• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 29 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Come check it out for a chance to win a Free TUG membership (or renewal) just for helping out!

    Read more here
  • TUG has now saved timeshare owners more than $19,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $19 Million dollars
  • Our 2022 Timeshare Survey is now complete and the full results as well as our expert and witty analysis of each question is available here: Here We hope you enjoy reading the results as much as we did!
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! 50,000+ subscribers! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

loan officers and their responsiblity in purchase of a home

dougp26364

TUG Review Crew: Expert
TUG Member
Joined
Jun 6, 2005
Messages
13,828
Reaction score
2,268
Points
698
Location
Kansas
Resorts Owned
Marriott Grand Chateau
Marriott Shadow Ridge
Marriott Ocean Pointe
Marriott Destination Club Points
Hilton Grand Vacation Club Las Vegas Blvd
Grand Colorado on Peak 8
Spinnaker French Quarter Resort Branson
Our DD and SIL are in the process of building a house. They are suppose to close on 10/24. The loan officer was supposed to have submited all the paperwork by 10/1.

Despite the fact that all the information requested had been given to him, in some cases more than once, he failed to get the paperwork in on time. His failure has resulted in the bank demanding an additional 3% down payment, which amounts to another $3,500. This is money the kids don't have.

It seems to me that the loan officer had a responsiblity to act on their behalf and failed to do so in a timely manner. His actions could cause them to lose the house they've had built and set them back quite a bit.

I realize this has to be in general terms since laws change from state to state but, Where should we start turning over stones to get this straightened out prior to reaching their closing date.

My advice has been to contact the banks loan office manager as the loan officer has been ignoring their calls and e-mails. Failing the bank making good on what should have been done by their employee I'm contemplating ponying up the retainer for a real estate attorny to see what our options might be to hold the bank responsible for their loan officers actions. It's not just the $3,500 at stake but all that time and addition stuff purchased and arranged for the move in not to mention possibly having to find a place to live on short notice.

One other twist to this story is the builder literally forced the kids to use this particular bank. They had obtained more favorable terms with another lending insitution but the builder refused to work with anyone else. Seems this wasn't exactly a legal thing to do and could cause him partial responsiblity in this matter.......or maybe not.
 

DonM

TUG Member
Joined
Jun 6, 2005
Messages
784
Reaction score
1
Points
378
Location
New Fairfield, Connecticut
... The loan officer was supposed to have submited all the paperwork by 10/1. .
I doubt that the date was a contractual promise, and therefore there was no legal requirement to have the paperwork submitted by that exact date.

... His failure has resulted in the bank demanding an additional 3% down payment, which amounts to another $3,500This is money the kids don't have. .
Not that it matters (see above response) but the increase in the dp might have occurred anyway


... One other twist to this story is the builder literally forced the kids to use this particular bank. They had obtained more favorable terms with another lending insitution but the builder refused to work with anyone else. Seems this wasn't exactly a legal thing to do and could cause him partial responsiblity in this matter.......or maybe not.
Not

When it comes to dealing with banks or any business for that matter, you can choose not to do business with institutions that are inefficient- but in this day and climate lending and borrowing money is difficult. It's probably a great time to buy if you can afford a good dp

I don't believe (I'm not a realtor or attorney ) that the builder has to sell or deal with any institution he doesn't want to- unless the buyer is a cash buyer- then he can't discriminate.
 

nazclk

TUG Member
Joined
Jun 6, 2005
Messages
1,867
Reaction score
5
Points
38
Location
Fresno, CA
Loan Officers

Two things, first go to the builder and tell him he will be eating his house and that you will sue him for the down payment, as the bank he required you to use is not performing in a timely fashion. Second go to the manager of the bank where you are taking out this loan and explain the situation to him/her
and that if it is not resolved in a timely fashion that you will go elsewhere. Should you need to go elsewhere make sure that there is a drop dead date on the contract.

With the real estate market the way it is, I don't think the builder wants to eat that house and I would assume he will jump on the bank as well.

I had a similiar situation a couple of years ago.
 

Jya-Ning

TUG Member
Joined
Jul 15, 2005
Messages
2,461
Reaction score
2
Points
36
Location
DC Suburban
One other twist to this story is the builder literally forced the kids to use this particular bank. They had obtained more favorable terms with another lending insitution but the builder refused to work with anyone else. Seems this wasn't exactly a legal thing to do and could cause him partial responsiblity in this matter.......or maybe not.
They get kick back from the bank. Usually, they offer certain incentive if you use their bank. $0 if you don't use that bank (which means they need to come up more).


Jya-Ning
 
Top