To Whom It May Concern, I write this letter in response to complaint # [redacted] As many people already know from reading the newspaper, and watching television there has been a tightening of credit since the Great RecessionMortgage lending is no exception, and is actually where people experience that tightening personallyAlthough we never like to hear that a customer is unhappy with the service they received, sometimes their unhappiness is a result of the nature of mortgage lending in generalWith that in mind I would like to address and correct some of the time lines that have been alleged in the borrower's filing with the Revdex.com and can be documented with records in the possession of Village Bank Mortgage Corporation (VBMC) The borrower initially met with the loan office January 6, At that time the loan officer advised the borrower on what he would need to do to get a loan approvedThe borrower also indicated he was also looking at possibly using the [redacted] to obtain financingIn no way was it considered a loan application by VBMCUltimately it was not until February 11th, that the borrower made a formal loan application with VBMC for a closing scheduled to take place February 25th per the real estate contract The borrower returned his application and disclosures on February 12thAt that point VBMC moved as quickly as possible to get the loan approved and closedWe were able to close the loan March 7th which was one day over weeks from the applicationThe industry average is about to weeksI will also add two important pieces of informationOne, that when the loan officer was made aware of the pending rental of the borrower's current home he advised the borrower not to proceed with the rental because of the tight time framesSecondly, the borrower indicated that a student that a student loan which needed to be counted in the debt ratios would be "forgiven"In fact, on February 24th VBMC was told by the borrower that he could not provide the documentation showing that the loan was to be forgiven until the end of MarchAt that point the loan had to be retooledThis required a gift letter and proof that an alternate student loan had been paid offWe did not get that information until March 3rdThey closed days later In conclusion, VBMC did everything in its power to make a closing in a very short timeUnfortunately, the process required to independently verify and collect all information is always time consuming, and when the time frames in which we are given to work are narrowed we cannot always meet a targeted closing dateThis is disclosed to the borrower at application
To Whom It May Concern,
I write this letter in response to complaint #[redacted]. As many people already know from reading the newspaper, and watching television there has been a tightening of credit since the Great Recession. Mortgage lending is no exception, and is actually where...
people experience that tightening personally. Although we never like to hear that a customer is unhappy with the service they received, sometimes their unhappiness is a result of the nature of mortgage lending in general. With that in mind I would like to address and correct some of the time lines that have been alleged in the borrower's filing with the Revdex.com and can be documented with records in the possession of Village Bank Mortgage Corporation (VBMC).
The borrower initially met with the loan office January 6, 2014. At that time the loan officer advised the borrower on what he would need to do to get a loan approved. The borrower also indicated he was also looking at possibly using the [redacted] to obtain financing. In no way was it considered a loan application by VBMC. Ultimately it was not until February 11th, 2014 that the borrower made a formal loan application with VBMC for a closing scheduled to take place February 25th per the real estate contract.
The borrower returned his application and disclosures on February 12th. At that point VBMC moved as quickly as possible to get the loan approved and closed. We were able to close the loan March 7th which was one day over 3 weeks from the application. The industry average is about 6 to 8 weeks. I will also add two important pieces of information. One, that when the loan officer was made aware of the pending rental of the borrower's current home he advised the borrower not to proceed with the rental because of the tight time frames. Secondly, the borrower indicated that a student that a student loan which needed to be counted in the debt ratios would be "forgiven". In fact, on February 24th VBMC was told by the borrower that he could not provide the documentation showing that the loan was to be forgiven until the end of March. At that point the loan had to be retooled. This required a gift letter and proof that an alternate student loan had been paid off. We did not get that information until March 3rd. They closed 4 days later.
In conclusion, VBMC did everything in its power to make a closing in a very short time. Unfortunately, the process required to independently verify and collect all information is always time consuming, and when the time frames in which we are given to work are narrowed we cannot always meet a targeted closing date. This is disclosed to the borrower at application.
