Sorry this is off-topic, but I have to get this out before I hit the highway and kill someone! On October 30th, I called my mortgage companies (I have first and second) to see if I could get refinanced. My primary mortgage company, Homeside Lending (almost 5 yrs now), took my info, and except for a few short delays with the subordination, everything went fairly smooth. The loan officer and everyone I spoke with there were very friendly and helpful, and we closed on Dec. 19th. The only thing I hated was they couldn't roll my second into the new loan because of LTV ratios, but I was (originally) OK with that. Enter company #2. This one is relatively new, April 2000. I have NEVER had a problem with them as far as payments go since it's direct draft, and it only took 3 weeks to close the first time. When I called in October, I said I was interested in refinancing my current loan. The guy took some basic info, and when I called back about a week later, I was given the name of this loan officer and told he would be in touch. Well, he said I was approved for a HELOC account, they couldn't do another straight second because the interest rate would be higher because of my score, which I think was mid-600s or a little lower. He had me fax the standard info over, and I thought all was good. A week or so goes by, I call him back. The package is in underwriting. Wait another week or so, call again. BTW, the guy is NEVER at his desk, and never calls back in under a week, if at all. Finally, in mid-December, he tells me underwriting is requesting verification of my child support ,but he doesn't know why since the divorce decree shows the amount. He'll call me back. Of course he doesn't. Next week, same thing. Finally, on the last Friday in Dec, he tells me someone else will call and handle this part. No prob. Same day, I get a voice mail from a woman there. Of course it's now 4:00 on a Friday. Call Monday (day before New Year's) and find out what she wants. Copies of cancelled checks or 9-12 months of father's bank statements. Finally receive from bank (he doesn't keep them) and fax stuff over on Jan 14th. Wait some more. Call on 18th to see what's up. Oh, you need to talk to your loan officer. Call him and wait, Wait some more, call again. Finally returns call on Feb 6th. Oh, your loan expired on JAN 4 and they should never have requested all that stuff. On top of that, they pulled another report on JAN 19 and my score dropped. He'll check with his supervisor and see what to do. He'll call back tomorrow. No call. Called Monday and then again Wednesday morning (yesterday). That voice mail was not pretty. Finally call customer service and tell them I want to talk to someone else. Got someone to listen, and she says her supervisor will talk to his supervisor, and I will get a call today. Guess who called while I was away for a second? According to his message, they reviewed my application and I was denied based on the second score. WTF is going on? This is a mortgage with a company I already have a loan with! Shouldn't my "loan officer" have known how long I have before the loan approval expires? According to him, somebody "dropped the ball". Why hand it off to someone else with less than a week to go? Why was my report pulled only AFTER I spent all that time getting info on a loan that was already dead? Where is my denial letter from the 19th anyway? Shouldn't that be automatic? Secondly, this is a mortgage. I have never heard of a denial based on a 600+ score. What is my score anyway? Shouldn't they have called to ask for clarification of something on my report if it dropped "so much"? Couldn't it be a result of my new mortgage reporting in the time it took for them to even "not handle" this loan? Why is it so difficult to communicate what's going on during the loan process? WHY WAS I NOT TOLD THAT MY LOAN HAD BEEN UN-APPROVED??? AAAAAAAAAAAAARRRRRRRRRRRRRRRRGGGGGGGGGGGGGGGGHHHHHHHHHHH I am ready to scream! Of course, it doesn't bother me so much that the loan was denied. What bothers me is that all I was looking for was a refinance. I didn't ask for a product change. If it wasn't going to be approved, I should have been told that right off the bat. If it really WAS approved, there's no reason processing should have taken that long. I can't believe I spent almost four months working with this crap. Secondly, I wish I could play his voice mail. He's always sounded uninterested in what was going on, but this time he was really short and clipped and didn't even say "thank you" or whatever after his message. He just hung up. That was kinda funny, tho, guess he didn't appreciate what I did. Whew, time for PFB, let them know how I REALLY feel
