Tuesday, May 8, 2012

Still Waiting & Loan Approval



As you can see, our lot has gone from brown to green over the last few months.  We hope to see some action very soon.  

I had an unexpected call from the loan processor today stating that our loan had not been approved yet, because our file was not complete.  Keep in mind that we were told by Ryan Homes two weeks ago that we had been approved for construction to start and that construction was being held up due to the permit process.  We had not heard from the NVR Mortgage since March, so we thought everything was going smoothly, especially considering our communication with Ryan Homes.  

When the NVR processor called me today, she said that there was documentation, such as Social Security cards, Driver's Licenses, W-2's and our 2011 Taxes missing from our file.  I asked her if our loan had been approved and she told me that it had not been approved yet.  With this being said, my husband and I were in shock and asking ourselves a lot of questions.  Why was Ryan Homes telling us that our loan had been approved and now NVR is telling us that it had not been approved yet?  Was this deal going to fall through a month into construction?  Why wasn't this documentation collected a month or two ago?  Why have we not heard from NVR Mortgage since March?  What's next?

After a few e-mails and phone calls, we were able to get to the bottom of it.  To make a long story short, there is an approval in place for construction to start.  During the underwriting process (which I was told that we had already went through) the processor noticed that our file was not complete and is now collecting documents from us to get the official approval.  If everything was done properly, these documents would have been collected from us from the beginning and we would have been kept in the loop by NVR.  That would have prevented the confusion today that left us wondering why we were being told two different stories by Ryan Homes and NVR Mortgage.

If it were not for the closing assistance that Ryan Homes offers for using their preferred lender, we would have used BB&T from the beginning.  We processed our last two loans with them and it could not have went any smoother.  

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6 comments:

  1. NVR definitely seems to have a breakdown in communication at times. We finally called about our approval because we hadn't heard anything. Turns out, we had been approved the week before and no one let us know. Hope everything goes smoothly from here on out.

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    1. It would only take a simple e-mail to keep the buyers in the loop. I provided all of the documents that they needed and they were verifying employment today.

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  2. We had the same issue with NVR. We had an old debt pop up that from the beginning we were told wouldn't be an issue. My husband called NVR to confirm that they had all necessary paperwork and that's when we were told that we wouldn't be approved unless the debt was cleared immediately. Had we not reached out to them, would we have ever known or like you, would the deal have fallen through a month into construction? We were pissed! They def do not keep you updated. So we've learned that we need to stay on top of them. Like, literally call our loan officer every 2-3 weeks to be sure we're still good/approved and to check if they need any documentation. It's the only way to guarantee a smooth process even though it shouldn't be like that.

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    1. That is awful. You are right, it should not be like that. You would think that it would be in their best interest to get the loans processed in a timely and orderly manner.

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  3. NVR is awful and I would have dropped them a long time ago if it wasn't for the incentives: partial closing cost and free morning room. Not to mention that I loved the house and the location!

    Unfortunately, the rep that I had made me want to walk away and not purchase the home. He kept asking for paperwork that was already sent, acted like every day was his first day on the job and I had to call him for status updates ect.

    I didn't even know that I was approved until I spoke with the sales rep; NVR didn't even inform me! I just hope that all the kinks are worked out and its smooth sailing from here on.

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