Unicorn mortgage still just a dream

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unclescrooge
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Unicorn mortgage still just a dream

Post by unclescrooge »

I recently posted that I was approved for no-cost 2.875% 30 year fixed mortgage from loan Depot.

Unfortunately today I received a call saying that nationwide all liquidity for jumbo loans has dried up and they won't be able to fulfill my loan request. 😫

The only loans that are being worked on are government-backed FHA or Fannie Mae loans.

They did give me the option to pay down $300k so it would be comforting and then they could sell it.

I asked if they could keep the file open until next week and I was told it was a regulatory requirement to close it since they weren't able to complete the process.

Any recourse here?

Any one else seeing this?
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whodidntante
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Re: Unicorn mortgage still just a dream

Post by whodidntante »

This sounds like a mission for J Pow. He will do whatever it takes. :twisted:
motorcyclesarecool
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Re: Unicorn mortgage still just a dream

Post by motorcyclesarecool »

We locked in at 2.875 on 30 year fixed refinance at our local credit union. They portfolio their mortgages. I am afraid that our current “stay at home” order will stop the closing for long enough to lose our rate lock.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.
DiploInvestor
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Re: Unicorn mortgage still just a dream

Post by DiploInvestor »

motorcyclesarecool wrote: Sat Mar 28, 2020 3:03 am We locked in at 2.875 on 30 year fixed refinance at our local credit union. They portfolio their mortgages. I am afraid that our current “stay at home” order will stop the closing for long enough to lose our rate lock.
Our last closing (a while back) was done completely by FedEx. Is that a possibility?
"History doesn’t repeat itself, but it often rhymes." -- Mark Twain // "If you have a garden and a library, you have everything you need." — Cicero
motorcyclesarecool
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Re: Unicorn mortgage still just a dream

Post by motorcyclesarecool »

DiploInvestor wrote: Sat Mar 28, 2020 3:08 am
motorcyclesarecool wrote: Sat Mar 28, 2020 3:03 am We locked in at 2.875 on 30 year fixed refinance at our local credit union. They portfolio their mortgages. I am afraid that our current “stay at home” order will stop the closing for long enough to lose our rate lock.
Our last closing (a while back) was done completely by FedEx. Is that a possibility?
Town clerk’s office is closed. Hard to do the title recording.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.
invest4
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Re: Unicorn mortgage still just a dream

Post by invest4 »

Interesting. I just cleared to close today and it will be done by video chat to maintain social distancing. No other potential impediments have been raised otherwise.
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unclescrooge
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Re: Unicorn mortgage still just a dream

Post by unclescrooge »

invest4 wrote: Sat Mar 28, 2020 4:01 am Interesting. I just cleared to close today and it will be done by video chat to maintain social distancing. No other potential impediments have been raised otherwise.
Is it a jumbo loan,? Who is the lender?
invest4
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Re: Unicorn mortgage still just a dream

Post by invest4 »

unclescrooge wrote: Sat Mar 28, 2020 9:33 am Is it a jumbo loan,? Who is the lender?
No jumbo. Gateway Capital Mortgage.
seawolf21
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Re: Unicorn mortgage still just a dream

Post by seawolf21 »

motorcyclesarecool wrote: Sat Mar 28, 2020 3:22 am
DiploInvestor wrote: Sat Mar 28, 2020 3:08 am
motorcyclesarecool wrote: Sat Mar 28, 2020 3:03 am We locked in at 2.875 on 30 year fixed refinance at our local credit union. They portfolio their mortgages. I am afraid that our current “stay at home” order will stop the closing for long enough to lose our rate lock.
Our last closing (a while back) was done completely by FedEx. Is that a possibility?
Town clerk’s office is closed. Hard to do the title recording.
Is there a time frame requirement on closing and recording?
motorcyclesarecool
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Re: Unicorn mortgage still just a dream

Post by motorcyclesarecool »

There certainly is on closing. I’ll have to ask about whether closing can happen with no way to record. Also, hard to do title research.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.
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BullMoose
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Re: Unicorn mortgage still just a dream

