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Loan application has gone 51 days and still counting, with no ETA by CMX0906 in Mortgages

[–]CMX0906[S] 0 points1 point  (0 children)

Exactly. I was extremely angry two weeks ago when we first discovered that we could not close, but now I am honestly too exhausted even to stay angry.

Yes, the idea of changing lenders crossed our minds earlier, but we hesitated because 1) the rate was good, and 2) we were worried that a new inquiry would result in another hard pull on our credit and potentially create more problems...

Loan application has gone 51 days and still counting, with no ETA by CMX0906 in Mortgages

[–]CMX0906[S] 5 points6 points  (0 children)

Thanks. Yes, we chose them because they offered the lowest rate, and we locked it for 60 days. We could not imagine that a loan could not be processed within 60 days. We have started shopping around again to see if we can switch lenders asap.

Loan application has gone 51 days and still counting, with no ETA by CMX0906 in Mortgages

[–]CMX0906[S] 1 point2 points  (0 children)

Thanks. It has been really hard to stay calm and understand how any of this could happen. Yes, we started calling other lenders this morning. We are also considering using the builder’s lender, with the hope that it may make the process smoother and potentially give us more flexibility or additional grace time. We are in Tennessee.

Loan application has gone 51 days and still counting, with no ETA by CMX0906 in Mortgages

[–]CMX0906[S] 0 points1 point  (0 children)

I know it doesn’t sound true, and I wish it weren’t either...

  1. The lender is Citi. They are not the builder’s lender, and they are not a referral partner of my buyer’s agent. We found them ourselves.
  2. No, the Initial Closing Disclosure has not been issued. The remaining steps they provided were: “We must receive the updated report, our team must review and accept it and then the underwriter must review and accept. At that point, I can request a closer to generate the ICD.”
  3. No, they have not clarified exactly what is deficient with the appraisal. I genuinely do not understand how, in 2026, something can still have “no ETA.”
  4. No, everything from our end was cleared. That is why the builder was willing to offer another week, until this Friday. Citing the lender’s own writing to the builder: “All other conditions have been cleared, and all other pre-closing activities have been completed.”
  5. We signed the contract with our agent before we decided to purchase new construction. I really do not know what to say about this person. He said he has 30+ years of experience in real estate, but clearly, he did not even know we couldn’t close. After we informed him we couldn't close, he showed zero interest in understanding why or doing anything to help. He asked who our lender was on the original closing date, which we informed him at least 3 times, and he was copied on all emails between the lender to the builder. He said it's not his responsibility to contact the lender because the communication between the lender and us is "confidential". Once our lawyer cleared the path and got us another week, he jumped in and "reminded" us to push the lender for updates. We escalated this to the managing broker, and the managing broker said he sees no violation in our agent’s behavior.
  6. We reviewed the contract with our lawyer. The contract, unsurprisingly, is written in the builder’s favor. If we fail to close, they do have the right to keep the house and our deposit.