Want to Complain About Your Lousy Mortgage Closing
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Want to Complain About Your Lousy Mortgage Closing

 

 

 

Think it took a long time to close your last purchase or refi mortgage? How about more than seven hours? That's what happened to a couple of folks I know in Texas, and theirs is just one of many stories I've heard about things, ranging from interest rates that rise to mysterious appearance of random fees, that go way wrong at settlements.yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

I've heard many of these closing table stories from my husband, who used to be a loan officer, and my BFF, who’s a REALTOR®. Add to that a couple dozen closings where we bought or sold rental properties and you’ve probably got a reality TV show.

Do these stories sound familiar?

  • You were told you had to write a check for $20,000 because the loan officer “forgot” to mention that your loan was approved for only 80% of what you need to buy the house.
  • It took so long to get to closing that your interest rate lock expired. You had to pay a higher interest rate even though you promptly provided all the paperwork the lender asked for.
  • Fees show up on your settlement statement that weren’t on your loan estimate. You wanted to argue, but since you were getting a $50,000 check from your cash-out refinance, you closed anyway.
  • You found out at the settlement table about community covenants that restrict what you can do with your new property.

There’s no simple solution for these kinds of snafus. You can refuse to close the deal and walk away from settlement. Easy to do when you’re refinancing, but when you’re buying or selling a house, that could violate your sales contract.

CFPB Has a Plan to Fix Closing Problems

If you got shafted at the closing table, you have a unique chance to tell someone who can make sure that what happened to you doesn't happen to other people. (It’s OK to share positive stories, too.)

The Consumer Financial Protection Bureau (CFPB) is collecting consumers’ closing table stories. “The stories and information you provide will be used to research and test solutions that address some of the biggest pain points associated with closing on a mortgage,” CFPB Policy Analyst Noerena Limon said in a CFPB blog post.

Get your comments in by Feb. 7, 2014.

Improvements Already in the Pipeline

Some of the work the CFPB has already done for consumers should eventually clean up some closing table issues. Starting in August 2015, you’ll get a new loan estimate when you apply for a mortgage and a comparative closing disclosure three days before closing.

That closing document is about a bazillion times easier to read than the current HUD-1 Settlement Sheet. And because both documents are very clear, you’ll be able to quickly tell when things like your interest rate or fees change between application and closing.

Ways to Ensure a Smooth Closing

Until lenders start giving you the new disclosures:

Have your REALTOR® look over your settlement statement, even if you’re doing a refi. The title company can email or fax her your settlement sheet whenever you get it.

Call your title company ahead of the closingto see if everything is ready to go before you head over there. Be warned, though, your title company may tell you the paperwork is there even if it’s not, because they’d rather have you sit waiting for the closing package than wait for you to show up.

Bring the disclosures you got when you applied for the loan, so you know if any of the deal terms changed. If something seems wrong, ask about it and don’t sign if anything isn’t as promised.

 

 

 

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  • From beginning to end, Maggie has been with me throughout the whole process. She is extremely knowledgeable, esp. regarding new trends and changes in real estate market. Its crazy times right now and Maggie was there through it all. She even came to closing with me and pointed out several questionable areas in the paperwork and explained documents which she wasn’t required to do. Thank you Maggie Mae!!!

    Paula N.
  • Maggie is one of a kind: she's extremely knowledgeable, highly professional, super patient, completely reliable and she has a heart of gold. She worked with us for nearly a year, and she made the whole experience a positive one. I wouldn't use anyone else if I were to buy or sell again; she truly is our real estate agent for life.,Maggie is one of a kind: she's extremely knowledgeable, highly professional, super patient, completely reliable and she has a heart of gold. She worked with us for nearly a year, and she made the whole experience a positive one. I wouldn't use anyone else if I were to buy or sell again; she truly is our real estate agent for life.

    Linda B.,Linda B.
  • I met Maggie over 3 years ago , and I can confirm that she's an excellent Realtor and with no doubt one of the best out there ,she's very professional and experience; She helped me from renting out my house and finding tenants to actually achieve to buy another house, she will search and contact you on a daily basics and use and contact all her resources to help you get what you want or what you are looking for.,I met Maggie over 3 years ago , and I can confirm that she's an excellent Realtor and with no doubt one of the best out there ,she's very professional and experience; She helped me from renting out my house and finding tenants to actually achieve to buy another house, she will search and contact you on a daily basics and use and contact all her resources to help you get what you want or what you are looking for.

    Luis R.,Luis R.
  • Maggie Dokic is a fabulous agent and if you are buying a home, this is the woman to speak with! Not only is she ALWAYS on time (which for her is 10 minutes early) but she also is constantly in your corner and putting 100% into finding you your dream home. She is a great communicator and always responds to emails and phone calls immediately. Also, she will listen to what exactly it is that you are looking for and will work tirelessly to help you get it. Not only has she helped us buy and sell our last place, but she has worked with several of our family members as well, each one having the same great experience. We had very specific criteria that she helped us find along with the fact that we needed a place to accommodate our two 90 lb dogs. She was able to find places that fit our needs perfectly! If you want to buy or sell a house, contact Maggie! In South Florida where it seems like housing is an impersonal mess of real estate hassles- this agent is supportive, knowledgeable and friendly!,Maggie Dokic is a fabulous agent and if you are buying a home, this is the woman to speak with! Not only is she ALWAYS on time (which for her is 10 minutes early) but she also is constantly in your corner and putting 100% into finding you your dream home. She is a great communicator and always responds to emails and phone calls immediately. Also, she will listen to what exactly it is that you are looking for and will work tirelessly to help you get it. Not only has she helped us buy and sell our last place, but she has worked with several of our family members as well, each one having the same great experience. We had very specific criteria that she helped us find along with the fact that we needed a place to accommodate our two 90 lb dogs. She was able to find places that fit our needs perfectly! If you want to buy or sell a house, contact Maggie! In South Florida where it seems like housing is an impersonal mess of real estate hassles- this agent is supportive, knowledgeable and friendly!

    Robert and Erin C.,Robert and Erin C.
  • I sincerely appreciate everything Maggie did to help us during the purchase of our home. Without any reservations I would recommend her to anyone needing a Realtor. Maggie has a wonderful way with her customers and a fine quality about her.,Maggie, thank you so much for your help last week. I was going crazy with my husband out of town and a decision to make. Your helpful advice and experience were greatly appreciated. I dont know what I would have done without your help. You're my realtor for life. ,I sincerely appreciate everything Maggie did to help us during the purchase of our home. Without any reservations I would recommend her to anyone needing a Realtor. Maggie has a wonderful way with her customers and a fine quality about her.,Maggie, thank you so much for your help last week. I was going crazy with my husband out of town and a decision to make. Your helpful advice and experience were greatly appreciated. I dont know what I would have done without your help. You're my realtor for life.

    Yoan A.,Greta Y.,Yoan A.,Greta Y.
  • To the best Realtor, Maggie Dokic. Please dont mind this dirty envelope. It is my honest proof and good intentions of sending this long ago (the original envelope). I know you dont even believe what you are seeing. After one year and almost three months this crazy lady is sending a thank you. Maggie, there is no excuse that I can give for this late thank you because you did not deserve for this to be late at all. I dont believe that I could have gotten a better Realtor. With much thanks do I thank you for such a wonderful, QUICK and PROFITABLE sale of my home!!! Thank you so very much!!!

    Vanessa S.
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Maggie Dokic

Managing Broker

Special Miami Homes

13301 SW 132 Avenue, #113
Miami  Florida 33186

305-814-6873 305-814-6873 maggie@specialmiamihomes.com

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Last updated on Apr 24, 2017.

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