To Whom It May Concern, I write this letter in response to complaint # [redacted] As many people already know from reading the newspaper, and watching television there has been a tightening of credit since the Great RecessionMortgage lending is no exception, and is actually where people experience that tightening personallyAlthough we never like to hear that a customer is unhappy with the service they received, sometimes their unhappiness is a result of the nature of mortgage lending in generalWith that in mind I would like to address and correct some of the time lines that have been alleged in the borrower's filing with the Revdex.com and can be documented with records in the possession of Village Bank Mortgage Corporation (VBMC) The borrower initially met with the loan office January 6, At that time the loan officer advised the borrower on what he would need to do to get a loan approvedThe borrower also indicated he was also looking at possibly using the [redacted] to obtain financingIn no way was it considered a loan application by VBMCUltimately it was not until February 11th, that the borrower made a formal loan application with VBMC for a closing scheduled to take place February 25th per the real estate contract The borrower returned his application and disclosures on February 12thAt that point VBMC moved as quickly as possible to get the loan approved and closedWe were able to close the loan March 7th which was one day over weeks from the applicationThe industry average is about to weeksI will also add two important pieces of informationOne, that when the loan officer was made aware of the pending rental of the borrower's current home he advised the borrower not to proceed with the rental because of the tight time framesSecondly, the borrower indicated that a student that a student loan which needed to be counted in the debt ratios would be "forgiven"In fact, on February 24th VBMC was told by the borrower that he could not provide the documentation showing that the loan was to be forgiven until the end of MarchAt that point the loan had to be retooledThis required a gift letter and proof that an alternate student loan had been paid offWe did not get that information until March 3rdThey closed days later In conclusion, VBMC did everything in its power to make a closing in a very short timeUnfortunately, the process required to independently verify and collect all information is always time consuming, and when the time frames in which we are given to work are narrowed we cannot always meet a targeted closing dateThis is disclosed to the borrower at application
To Whom It May Concern,
I write this letter in response to complaint #[redacted]. As many people already know from reading the newspaper, and watching television there has been a tightening of credit since the Great Recession. Mortgage lending is no exception, and is actually where...
people experience that tightening personally. Although we never like to hear that a customer is unhappy with the service they received, sometimes their unhappiness is a result of the nature of mortgage lending in general. With that in mind I would like to address and correct some of the time lines that have been alleged in the borrower's filing with the Revdex.com and can be documented with records in the possession of Village Bank Mortgage Corporation (VBMC).
The borrower initially met with the loan office January 6, 2014. At that time the loan officer advised the borrower on what he would need to do to get a loan approved. The borrower also indicated he was also looking at possibly using the [redacted] to obtain financing. In no way was it considered a loan application by VBMC. Ultimately it was not until February 11th, 2014 that the borrower made a formal loan application with VBMC for a closing scheduled to take place February 25th per the real estate contract.
The borrower returned his application and disclosures on February 12th. At that point VBMC moved as quickly as possible to get the loan approved and closed. We were able to close the loan March 7th which was one day over 3 weeks from the application. The industry average is about 6 to 8 weeks. I will also add two important pieces of information. One, that when the loan officer was made aware of the pending rental of the borrower's current home he advised the borrower not to proceed with the rental because of the tight time frames. Secondly, the borrower indicated that a student that a student loan which needed to be counted in the debt ratios would be "forgiven". In fact, on February 24th VBMC was told by the borrower that he could not provide the documentation showing that the loan was to be forgiven until the end of March. At that point the loan had to be retooled. This required a gift letter and proof that an alternate student loan had been paid off. We did not get that information until March 3rd. They closed 4 days later.
In conclusion, VBMC did everything in its power to make a closing in a very short time. Unfortunately, the process required to independently verify and collect all information is always time consuming, and when the time frames in which we are given to work are narrowed we cannot always meet a targeted closing date. This is disclosed to the borrower at application.