Any Opinions of Countrywide?

**Jezebel** · 04-13-2009, 10:08 PM

My partner and I are currently in escrow for a home purchase that was priced at the upper limit of my loan approval. I have already provided all of the necessary information (W-2's/tax returns/application etc) and received loan approval from them about a month ago. I also received loan approval from another bank, but that was for about $60,000 less. Countrywide approved me for a larger FHA loan (with 7.5% down) based on the fact that my partner currently has a mortgage in good standing with Countrywide. However, I need to be the one on the loan because he doesn't have a good tax return.

Escrow started on April 1 and my 17 day limit for getting inspections and appraisals done is Thursday. Noone has yet scheduled the appraisal and the agent is getting concerned. The loan officer said that the appraisal was due back to him today, but there has been no word from the regional office, or contact with either my agent or the seller to schedule an appointment. My agent is saying this is very unusual and is trying to get me to go through another bank. I am also being told by others that unless you're going in with a lot more down and excellent credit that the banks could wind up delaying the closing well past the 30 days per the contract and then finally cancel the approval ( I do have good credit but qualified for a lower loan from another bank and am only putting 7% down).

I just received the paperwork from Countrywide in the mail today with a filled out application, good faith estimate, tax return transcript request and various other forms to sign. I am going to try and get an extension on my purchase contract for the appraisal, but now am concerned that the April 30th closing wont happen.

If Countrywide delays this past April 30th, and the seller decides to cancel the contract, am I only the line for my initial downpayment only or the additional payment/closing costs due "within enough time for escrow to close"? Would I have any recourse against Countrywide? Anyone have good/bad experiences with them?

**championprops** · 05-03-2009, 04:25 PM

I currently working a deal with Countrywide, I'm representing the sellers. It's been a big klusterf**K. The closing has been delayed for a week, its so bad the loan originator will not return our calls and when you do talk to her, she cops an attitude.

Without going in to a lot of detail its no ones fault but Countrywide.

Had another experience with them last spring, they delayed the closing for a week through no fault of anyone but themselves. 1 family was living in a hotel because of their incompetance.

Good Luck you are going to need it.

**stevetrang** · 05-03-2009, 05:33 PM

The thing to remember about BOTH realtors and loan officers is that we are each individual corporations. The name of our companies have almost zero to do with our capabilities. Although I would prefer not to do business with Countrywide for personal reasons, I am certain that it is not the fault of Countrywide on this deal. I would lay all the blame on your loan officer.

**Vegasloanlady** · 05-04-2009, 12:28 PM

I agreed not all real estate and mortgage professionals are the same. You might have been unfortunate to get someone either new to the business or lazy, maybe both. Worst case find out the person's manager and ask him/her to look over your file. This might help because these company often employed more experience people in managing positions and they guys have more weight with underwriters.