“This was a Battle Worth Fighting with an Underwriter”
We had a closing scheduled for Friday, at the famous 99th hour. The lender indicated they needed a new pay off of the existing mortgage. We had one for the month of November, so they said a new one is needed for December.
I contacted the underwriter to let he know a new one was not needed and nothing has changed since the November one and the closing was already scheduled for Friday. She said it doesn’t matter we are in a new month, so it is mandatory. OK, let me ask this question, what has changed? One month changes all the math. I told her no, that is not the case. You already have a copy of the note and should know this is an interest only note and the principal hasn’t changed in 8 years.
The November pay off has the daily per diem and since the November mortgage payment has been made and the principal payoff is the same, the number of days of interest is easy to calculate. The silence was a bit much to take. Finally, you’re right, a Friday closing is fine. I thanked her for reconsidering her decision and the loan closed.
image courtesy of stuart miles/freedigitalphotos.net