Are Banks Required to Respond to Mortgage Applications?

[Stephen]

Is there a federal requirement that requires lending institutions to respond to mortgage applications? If so what is the time period, and can you link me to more information. My research has only led me to dead ends and rules for existing mortgages.

Thanks,

Stephen

 

[txhdguy]

what are the circumstances?

 

[Stephen]

What information would you like for me to provide?

 

[txhdguy]

What information would you like for me to provide?

let's start with what stage of the process you were in... did you get turned down in underwriting or were you trying to get qualified? was it a purchase of a specific property, to be determined property or a refinance of a property you own?

 

[Stephen]

let's start with what stage of the process you were in... did you get turned down in underwriting or were you trying to get qualified? was it a purchase of a specific property, to be determined property or a refinance of a property you own?

The purpose of the application was a construction loan, we just faxed in the application and never heard back from the people.

A lot of small town drama/paranoia at play as well. The property is in a country club, my aunt still has to be approved by the CC board to transfer membership from the deceased, and the bank owner is also on the CC board.

 

[txhdguy]

Did you check to make sure they received the fax? You will get notified if you get denied

The lender has 30 days from the time they received a completed application to inform you of their action…the 30 days doesn't start until after you've given all of the documentation that they ask for...

It's hard to find this stuff online if you don't know the regs but RESPA covers your situation…Here is the URL

portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ramh/res/sc2secth