Post by BullMoose »

motorcyclesarecool wrote: Sat Mar 28, 2020 5:41 pm There certainly is on closing. I’ll have to ask about whether closing can happen with no way to record. Also, hard to do title research.
I'd hazard that the impediments to the title research are the bigger reason why the closing might be delayed.
“It is hard to fail, but it is worse never to have tried to succeed.” ~ Theodore Roosevelt
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unclescrooge
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Re: Unicorn mortgage still just a dream

Post by unclescrooge »

invest4 wrote: Sat Mar 28, 2020 11:19 am
unclescrooge wrote: Sat Mar 28, 2020 9:33 am Is it a jumbo loan,? Who is the lender?
No jumbo. Gateway Capital Mortgage.
Yes, conforming loans are still being processed.
squinchy
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Re: Unicorn mortgage still just a dream

Post by squinchy »

We just closed a $900K jumbo with BofA yesterday. 2.75% 30-year. Notary came to our house and we did the signing in the garage, all of us wearing masks and gloves. County recorder's office is still open.
dukeblue219
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Re: Unicorn mortgage still just a dream

Post by dukeblue219 »

Our closing last week was handled by a traveling notary who came to our house. She was allowed to work under our states restrictions as a financial services exception.

We did it on the porch at a comfortable distance, didn't shake hands, and used new pens. She avoided touching our IDs. The paperwork was the only thing touched by all parties, but other than washing hands I'm not sure how to avoid that specific risk.

This was 2.875 30 year non-jumbo. We refi'd right at the maximum for a conforming loan and it was no issue.
mervinj7
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Re: Unicorn mortgage still just a dream

Post by mervinj7 »

squinchy wrote: Sun Mar 29, 2020 11:21 am We just closed a $900K jumbo with BofA yesterday. 2.75% 30-year. Notary came to our house and we did the signing in the garage, all of us wearing masks and gloves. County recorder's office is still open.
Amazing deal. What's your lock date?
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unclescrooge
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Re: Unicorn mortgage still just a dream

Post by unclescrooge »

Update: the loan officer called me and clarified the loan has not been cancelled, but has been suspended until they figure out how to proceed.

The rate lock is good till May 4th.

Meanwhile they refunded the appraisal as promised.
softwaregeek
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Re: Unicorn mortgage still just a dream

Post by softwaregeek »

How are you getting prices so low? I had to stack two relationship mortgage offers to get that low from BofA. Still supposedly in pipe for closing.
motorcyclesarecool
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Re: Unicorn mortgage still just a dream

Post by motorcyclesarecool »

Our prospects of closing on our 30 year, 2.875% fixed mortgage just got brighter. Our attorney has found a way to get the title work done, and our lender (local Credit Union) will let us get the POA notarized at their drive thru teller. Looks like we’re going to close before our lock expires!
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.
JGoneRiding
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Re: Unicorn mortgage still just a dream

Post by JGoneRiding »

motorcyclesarecool wrote: Sat Mar 28, 2020 3:03 am We locked in at 2.875 on 30 year fixed refinance at our local credit union. They portfolio their mortgages. I am afraid that our current “stay at home” order will stop the closing for long enough to lose our rate lock.
So we had this Thursday we were on track to close and Friday morning they would have NO context with the public. Our escrow let us use our own notary. It was hmm interesting but we made it through on the 24th of March. A week later I am sure we wouldn't have.
Goal33
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Re: Unicorn mortgage still just a dream

Post by Goal33 »

unclescrooge wrote: Wed Apr 01, 2020 12:00 am Update: the loan officer called me and clarified the loan has not been cancelled, but has been suspended until they figure out how to proceed.

The rate lock is good till May 4th.

Meanwhile they refunded the appraisal as promised.
any updates? just curious on these mortgage threads
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unclescrooge
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Re: Unicorn mortgage still just a dream

Post by unclescrooge »

Goal33 wrote: Fri Apr 10, 2020 2:04 pm
unclescrooge wrote: Wed Apr 01, 2020 12:00 am Update: the loan officer called me and clarified the loan has not been cancelled, but has been suspended until they figure out how to proceed.

The rate lock is good till May 4th.

