Lender is not proccessing the loan. 5 months +
Hey, I purchased and rehabbed a house last year with a HM loan. Back in November I applied with a new lender for a 30 year fix mortgage. We are cashing out to buy a different property. The lender took until January to order title and appraisal. They came back requesting different document, They requested I pay for a 3rd party attorney to review our LLC. Just last week they requested again our operating agreement and formation papers. As of today they still do not have a closing date.
I have already paid for appraisal, Review of the LLC, and title. What is some recourse options a borrower has when the lender refuses to process the loan? Will seeking help form the state licensing board help?
I have passed up on so many deals in the last few months. The time to refinance this HM loan is counting down.
Most Popular Reply
I've stopped offering non-qm loans for real estate investors because non-qm lenders are operationally incompetent, without fail and without exception. Massive time-suck for me, lots of disappointment for borrowers.
The solution is to give up on the LLC guru stuff, and take out either a Fannie loan (no LLC), or a hard money loan (no single digit rate).