Question about refi timelines that ate three months of my life

I tried to refinance a duplex I own in Portland through a local credit union. They kept asking for the same documents over and over, first tax returns, then bank statements, then a letter explaining a $200 deposit. It took 14 weeks from first application to closing, and I only got it done because I camped out in the loan officer's lobby. Has anyone else dealt with a lender that just could not stay organized?

3 comments

3 Comments

ray_miller411mo ago

Did you try switching to a different loan officer at the same credit union? I had a similar nightmare with a big bank here in Austin, what finally worked was asking for a supervisor to reassign my file. The new person was way more on top of things and she gave me a printed checklist of what they needed, no more "oh we need this again" emails. It still took about 8 weeks total, but at least I wasn't chasing them for basic stuff. Might be worth checking if your credit union has a dedicated refinance team versus just whoever picks up the file. Some places have a total mess behind the scenes and a fresh set of eyes can make all the difference.

jesse9941mo agoMost Upvoted

Wait, did you have to escalate to a supervisor just to get someone competent? That's wild but I feel you. I had basically the same situation last year with my credit union in San Antonio. It was like pulling teeth getting basic updates. I finally got assigned to a different person who actually answered emails within a day instead of letting them sit for a week. The difference was night and day. It's honestly ridiculous that you have to fight that hard just to get a loan processed properly. That printed checklist idea is smart, I wish I'd done that.

lindaowens20d ago

Wait, is it really that crazy to have to beg for basic communication in 2024? I swear half these loan officers think "customer service" means sending one email every two weeks like it's a special treat. I had my file reassigned three times before I got someone who didn't treat my loan like a homework assignment they forgot to do. The printed checklist thing is genius though, no more "oh we lost that document again" after I already sent it twice. Honestly feels like you need a lawyer just to get a straight answer sometimes.