LENDER-TO-LENDER RESCUE
The Loan Was Already Processed. Now What?
Few situations are more frustrating than getting all the way to the finish line only to discover that the lender can no longer close the transaction.
The buyer has already invested time, provided documentation, responded to underwriting requests, and prepared for closing. Realtors, builders, and sellers have worked toward contract deadlines. In many cases, the loan appears close to completion when an unexpected issue arises that prevents the lender from moving forward.
At Open House Lending, we understand the urgency of these situations. With 30+ years of mortgage experience, access to multiple lending sources, and a commitment to same-day response, we can review the transaction and determine whether another eligible lending solution may exist.
A Common Lender-to-Lender Rescue Scenario
Many borrowers come to us after:
- Another lender processed the loan
- The buyer completed underwriting
- The appraisal was completed
- Title work was completed
- Required documents were gathered
- The closing date was approaching
- The lender could no longer close the loan
When this happens, borrowers often assume they must start the entire mortgage process from the beginning.
Don't Assume Everything Has To Start Over
When significant work has already been completed, reviewing what may still be usable can potentially help preserve valuable resources.
That can potentially save:
- Time
Avoiding unnecessary duplication may help keep the transaction moving toward closing as efficiently as possible. - Money
When certain items can be utilized under applicable requirements, borrowers may avoid some of the costs associated with repeating completed work.
The Open House Lending Difference
When a lender can no longer close a loan, the most important question is not what went wrong. The most important question is:
What can still be done?
Before starting over, let Open House Lending review the transaction, evaluate the work already completed, and determine whether an eligible path to closing may still exist.
Contact Open House Lending Today
Don't assume everything has to start over. Let our experienced team review what has already been completed and help identify the most efficient path forward.
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