I know mortgage companies and banks have been hit hard with the recession with many people foreclosing on their houses and bad loans being made. Because people were idiots over the last 10 years it is hampering those of us who have been honest.
So....here we are, the day before settlement and we still don't have the all clear. The hold up is a condition from the underwriter stating that they need a VOE (verification of employment) for me. From my previous post, I said that I had been laid off and only recently finally got a new job. The new job starts Monday, the 16th. The underwriter knew this and said that with only an offer letter they would be able to process the loan when NVR required me to actually work for 2 weeks. The underwriter has said that the VOE must be completed including salary. Well the company I will be working for has provided salary information in my acceptance letter (a letter that is more than just an offer letter and is legally binding for me to start work). The company has completed the VOE form the underwriter requested - MINUS the salary since I haven't actually started they cannot complete that portion - however, they say the acceptance letter should be sufficient. Not good enough for the underwriter. So we got verbal confirmation. Good enough, but not good enough - so they changed the conditions and now the new condition says my company has to provide a letter stating I have met all pre-employment conditions. Those conditions are - valid and able to work in the USA (passport) and agreement to a drug policy. Both of which won't be fulfilled till the first day of work.
So the underwriter is not taking common sense into the equation. They wanted verification - they got that minus the salary. They wanted salary verification in writing and got it verbally instead. And somehow it still isn't enough. On top of all this - NVR has the condition that if this outside mortgage company can't get this one on Friday, then we are back to going with NVR and have to wait till I have worked for two weeks. In the meantime, I have had to reschedule the movers and may have to again, our washer and dryer delivery was changed to this Saturday and will have to change again, Verizon was changed and would have to change again, we had to reschedule utilities once already, mail has already been forwarded to the new house since we thought we were moving for New Years, and not to mention that my house is COMPLETELY pack with no pots and pans or food and we have already been eating out for EVERY meal for the last two weeks. I can't go another two weeks! I think I will have a breakdown if I we don't get this done on Friday.
COMMON SENSE PEOPLE. Find it. Use it. Please.