peteyboy Posted April 26, 2005 Report Posted April 26, 2005 the bank was waiting on a signed letter stating that I was satisfied with the work. It's the second that I've sent out. hopefully, this will be enough. The home insurance is taken care of, and should be faxed to them ina few hours.Is it normal to be 6 days out from closing, and still not have the loan done yet. this is making me nuts.
firstsource Posted April 26, 2005 Report Posted April 26, 2005 Yes, there are a lot of "last minute" things that are done, and one of them is what is called "VOE" or Verification of Employment". Normally a verbal one, but sometimes a written one with a verbal follow up the day or so before closing. Things happen, and since the capacity to pay is an important consideration, they do want to make sure to the best of their ability that you are employed. Funny thing, one lender, even though the borrower was self employed, called anyway. There are a few other things that are sort of catch22 type things. My favorite is the Home Owners Insurance binder. It is necessary to get before submitting the loan, but it is also necessary to have the loan number/s on the binder, which you can not get until the loan is approved.... just makes extra work, but that is how it is done. Don't worry. Easy for me to say you might think, but the process is intentionally frustrating. This way we help insure your happiness that the loan is done and it is your home. Otherwise you might be just sort of happy....Just kidding....Charles
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