No. of Recommendations: 7
I refinanced from a 4.25% 30 year loan to a 2.625% 15 year loan. It finally funded yesterday. I say "finally" because it was a pain in the butt refinance that started way back on May 3. The mortgage process got off on the wrong foot when the loan officer sent me documents with my middle initial in my name wrong on all of them. I contacted him and told him that I would not sign any documents with an error in them. The mortgage company uses a team approach to collect documents. Over the next two weeks, I'm contact six different mortgage company employees, not including the original loan officer. Each time I tell them the documents they're requesting is wrong. Each time they are clueless there is a problem. It took over two weeks for the paperwork to be corrected.

Next I get an email on May 17 that the initial stage of underwriting is complete and it would move to final underwriting in 3 days. It was interesting that the initial stage was complete without an appraisal. They didn't receive that until May 27. On June 7, I get a status update that my mortgage was with the underwriting group and would take 10-15 business day to reach the final underwriting and scheduling of closing. I contact the mortgage company on July 8 to ask for the status of the loan since 21 business days have passed. I get no response to email. I call the loan officer's voicemail. No response. Finally on July 12, I call the toll-free number to the mortgage company and tell the woman that answers that the loan officer is being unresponsive. She looks up my file and tells me I received underwriting approval on July 9. She said I should have already received a call to schedule closing.

On July 16, I am finally contacted by my loan officer. He said he only got my email that day due to computers being down the day before. He gives me the name and contact for the final loan processor. The final loan processor contacts me on July 20 to say the loan is approved and someone will contact me to schedule the closing. Nice to see someone working on a Saturday. The scheduling coordinator contacts me on Monday, July 22 which is probably the only person in the process who promptly contacts me.

On the evening of July 25, the notary that is doing the closing arrives with the paperwork to sign. Throughout the whole process, they kept getting my middle initial wrong. Well, they got mine right but my wife's middle initial is wrong. He was to contact the lender to see if the documents can be signed or new documents will need to be printed and delay the closing. He tells us some will allow you to cross out the wrong middle initial, print the right one, initial the change and then sign your signature while others want new paperwork. Fortunately, we could sign that evening.

I hesitated to write this post until I saw my old loan was paid off. I was worried about a last minute snafu with the wrong middle initial. Now I'm waiting to see if the old mortgage company processes one last direct draft. When I called to cancel the direct drafts, the Wells Fargo representative says it may take up to 10 days to process the request. When I asked if the loan balance is zero, would they not draft my account? She said it may still happen. Or in other words, I expect it to happen on August 5th when it normally would occur.

Almost 90 days and several lock extensions for a slam-dunk* refinance.


* written just for Catherine
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.