Question by James: What is the max time allowed for a loan application to be filled out from the time credit was checked?
My wife and I were instructed to alter the date of our loan application to about 1-2 weeks prior from the actual date we signed the papers (about 2 weeks after they ran our credit). When we asked our loan officer why we should do this she said, “To make sure YOUR loan is in compliance.” We were a bit confused but trusted our loan officer as she has been in the business for 10 years and this is our first home buying experience.
We are now less than a week away from closing and it looks like we might need to extend–that will cost us more money in fees–because our loan officer has not acted in a timely manner (it was a 45 day escrow).
Will my wife and I have any recourse? Was our loan officer breaking some kind of law/rules by not having our loan application completed and submitted within a certain time (48-72hrs?) from when she ran our credit?
Thanks for any help
I live in California
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You have to check your state to be sure, but what she told you is shady at best. From the time they run your credit I thought on a federal level they had 30 days to either cancel the application or file it and proceed.
You have two problems here:
1. A shady loan officer
2. Either a lack of integrity or dumb trust.
Ever read that fine print on those load apps? It says, “Under penalty of perjury, I attest that the above is true and complete”. The date was obviously wrong. Pre-dating the app most likely put it in some pet program of the lender.
I would advise you to either call your lender, and ask for his/her boss. What they did is not right, and is another perfect example of banks and lenders doing unscrupulous things in order to get the paperwork through and get their commission.
I would insist that the bank pay the extra fees.