Sunday, June 26, 2011

Um...I don't think this encourages home sales


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The map above shows where I will be moving if I can get PNC mortgage to approve my loan!! Their underwriters have provided numerous last-minute "gotcha" moments that have delayed my close twice so far. The day before my first scheduled close the processor informed me that not all the paperwork had been completed. The next day was spent on standby while revised owner occupancy numbers traveled from e-mail boxes to various desks for approval. Then Wednesday, I was informed the mortgage underwriter would not approve the loan until my rental payment history from the past year was verified. Why this information wasn't requested earlier during this two-month application process remains a mystery. I was hoping to close on Friday but Thursday evening a new wrinkle surfaced: the mortgage insurance underwriter cited a randomly enforced federal regulation requiring proper egress from the bedroom. A welder removed safety bars from one of the windows and the mortgage guy sent photos of the completed work to the MI people this weekend. I am hoping to close tomorrow though at the same time I am wondering what documentation they might want next...SAT scores? Dental records?

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