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Hoping For A Commitment Soon


On Saturday July 20,  I received a letter from my HSBC loan officer stating that I needed to provide more documents in order for them to process my loan application.  The letter stated that all these items needed to be addressed or else they couldn't move forward on my loan. The document had outline a 22 item request list, some of which I had already submitted weeks earlier.  Another of which, I hadn't received the relevant document from the loan officer to complete. One question asked me to verify that 15% of my current home was not being used as a home business.  I was confused. Why is my loan officer requesting information that she already received or not provided to me? Furthermore why is she asking me questions regarding a home business that doesn’t exist? I thought at first that she may have gotten my file confused with someone else’s. I quickly wrote her an email asking for her to explain. Of course, I got no response. To her credit, it was Saturday. On Monday morning,  I called her and to my surprise she actually answered the phone. I asked her about the letter and she immediately feign not having any idea of what I was referring. I told her about the letter signed by her with her contact information. Her classic response was, the letter must have been sent by the processor (underwriter) without her knowledge. Really? I thought.  How unprofessional.  After having a minor panic about the short period of time to send these documents, I have finally completed the task today. I’m feeling relieved but not overly confident. I’m hoping to get a commitment letter this week. I stated in an earlier post that I have made mistakes in this home buying process and one of those mistakes was not shopping around for a mortgage. However, I can’t say for certain that my experiences would have been different with, Chase, Capital One, etc. Since I have had this experience, I have been soliciting information from others and have heard similar horror stories. I have learned that HSBC doesn't have a monopoly on giving buyers a hard time. My underwriter asked me to submit three years tax returns while my coworker had to submit four years tax returns. I have been in contract on this home for two months. But others have taken up six months to close on their homes. I should consider myself lucky, at least they have not denied me a loan completely.

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