Home loans have regulations.
One is initial disclosures. Customer applies, you have 3 business days to get them initial disclosures, (preferably they are handed right to the customer, or viewed online, but phone applications have to have them mailed or emailed).
Then you cannot complete the loan for 7 business days after those disclosures are given. Seriously. I could have everything I need day 1, and I still have to wait those 7 business days.
If it is an installment loan, I have to send out a Closing Disclosure once everything is ready to go, with final details on it, at least 3 business days prior to the closing appointment (if emailed) and 6 business days prior if mailed.
AFTER you sign home equity paperwork, you get an additional 3 business day rescission (right to cancel). And that ends at midnight on the third business day, so you aren't getting your money until the next morning we open.
Christmas is not a business day.
New Year's is not a business day.
Sundays are not business days.
So, no, you will not be getting your loan within a week of applying.
No it does not matter if you talk to my manager.
Yes, I will expedite to TRY to get you closed the earliest day legally possible. You don't need an appraisal, but be warned, this is contingent on you getting your proof of income and home insurance to me, and there being No Title Search Issues.
And you yelling at me because I didn't reply to your email within two hours makes absolutely no sense. I am already making you a priority, but what time I view your email (I have 50 in front of you) makes absolutely NO difference to how quickly I can get you done with. Not when we are only 3 business days in from initial application.
And no, you looking up the rules on rescission periods online and "wanting" the funds early does not constitute a bona fide emergency that would allow us to let you waive your right to cancel. Frankly, I couldn't even tell you what constitutes a bona fide emergency, because management has only approved one ONCE, and that was half because my co-worker messed up and quoted the wrong date, which is what caused the emergency in the first place.
*sigh* I swear, there are only 2 customers types. Those who think they should be able to get a home loan yesterday, and those who drag their heels for weeks on getting me the last thing I need, trying to ruin my turn times (I have a 25 day average turn-time performance goal).
One is initial disclosures. Customer applies, you have 3 business days to get them initial disclosures, (preferably they are handed right to the customer, or viewed online, but phone applications have to have them mailed or emailed).
Then you cannot complete the loan for 7 business days after those disclosures are given. Seriously. I could have everything I need day 1, and I still have to wait those 7 business days.
If it is an installment loan, I have to send out a Closing Disclosure once everything is ready to go, with final details on it, at least 3 business days prior to the closing appointment (if emailed) and 6 business days prior if mailed.
AFTER you sign home equity paperwork, you get an additional 3 business day rescission (right to cancel). And that ends at midnight on the third business day, so you aren't getting your money until the next morning we open.
Christmas is not a business day.
New Year's is not a business day.
Sundays are not business days.
So, no, you will not be getting your loan within a week of applying.
No it does not matter if you talk to my manager.
Yes, I will expedite to TRY to get you closed the earliest day legally possible. You don't need an appraisal, but be warned, this is contingent on you getting your proof of income and home insurance to me, and there being No Title Search Issues.
And you yelling at me because I didn't reply to your email within two hours makes absolutely no sense. I am already making you a priority, but what time I view your email (I have 50 in front of you) makes absolutely NO difference to how quickly I can get you done with. Not when we are only 3 business days in from initial application.
And no, you looking up the rules on rescission periods online and "wanting" the funds early does not constitute a bona fide emergency that would allow us to let you waive your right to cancel. Frankly, I couldn't even tell you what constitutes a bona fide emergency, because management has only approved one ONCE, and that was half because my co-worker messed up and quoted the wrong date, which is what caused the emergency in the first place.
*sigh* I swear, there are only 2 customers types. Those who think they should be able to get a home loan yesterday, and those who drag their heels for weeks on getting me the last thing I need, trying to ruin my turn times (I have a 25 day average turn-time performance goal).
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