Dealing with Out of State ReFinance

1 Reply

Hello BP,

I am in the process of refinancing my duplex for a lower rate of 3.875% using the FHA streamline program. A company called Credence Funding in Maryland informed me about the program. Some of the benefit were that my monthly payments will be lowered, skip one mortgage payment, and get back my escrow money from the current mortgage company.

I decided to move forward with the streamline with a particular loan officer  that a solid relationship of trust was formed. All the way up to the week of closing after and the final closing disclosure was suppose to be sent, his branch manager called and nicely informed me that he was taking over his files because he is currently on "leave of absent" and he cannot get a hold of him. Immediately I text and called the original officer to see what's going on, but till now no response. The branch manager sent me the closing disclosure and everything looked legitimate (from my knowledge) and talked with him on Friday and was shooting to close today(Saturday), but I still have not received a call from him to confirm. 

I have received notice from my current mortgage company that Credence is planning to buy the current loan. I also looked up both of the loan officer's NMLS# and it showed that they are licensed in my current state. Does anyone have any other ways to verify a loan officer/company legitimacy?

I am wondering if anyone else ever dealt with a out of state closing/ refinance and their experiences with it. I am considered because my mortgage is due on 15th and my term is only locked in until the Tuesday the 19th, and also the security of this loan process. 

Please, any suggestion would be appreciated!

You should have closer assigned by your mortgage company if you are closing today. This is investment property so will fund same day( lock is not a problem if you close today or Monday).

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