Tuesday, August 16, 2011

NVR Mortgage Madness

Remember a while back, when I indicated that the NVR mortgage application process wasn't all that bad?  Well, I take it back.  Its turned into a damn paperwork nightmare, and because its all via email and phone, its just that much worse.

I have little to complain about, because BF has been handling the vast majority of emails and phone calls (Love him!).  But I'm still annoyed, so I'm going to tell you about it.  In great detail.

When we were first approved for the mortgage, our mortgage guy M1 sent us a list of items we would have to document before settlement.  No problem, we had 3 months to do it, right?

Well, no, not really.  Turns out that M1 the mortgage guy only handles the application.  M2 the mortgage guy handles the settlement.  So, the list the M1 sent us early on had to be completed and sent to M2 the mortgage guy.  Thing is, the settlement part doesn't get set in motion until after your settlement is scheduled.  Which means that even attempting to do anything prior to 30 days out was impossible, as there was no one to send it to.

Problem number one was the transition from M1 to M2.  First of all, can't we get guys with names different enough to distinguish?!  Jeezus.  BF had trouble remembering who he was calling why because their names were so similar.  And, the black hole that existed for several months was pretty irritating. 

The biggest problem so far for me though, has been documentation that involved stressing out other people; namely my mother, who graciously gifted us some money last winter to put towards the house.  M1 noticed the larger than normal deposit and needed gift documentation.  He told me they would mail a letter to my mother, she just had to sign and send back.  No problem.  My mom isn't the best at separating junk mail from real mail (I mean, who gets anything important in the real mail these days?) so I put her on notice and she had been diligently checking and looking for months for this promised letter.  Thing is, the promised letter doesn't go out until M2 takes over, after settlement is scheduled.  Nobody bothered to tell us this piece of information.

Last week, when M2 took over, all of a sudden it was critically important that he receive all of this documentation immediately.  He emailed a form to my mother (email, after checking the mail box all summer!) and requested that she email it back, with a copy of the cancelled check.  Who gets cancelled checks?  Because the source of funds was slightly obscure, she didn't keep records and had to spend an inordinate amount of time on the phone trying to get a copy.  Then, because she doesn't have access to a scanner or fax machine, had to go to tremendous lengths to get the information back quickly.  She went above and beyond and I love her for it, and I hate NVR for putting her in that position when there are lots of other things in her life that need tending to.

While that was my biggest beef, its been a chain of item. They want a copy of my father's will, to document the source of funds from the sale of his house after he passed away last year.  Which I couldn't locate after rifling through my ENTIRE file cabinet TWICE, then had a breakdown.  I have Verizon bills from 2003, and couldn't find my father's will and estate documentation?  I did finally find it (NOT where it should have been), but cursed NVR many times over for wanting it. 

They also wanted documentation of my intentions for my existing home (renting), which I understand, but also wanted justification for why we are moving only 12 miles from our existing home.  I fail to understand why I had to write a letter justifying why I wanted to move out of my starter home.  We also had to document lots of large deposits into our checking - which were transfers from other accounts - some as small as $1,500.  Paystubs, bank account statements... they needed it all.  And we had already gone through this when we applied!

I don't know whether this process is more difficult for this house than it was for my current house because banks have tightened down on the lending process, I actually have money to document now (as opposed to when I was 2 months out of grad school and drowning in debt) or because NVR is making it more complicated than it needs to be.  But whatever the reason, it stressed me out beyond belief last week and I hope we are done, done, done.

14 comments:

  1. I feel your pain. We just sent tons of information over again. Then I just had to send more info...Lucikly we didnt have to bother anyone else with the paper work trail....I am so happy the internet has everything or this would be a nightmare. Online banking is saving us! GL and I hope they leave you alone finally! We have 3 folks too. We just recieved our first email from M3 yesterday and she needed some signatures already...Yikes!

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  2. Hmmm. My wife and I are expecting to have similar issues where we will need to account for various things such as asset liquidation and gifts. I hope this doesn't turn into a big headache!

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  3. Ohh RR I am in the same boat as you! Its like NOBODY at that company communicates with each other. I was out of work for a year due to a difficult pregnancy that led to a premature birth and they wanted to know WHAT my diagnosis was to be on medical leave for 8 months...UMM hello I just told you ...Preggo..Premmie... NOPE I need exact reasons. We're in the same boat with you on the gift money as well. UGGG I can't wait till its over.

    Good luck hun...hang in there

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  4. *big hugs*

    I'm sorry. My sister has her hands her full with them right now too. They her NO MORE than 2 weeks for a final approval, and it's been 3 weeks. Not only that, but now they are saying "it's ONLY been 3 weeks and these things take time." GRRR Then why in the h3ll did you say 2 weeks tops?

    My sister has family from OUT OF THE COUNTRY coming and needs to be moved by the end of the November. They wont' start her house without final approval. She's stressing. I'm stressing. NVR is about to cost themselves a sale. She's about ready to pull out because it's taking so long and she's on a time a frame (which they knew about).

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  5. *they TOLD her....grr sorry for the typo

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  6. I just got an email from them today wanting justification for an $80000.00 deposit in our account. Um, you sure about that? I could only Wish I had a deposit like that. We are newer in the process but they are definitely nit picky about everything. Good luck!

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  7. I don't think any of my posts so far has inspired such immediate and venonmous responses! Thanks for sharing your frustrations with me guys - though it doesn't help get the paperwork done, it does let me know that I'm not the only one suffering. I don't like to suffer alone!

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  8. I'm 3 weeks from closing. The Loan Processor (not the Loan officer) has been collecting the information which will be passed on to the underwriter. To be honest, she's been great. Tells me everything upfront and that there is a good chance the underwriter will ask for more info. It's her job to try and predict what they're going to ask for and collect it ahead of time. She could miss something that is important to the underwriter (or she doesn't know they need). At this state, it's all been pretty reasonable. We had to explain the source of a check and provide documentation for that.

    I've heard horror stories (from non-NVR as well) so I'm actually taking the day before closing off in preparation for the documentation frenzy. In all fairness, they've been pretty good to this point. I'm one to expect the worse. I must say, online availability of bank statements, paystubs, a scanner and jo where I'm connected to a computer have greatly eased this process.

    Best of luck everyone. Hopefully some of you get loan processors as good as the one I'm working with.

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  9. I know how it feels. The paperwork seemed a little bit over the top, but with the volatility of the economy today, I understand where these financial institutions are coming from. With a lot of people struggling with financial stability, they’re just trying to make sure they give out loans to people who have the capacity to pay off their debt. Anyway, I hope everything worked for the better, Ravena.

    Nannie Toller

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  10. You can’t blame financial institutions for being strict after all, they have to protect their business too. Who would lend money to someone without any guarantees that they’ll be able to pay it back? Anyway, it’s been a year, what happened to your loan? I hope everything went smoothly.

    -Javier Bonnell

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  11. Hi Raven! I hope you have gotten over your documentation dilemma and now living in the house that the mortgage company approved of. Please keep us posted. Would love to hear about your mortgage experience.

    Abdul Jackson

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  13. Oh my God! My wife and I are going through the same problems identical to the one Ravenna Ranter wrote right now!
    Our closing was scheduled for Wednesday at 11am, and they called us Monday at 4:47 pm to tell us our closing was pushed back because we transfered a large amount of money from savings to checking so we could get certified funds, and they needed to "investigate"
    There are many other websites pertaining to these problems mortagage companies give customers, and it seems that NVR is always close to or at the top!
    Stay away from these people!

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