Rebecca M.
Slow and poor communication
While I appreciate the help I did get, I frequently had trouble getting responses to emails or phone calls when I was told they would call. Our closing was delayed by a week as part of the poor communication. I had as much paperwork in before and offer was ever made and our closing time was already schedule a week later than the normal 30 day close. Our contact told us it was because he didn't get our contract right away, however considering our contract period was longer, we already had a majority of our paperwork in and reviewed, and we were a pretty easy loan (large down payment), it should have never taken so long. The process itself was pretty easy, however the communication and speed left a lot to be desired. For us this was a first mortgage loan experience and it was a very frustrating one. I hope our experience was just an anomaly. Thank you
Response from Lone Star FinancingSep 22, 2016
My apologies for you not closing on time. Please understand that we started your loan 10 days into your contract and we only started then due to a follow-up from my office as neither the realtor nor you informed us that you were under an executed contract. Had we not reached out your closing may not have happened as quickly as it did. I expressed concern that same day to both your and agent that this could be an issue but would do what we could to make up the lost time. Compound this delayed start with an appraisal that didn't meet value and a new sales price having to be agreed on the loan actually went quick. Initial disclosures went out on 6/28 and the initial closing disclosure went out on 7/25 with closing and funding on 7/28. This was 6 days past the original close date. It you look at the calendar this was only 28 days 9 of which were weekends and a holiday. Executing a mortgage in 19 business days under the new TRID 3 day waiting period is very fast. You were an excellent borrower, great credit, large down payment and return requested items quickly which made the loan go as quick as it did. By your own admission this was your first experience and due to that I don't think you realize you had a fast and uneventful lending experience. In retrospect, the one item I would do different, would have been to have had the contract extended at the beginning as we don't like to not meet clients expectations. Thank you for allowing us to be part of your new home purchase.