Has anyone dealt with Yale Home Mortgage in Oak Park,IL?

Question

Hi

I am in the midst of selling my house and the buyer is using Yale Home Mortgage in Oak Park, IL. These people are awful, the agent is never in, paperwork that is sent to them sits for days before being sent to the underwriter.... the whole process is just dragging on and on and on... has anyone else had a similar experience with this company?

Answer 1

I'm in Northern Indiana and in real estate & generally we use mortgage brokers throughout our neighboring states, and I have never heard of them.  They may be a small-time company who opened when the housing boom took place a few years ago and somehow still have enough money to keep their doors open (unlike many that opened for the first time during that period).  I am always leery of companies that don't have a legit papertrail or aren't organized.  Make sure you keep a log.  if you have a written contract (using realtor or not) make sure you are in your timeframes.  If you aren't, that mtg broker could hurt your client in costing them $ to pay you for extending their deadlines.  Check your closing date and your mortgage approval date on your offer to purchase (if applicable).  If it's not applicable, I recommend a written contract with dates.  

Generally, closings shouldn't take over a month to occur.  Underwriting is the longest part for approval (happens after application.).  Then, closing/title work completion take a week or so, depending on how busy...so, if you are past a month, or even 5 weeks, we've got issues, and I would make sure you aren't getting a runaround.

I did an internet search for them and they don't even have a website, and looks like they are not a franchise, only one storefront... be careful and good luck.  Don't take your house off the market or turn away any other buyers because you can take back-up offers if this doesn't fly!!

Answer 2

I have been in your position many times.  It is a shame to punish the buyer because they chose a lousy lender, but i will cancel the contract at the very first chance i have.  If they ask me for an extension, i will not give it.  When the contract is completely cancelled, i tell them they can buy my house for $2,000 more and they have to use a lender that will close in 7 days.  THose lenders exist. /