deemed a non-issue day one.

We pushed the issue with the lender, the processor was out sick Friday and someone else worked on the file.

Is there a way to appeal? We are waiting for an official explanation, but what can we do?

We have had inspections, paid for the appraisal, and my client isn't very happy. Any advice would be great!

#405880 - 04/30/12 06:30 AM Re: Loan denied 45 days in, 2 business days before closing? [Re: Chris G.]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2277
Loc: Outer Banks
When an underwrite kills a loan it is usually right before closing. What the lender thinks does not matter when it comes to the underwriter.

You can try to submit the loan package to another lender. The best bet would be to find a lender with an in house underwriter who can look at the loan package upfront.
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

#405884 - 04/30/12 07:45 AM Re: Loan denied 45 days in, 2 business days before closing? [Re: Chris G.]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7911
Loc: Vermont's North-East Kingdom
It may be that something changed very recently when the underwriters were doing the final credit check and employment verification; just before Closing.

Sometimes people pre-maturely start going into debt with their credit cards in anticipation of owning the new house . . . . if they should just hold off one or two more weeks.

Another common development is Unpaid Medical Bills which Hospitals won't report as overdue until they turn them over to a Collection Agency. People claim that they're surprised that their Credit Score could change overnight . . . . but upon examination, there's usually a good explanation . . . . and they knew about the cause all along.

Final credit and employment checks killed a deal of mine 48 hours before Closing because some Delinquent Alimony and Child Support SUDDENLY showed up on the Buyer Husband's Credit Report.

His Ex-Wife's Divorce Attorney had been negligent in reporting those matters to the Credit Bureau; but once the Ex-Wife found out hubby was buying a house with his new squeeze, that information put the ky-bosh on the deal.

This is the one where his new Wife didn't even know he had been married before . . . . so he has other problems besides the Mortgage falling through.

So your Buyers may have appeared squeaky clean when their initial qualification for the Mortgage was performed . . . . but things can change. It's probably due to something that they knew was there lurking in the background; but hoped no one would discover. Some things are never discovered. And some people need to be warned to NOT do anything which could tamper with their credit scores until AFTER the Closing.
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

#406104 - 05/03/12 07:02 AM Re: Loan denied 45 days in, 2 business days before closing? [Re: Vermont]
Chris G. Offline

Registered: 08/02/10
Posts: 15
Loc: Highlands Ranch CO
It was overturned on Monday. It was the co-borrowers employment contract that was an issue. They did the math wrong, an error on their part that they did admit to. Sadly, the listing broker wouldn't extend contract and once he caught wind that it had been denied, relisted. He had another verbal contact, more money, higher down, clearly a more reputable lender and the seller let our contract lapse on the 1st. Our lender knew the time crunch and still couldn't get any commitment. 48 days. We have resubmitted with another lender with an in house underwriter and has given us a thumbs up.

What did I learn? The loans that some banks offer, while look good on paper, aren't any good if you can't get them done!

#440812 - 11/14/14 03:07 PM Re: Loan denied 45 days in, 2 business days before closing? [Re: Chris G.]
NMRoz Offline
Junior Member

Registered: 11/14/14
Posts: 1
Loc: Dallas, TX
I am an avid gamer -- as in I like to play PC games -- and at one point in time I was seriously considering buying a house to use for my professional gaming business. I am younger so I don't have a lot of established credit and I have federal student loans. I knew I was going to be hard pressed to be approved for a loan if I just went to the bank so I researched online and found a lot of creative ways to get working capital to do what I needed financially. One company that was really interesting to talk to was Shelfrich. They offered up a lot of ideas and also gave me some insight into whether what I was looking to do was going to make it in the long run. If you have credit issues or need funding I would visit their website:


Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.

Newest Members
alexi, van phuc, ngibrealtor, nyropist, Workslocal
30353 Registered Users
Who's Online
5 registered (estatereal, RickyRoma, Muniart, AbrahamWalker, 1 invisible), 75 Guests and 7 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Vermont 25
CathCoy 24
gitmonee 22
Trouble 18
Daniel1234 15
T.T. 14
CaliRealtor23 14
estatereal 13
RonnieEmz 12
AbrahamWalker 12
Vincent2011 12
Z06Fanatic 11
Lucky Leonardo 10
Suburban Gal 8
sualk54 7

How To Advertise Here

This site presented by RNC Internet Services