A couple of weeks ago I did a signing in downtown L.A. Saw the EO on this one yesterday, and she apologized that it hasn't closed yet. Apparently, the property has "major code violations" and the owners are debating whether to fix or just cancel the loan. It's a refi. She's not sure if the owners just can't or won't fix the code violations. So, file is in "limbo". How does it happen that a loan can get to docs out and signed.......and have a major problem like this? When I was underwriting, we never would have allowed docs out with an issue of this nature. EO thinks it will probably be a re-draw and re-sign in a couple of weeks. Just shaking my head......
thanks for letting me vent..... |
