Purchasing House - Need Advice About Closing

[Dana N.]

Hi BP Community,

Please advise:

I'm in process of purchasing a house with a FHA Loan.

History: Offer was accepted on 10/5/17, contacted the mortgage brokers who gave me a pre-approval, they gave me 2 one for conventional and one for FHA, was told FHA would be a better option. (Now that I'm in process, not so sure about that). Here it is 12/1/17 I still don't have a closing date, every time they asked me for a document, I gave them same day turn around. I received the Loan Estimate (LE) on 11/22/17. Then I received my 2nd appraisal on 11/28/17 and noticed that both my appraisals were done by same appraiser and notified my lender, (2 different companies out sourced to same appraiser). By this time my file went for Clear to Close review (CTC). I received and sent back the electronically signed Closing Disclosure (CD) form on same day on 11/29/17. The closing date indicated on form stated 12/4/17 (Monday). I thought I was going to receive my CTC at least by 11/30/17 (the date on purchase agreement for closing and date Lender told my home insurance agent). When I asked loan processer if we can still close on Monday, here was her response:

“We wont get a clear to close unless the underwriter clears the conditions, the CD is a separate part, that just helps get the waiting period out of the way, right now we need to wait to hear from underwriter on 1. If appraisal is ok 2. If she accepts and clears all other conditions., I know its tough, but we need to be patient. Thanks”

From my knowledge the CD is all part of the CTC. Isn’t this suppose to be a 3 day process from receiving the CD?

I know there is an issue with the appraisal due to same appraiser, but the lender/loan processor picked both companies and I had to pay for both appraisals one for $700 and the other for $485. I’m already upset about that. I hope they don’t think I’m paying for a 3rd appraisal. 

I have been learning about the TRID process and from my knowledge, thought once I receive the CD, the CTC would follow. 

Please advise.  I think I’ve been patient long enough!!

Thank you,

Dana