- Report: #1034883
Complaint Review: Remn - San Fernando California
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Author Not Confirmed
Why?
Remn
499 Thornall Street, Second Floor, Edison, NJ 0883 San Fernando, 91340 California, United States of America
Phone:
Web:
http://www.remn.com/
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Remn remn wholesale lender Dragged out our loan approval process to an excess of 60 days San Fernando, California
This company gave me a pre approval then proceeded to take over 60 days to give me final approval on the loan. I nearly lost the house and almost had to back out of the deal. I'm amazed I got an actual approval. We sent them the appraisal, they took a week and a half to review it. They then decided to do a desk appraisal. This took another week. Once the desk appraisal came back at the same price, they decided our paper work wasn't good enough, so we had to submit more bank statements, and they decided they needed a copy of my SS card. I sent them these things within hours....another 4 days go by. The underwriter approves it, sends it to management...3 more days.....management says..."Hey, we think the house may not be level" so they tell us we need to get a foundation inspection. I pay for that, send it in. They review it 3 more days, then the underwriter doesn't like our paperwork on something else from earlier! Also, because they've taken so long, our bank statements are out of date!. I submit these within 3 hours of being notified....another 3 days. Underwriter approves...sends to management...another 3 days! You're approved! Huzzah, now a QC check...I'm still waiting to hear back on that.
1 Updates & Rebuttals
Anonymous
Hamden ,Connecticut,
Follow Up
#2UPDATE Employee
Thu, January 22, 2015
Hi there,
60 days is not a long time for a loan process especially if there are issues with the foundation. The house is used as collateral in the event you decide not to pay your mortgage. I believe other banks take 90 to 120 days on a purchase. Assets must be current before closing so the lender can ensure you get credit for any earnest money deposit and to ensure you have sufficient funds to close. I know I can be frustrating because I went through it myself but to write a rip off report for a 60 day process, not so sure it is warranted. I know they are hiring since the underwriters are getting slammed with volume so that will help.
