Refi during lockdowns?

[redredwine]

We started the refi process on 3/6, locked in a great rate that will save us a few hundred monthly. Our state just went in lockdown. Any idea how this will
Impact things? My loan officer is being fairly vague, saying she’s just waiting for initial approval, but things are understandably backed up. Is something like a mobile notary possible? Is anyone else mid process in a real estate transaction through all of this?
Assuming it’s not “essential” but it also kind of is!

[lessel]

Our state isn't really in full lock-down, but I think banks/financial institutions are exempted from some lock-downs.

Then again, I'm still not sure if that's helpful. Our refi moved through all the processes and we're scheduled to close on March 30, but like...daycare is closed and we're supposed to be social distancing. Two kids under five in a small attorney's office seems unwise.

[madisen]

States and counties all have different rules and different capabilities. Same for lenders that are trying to navigate changing guidelines and requirements along with changes from vendors, etc.

If you have a locked rate and are already in process, I'd keep pushing there.

Mobile notaries where they go to your house are definitely possible. E-notaries, where it's done virtually, are less common at this point. Guidance and guidelines keep changing every day though.

But because of the volatility in the markets and rates right now, I'd try to keep moving with the refi you already have locked and in process, if possible.

[trissie18]

We started the refi process before the shutdowns started but so far ours is still moving forward electronically. We don't have a closing date yet so not sure what will happen if the quarantine is extended enough it overlaps with our closing date.

[redredwine]

Mar 24, 2020 15:19:02 GMT -5 madisen said:

States and counties all have different rules and different capabilities. Same for lenders that are trying to navigate changing guidelines and requirements along with changes from vendors, etc.

If you have a locked rate and are already in process, I'd keep pushing there.

Mobile notaries where they go to your house are definitely possible. E-notaries, where it's done virtually, are less common at this point. Guidance and guidelines keep changing every day though.

But because of the volatility in the markets and rates right now, I'd try to keep moving with the refi you already have locked and in process, if possible.

Thanks, we definitely want to keep it moving forward, just hope we can! And certainly glad we locked in!!

[Susie]

NYS is allowing video notarizations under the current emergency circumstances.  Banks are essential, so they're still open (but working remotely as much as possible).  The one thing I'm not sure how it would work, is the appraisal.  When we refi'ed a couple months ago the credit union waived an appraisal, but that was just lucky, most likely you'd need to figure out how to do that.

[redredwine]

Mar 24, 2020 18:50:23 GMT -5 Susie said:

NYS is allowing video notarizations under the current emergency circumstances.  Banks are essential, so they're still open (but working remotely as much as possible).  The one thing I'm not sure how it would work, is the appraisal.  When we refi'ed a couple months ago the credit union waived an appraisal, but that was just lucky, most likely you'd need to figure out how to do that.

Oh wow, that’s great to know! Luckily we don’t need an appraisal as we bought less than a year ago so we’re able to use that one.

[sparty04]

We are currently in the process and our loan officer said there’s no way we will close within the original 30 day estimate, but they will still honor the rate. We just authorized them to do an (in office) appraisal based on our tax rate/recent comps instead of in person because we know that our value is way higher than what we owe. Not sure how closing will happen though, but I think we are a ways off from that right now

[kershnic]

Mar 24, 2020 18:50:23 GMT -5 Susie said:

NYS is allowing video notarizations under the current emergency circumstances.  Banks are essential, so they're still open (but working remotely as much as possible).  The one thing I'm not sure how it would work, is the appraisal.  When we refi'ed a couple months ago the credit union waived an appraisal, but that was just lucky, most likely you'd need to figure out how to do that.

Thanks for this info, Susie.  I have been avoiding calling our lawyer to schedule closing on our re-fi out of not wanting to deal with seeing anyone in person.  This gives me some hope we might be able to get it done.  

[hamster]

Our state is lockdown and our refi is still progressing. Appraisal comes in today. Not sure if we do an online signing or what the plan is though.

[madisen]

The agencies, FNMA and FHLMC, have been publishing guidelines providing temporary relief for some requirements like traditional appraisals and other aspects of underwriting that are being affected. It also depends on specific lenders if they want to adopt those temp guidelines or not.

[wildrice]

I don't really know how it works, but I will also chime in that it appears things can all be done remotely here in MD. I put in an offer on a house over the weekend and we're set to close May 1st. The appraisal has been ordered so that will happen sometime in the next few weeks. My lender seems very confident that there will be no issues closing.

I think all services related to banking and real estate are considered essential so even an appraisal shouldn't be an issue.

