My lender asking for LOCs after closing?
I've closed a month ago, funded and working slowly on moving into my home. I'm on medical leave, expected to return to work the week after closing. The lender didn't like it but funded anyway. My doctor has since signed me out for longer. I am still getting full pay and it is job protected. My originator has sold the loan to another lender. Now they're coming back asking why I am not back at work, and my reason for moving in the first place and more LOCs. What should I do? Can they cancel my loan after funding? Being on disability isn't my fault and they've already verified that my leave is full pay before they decided to fund in the first place. What should I do? by Entitledmillennia... from Portland, Oregon. Nov 20th 2019
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
I can understand why the new servicer of your loan may have questions, but you have a simple explanation. You were on medical leave . Assuming you did not lie to the lender about the anticipated return date, then you have done nothing wrong. It is quite common for a patient to not heal as a doctor estimates the would and prescribe an extension of disability. You said you are still receiving full compensation, but even if that changes down the road and the compensation is reduced, the lender or servicer really can't cancel the loan. Provide them with the explanations they are asking for, but you should not feel threatened you will lose your home. HOWEVER, I would recommend you speed up the move in. You should be completely in the home as your primary residence in less than 60 days. Miss that deadline and they could have a reason to call the note.Bert Carpenter ~ The LoansA2zTeam of NEXA Mortgage, LLC ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950
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