The Great House Hunt: Mortgage Lender Negligence
Union Savings Bank... DO NOT USE THEM FOR YOUR MORTGAGE NEEDS. You'll regret it.
If you've kept up with The Great House Hunt of 2022, particularly the home in Smithfield, you'll see a summary of the hell we have endured. We have been waiting for the "USDA underwriters" to finish the process for closing. Only today, they decided to deny the loan.
The bank was not diligent in processing our paperwork.
There are “Five C's of Credit": Character, Conditions, Capital, Capacity, and Collateral. These are the criteria your prospective lender uses to determine whether to make you a loan (and on what terms).
Union Savings Bank had all this information MONTHS ago. I've asked for updates every day since we made the offer. "Have faith" and "Don't give up" were the replies. I learned today, from my realtor, that the bank sat on it all this time and finally sent it to the USDA two weeks ago. Their negligence is beyond the pale.
Bits of my email response to them:
I don't understand why it took so long to hear back from the underwriters. I'm now in a bind.
The house hunt began In February. In April, we found a single story house with washer and dryer on the main floor, and a bathroom that could be made handicap accessible (there's a handicap bar and shower head already there). The halls and doorways can accommodate a wheelchair.
As I said, the underwriters didn't receive it until two weeks ago. But there's an additional kick to the groin...