rprman2007
New Member
Hi,
I have a lender issue. I have tried to obtain a USDA loan. I signed a contract on 7/16/2010. After receiving the contract back I forwarded it to the lender. The lender didn't start working on my application until 8/27. The lender ordered my title work 8/29/2010. After delaying the process, we were unable to close on time and the seller won't extend. We were qualified for the loan. My lender ordered an appraisal and a property inspection. $800 into the loan. I found out from several other lenders in the area that property DIDN'T even qualify for the USDA program. They came to the conclusion without an appraisal and without doing a loan application. They only had to contact their underwriters to see if the property of 20 acres would qualify and they said no. Due to the potential of subdividing the land. Now the lender is trying to send a bill for 175 dollars for the title work. The loan never went to underwriting and my loan officer could not be more casual about it. My question is who can I contact to remedy the situation. I feel as though I should have never spent the money on the propery inspection or the appraisal. I also do not feel I should pay for title work that was ordered so early in the approval process. Any recourse?
I have a lender issue. I have tried to obtain a USDA loan. I signed a contract on 7/16/2010. After receiving the contract back I forwarded it to the lender. The lender didn't start working on my application until 8/27. The lender ordered my title work 8/29/2010. After delaying the process, we were unable to close on time and the seller won't extend. We were qualified for the loan. My lender ordered an appraisal and a property inspection. $800 into the loan. I found out from several other lenders in the area that property DIDN'T even qualify for the USDA program. They came to the conclusion without an appraisal and without doing a loan application. They only had to contact their underwriters to see if the property of 20 acres would qualify and they said no. Due to the potential of subdividing the land. Now the lender is trying to send a bill for 175 dollars for the title work. The loan never went to underwriting and my loan officer could not be more casual about it. My question is who can I contact to remedy the situation. I feel as though I should have never spent the money on the propery inspection or the appraisal. I also do not feel I should pay for title work that was ordered so early in the approval process. Any recourse?