Meanwhile they refunded the appraisal as promised.
any updates? just curious on these mortgage threads
Nope.
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anon_investor
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Re: Unicorn mortgage still just a dream

Post by anon_investor »

I was unable to complete a mortage app yesterday due to a local stay at home order, which means they can't do an appraisal thus cannot lock in a rate. Their said if I had a Freddie or Fannie owned mortgage they could have done a driveby appraisal... oh well.
KNMLHD
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Re: Unicorn mortgage still just a dream

Post by KNMLHD »

We are in a very similar situation... except not as "unicorn-y" of a rate. Lock is through May 2nd... appraisal was the last thing we needed, approved otherwise... and then the investor closed shop on jumbos for the time being.

I would have thought with the Fed scooping up mortgages, this wouldn't have happened, but I've heard they are only picking up conforming loans, so that's why that side is "unstuck".
motorcyclesarecool
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Re: Unicorn mortgage still just a dream

Post by motorcyclesarecool »

The dream just came true. Today we closed on our refinance. POA closing for COVID. 30 year fixed at 2.875%. I really lucked out on the day we were able to lock in.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.
MindBogler
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Re: Unicorn mortgage still just a dream

Post by MindBogler »

We also closed last week on a 30yr at 2.75%, non-jumbo loan. I didn't believe it until the wire came through and paid off the previous lender. It took longer for this to close than any refi I've ever done and included multiple rounds of employment verification (3rd time on day of close).
akam
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Re: Unicorn mortgage still just a dream

Post by akam »

MindBogler wrote: Tue May 05, 2020 3:48 pm We also closed last week on a 30yr at 2.75%, non-jumbo loan. I didn't believe it until the wire came through and paid off the previous lender. It took longer for this to close than any refi I've ever done and included multiple rounds of employment verification (3rd time on day of close).
What approximate closing costs/points are people paying to get sub-3% 30yr FRMs? Also are these single-family homes?
MindBogler
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Re: Unicorn mortgage still just a dream

Post by MindBogler »

mystupidglasses wrote: Tue May 05, 2020 3:55 pm
MindBogler wrote: Tue May 05, 2020 3:48 pm We also closed last week on a 30yr at 2.75%, non-jumbo loan. I didn't believe it until the wire came through and paid off the previous lender. It took longer for this to close than any refi I've ever done and included multiple rounds of employment verification (3rd time on day of close).
What approximate closing costs/points are people paying to get sub-3% 30yr FRMs? Also are these single-family homes?
Single family home, no points and closing costs approximately $1500 in lender fee/title/appraisal. I locked this rate in early March so I have no idea if these kind of rates are available today.
Pomegranate
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Re: Unicorn mortgage still just a dream

Post by Pomegranate »

I still have 2.375% /15 yrs. Is it unicornish enough :sharebeer ?
motorcyclesarecool
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Re: Unicorn mortgage still just a dream

Post by motorcyclesarecool »

mystupidglasses wrote: Tue May 05, 2020 3:55 pm
MindBogler wrote: Tue May 05, 2020 3:48 pm We also closed last week on a 30yr at 2.75%, non-jumbo loan. I didn't believe it until the wire came through and paid off the previous lender. It took longer for this to close than any refi I've ever done and included multiple rounds of employment verification (3rd time on day of close).
What approximate closing costs/points are people paying to get sub-3% 30yr FRMs? Also are these single-family homes?
Zero points. Single family.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.
dukeblue219
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Re: Unicorn mortgage still just a dream

Post by dukeblue219 »

mystupidglasses wrote: Tue May 05, 2020 3:55 pm
MindBogler wrote: Tue May 05, 2020 3:48 pm We also closed last week on a 30yr at 2.75%, non-jumbo loan. I didn't believe it until the wire came through and paid off the previous lender. It took longer for this to close than any refi I've ever done and included multiple rounds of employment verification (3rd time on day of close).
What approximate closing costs/points are people paying to get sub-3% 30yr FRMs? Also are these single-family homes?
No points or costs on our 2.875%. We got something like $1300 back net of all costs and there was no appraisal. Single family home, non jumbo.

That said, it was really lucky timing when we locked. I don't think the same deal is available today.
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