I have mentioned in the past that the 60 day credit expiration date is just NOT enough time to close a mortgage. Well we had a loan that closed literally by the skin of it's teeth!!
Client wanted to do a cash-out for home improvement, new deck, bathroom etc. We ran his credit, told him he could get a loan and then he looked for contractors, tiles, fixtures etc. Being that I run a pro-active office I checked his credit 15 days before the expiration date and guess what: his score had dropped 70 points!! Yikes!! He no longer would be able to get a loan...and so...the race was on!!! Quickly we rushed an appraisal which in HVCC time is 3 days. We submit the file with a few days to spare subject to the appraisal coming in. The underwriter is okay with the file and then, a double whammy! The appraiser says that there is mold in the basement and the roof may have a soft spot! It is Friday. D-Day is Wednesday. We get a contractor, a mold inspector and a roofer in over the weekend. Monday, The underwriter requests a re inspection from the appraiser. We order a rush!! Tuesday, appraiser (HVCC) doesn't go to the house. After hollering at the Appraisal management company, whose employees don't take any personal responsibility, the appraiser goes to the home Wednesday at 2PM. We have to close that day or else!! The appraiser sends us his paperwork at 6 pm. The underwriter cleared the file at 6:15. Docs were done at 6:45pm and we closed 8pm!!
This one really went down to the wire!!
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