[nsl]

We're also in the process of buying a home and have just set up a mobile notary appointment for tomorrow. According to our title company there's a lot of additional leeway right now for electronic signatures, but because we're using a VA loan we still need the "wet signature" with a notary. There may be some legislation in the pipeline to address that, but obviously it won't be done in the next 24 hours.

[madisen]

FNMA and FHLMC addressing guidelines is also for the reverse, those potential borrowers that may not want appraisers in their home right now, or are under quarantine, etc.

[Susie]

kershnic, www.dos.ny.gov/licensing/notary/notary.html

[shakinros]

Lurker here. My refi closing is tomorrow. As others have said, I think because it’s financial, they’re exempt from the non-essential business closures. The title company is sending a mobile notary to our house to sign paperwork. I talked to her today and we agreed to do the signing outside on the car hood. She advised we find our own blue pen but if we don’t have any, she’ll bring one and just leave it with us.

No appraisal was needed. I called about rates on 3/10 so they’ve turned it around amazingly fast!

[mplsmom23]

Mar 25, 2020 20:47:24 GMT -5 shakinros said:

Lurker here. My refi closing is tomorrow. As others have said, I think because it’s financial, they’re exempt from the non-essential business closures. The title company is sending a mobile notary to our house to sign paperwork. I talked to her today and we agreed to do the signing outside on the car hood. She advised we find our own blue pen but if we don’t have any, she’ll bring one and just leave it with us.

No appraisal was needed. I called about rates on 3/10 so they’ve turned it around amazingly fast!

Ditto this. I called the first week of March and we are closing tomorrow. Someone is coming to the house and we will sign outside.

[marie]

We also called around the first week of March and just got a scheduled closing for 4/10.  We also plan to sign the papers outside with the lawyer.  If it is raining we will just do it in the garage and ditto on the separate pens.

[farfalla2011]

I started the process with Navy Federal around the 10th/11th with a quote rate of 2.875. We didn't get locked, so now it would be 3.5 We will not be moving forward unfortunately. I'm super bummed though. 2.875 mortgage would have been amazing!!

[lessel]

Update on our closing on Monday. We're doing a POA today, with a notary stopping by our house, so DH can give me authority to sign all the closing docs on Monday. Then I will go to the attorney's office solo on Monday and we don't have to drag our whole family out.

[hw77]

I think rates may be inching back down again, we too missed boat locking below 3 a few weeks ago (our fault) but we are ready to hit go if they go from 3.25 to 3 in the next few days. Glad ya'll are having quick closes

[redredwine]

Update: Still no close date yet. It was sent to an underwriter on Thursday, our loan officer said they're just backed up and she expects to close "within the month." Luckily they'll keep our rate locked, but annoyed, as our mortgage payment is due today and she was originally pretty insistant we weren't going to have to pay April, now I'm nervous we'll be late, so I think we'll just pay it and they'll get a new payoff amount. 

[farmvillelover]

Update on our refi:

We locked our rate on March 3 and signed the papers with the notary the other day (she waited outside while we signed). It is set to close and fund tomorrow (April 2).

[madisen]

Apr 1, 2020 14:11:51 GMT -5 redredwine said:

Update: Still no close date yet. It was sent to an underwriter on Thursday, our loan officer said they're just backed up and she expects to close "within the month." Luckily they'll keep our rate locked, but annoyed, as our mortgage payment is due today and she was originally pretty insistant we weren't going to have to pay April, now I'm nervous we'll be late, so I think we'll just pay it and they'll get a new payoff amount. 

You have until the 15th of the month to pay and not be late. I'd definitely pay it and have them recalc the payoff amount.

[hamster]

We just signed our closing documents today.

We went to the office as usual. We were directed to a conference room. The pens were individually wrapped. Our drivers licenses were handed back to us, sanitized. The escrow agent (is that the right term?) sat across from us, solidly not 6 feet away. 

[tacom]

We locked our rate the first week of March. Appraisal was done and we went through a second level (?) review with underwriting - everything was looking good and we were anticipating closing this week.

Yesterday we were notified that the bank we were working with has “decided to unilaterally end all fundings on jumbo loans.”


So that’s fun. We’re now going to pursue a conventional loan for the bulk of our mortgage and shoot for an adjustable loan that our broker says works like a HELOC for the last $70k.

[farmvillelover]

tacom that is awful, I'm sorry. Are you comfortable sharing what bank it was?

[marie]

tacom, Was it a refi or purchase? I assume refi?

[noodleoo]

tacom , OMG that sucks. I'm sorry. Man, I hope this doesn't happen to us.  Our loan isn't a jumbo, but who knows these days.

[tacom]

[mention]Marie [/mention] refi.

It’s definitely a bummer but like I told [mention]farmvillelover [/mention] yesterday, if this is the worst thing that happens to us in all of this I will consider us incredibly lucky.